Seventh Energy Ltd. is a public junior oil
and gas exploration company based in Calgary, Alberta, Canada. Founded
in 1996, Seventh's corporate philosophy is to grow through
exploration, by drilling low to medium-risk prospects at depths
of 1,500 metres or less. The Company generates its exploration plays
internally and operates virtually all its exploration and production
activities.
Seventh's area of focus is Southern Alberta, with
major projects in the Princess area for both crude oil and natural
gas, the Hays-Enchant area for crude oil, and Taber area for crude
oil. Our Princess and Hays-Enchant projects are focused on the Arcs
Formation, a lightly explored zone stratigraphically below the
traditional exploration targets in Southern Alberta.
During 2002, Seventh completed the development
of its Princess Arcs Formation gas pool. This long-life production
is tied to production facilities through two Company owned
pipelines, and provides Seventh with a stable production and
revenue base for the Company to pursue its exploration programs.
During 2003, development began on two Arcs oil pools - Seventh's
Arcs oil discovery at Princess South and our Arcs pool at Hays.
Annual production on an oil equivalent basis
is forecast to increase from an average of 970 barrels per day in
2002 to an expected range of 1,150 to 1,250 barrels per day during
2003. Approximately 70 percent of Seventh's production volumes in
2003 are expected to be from natural gas. Preliminary guidance for
2004 is for production to increase to between 1,500 and 1,900
barrels of oil equivalent per day, with approximately 60 percent of
production from natural gas.
The Company's Common shares are listed on the
Toronto Stock Exchange under the trading symbol SEV.
