Novus is targeting resource plays, primarily light oil, in the Viking, Bakken and Cardium. These plays have large “original-oil-in-place” and well delineated, low geological risk reserves. Using improved horizontal drilling and multi-stage frac technology, Novus is working to exponentially increase recovery factors and improve the economics of development.

Viking - Greater Dodsland

Drilling in 2010 is focused at Dodsland in southeast Saskatchewan, the largest of the province’s Viking pools and a well delineated reservoir with low geological risk. Production is high netback, light oil and drilling costs are lower than comparable plays due to the shallow depth of 750 metres.

• 2010 drilling - 35 net multi-stage frac horizontal wells
• 123 net horizontal well locations (4 wells per section)
• 37 net sections of land

Bakken - Roncott

With the application of improved horizontal drilling and multi-stage frac technology, the Bakken yields high netback, light oil from a well defined reservoir. Novus’ focus of activity is at Roncott, which is the original Bakken discovery drilled in 1956.

• 50% working interest
• 7.3 sections of land

Cardium - Wapiti

The Cardium offers high-impact drilling opportunities for light oil. Novus’ drilling program is concentrated at Wapiti, Alberta.

• 50 % - 80% working interest
• Potential for up to 16 horizontal locations (up to four wells per section)

Dunvegan gas - Wapiti

Novus is pursuing stacked Dunvegan sands at Wapiti at 2,500 metres, deeper than its Cardium play. Management estimates potential recoverable reserves at 12 Bcf per section and production rates of 2.5 MMcf/d.

• 13 sections
• 73% working interest

Halfway Oil - Wembley

• 2.75 sections, 70% working interest
• Wembley Halfway pool 2.5 sections north
• One well on production at net 100 bbls/d
• Second well expected to be on production in Q3/Q4 2010