--  The 100 percent Open Range 13-24-63-23-W5M horizontal well targeting
    Montney light oil at Waskahigan, which spud on January 3, has been
    successfully drilled and cased to a total measured depth of 4,140
    metres, with packers set; 
--  The 13-24 well is currently awaiting completion operations, including
    multi-stage fracturing. Test results are anticipated later in the first
    quarter. Three additional 100 percent working interest Montney wells are
    budgeted at Waskahigan for the second half of 2012; 
--  The 100 percent Open Range 13-26-52-20-W5M horizontal well targeting the
    Wilrich Formation at Ansell/Sundance, which was drilled in late 2011 on
    an existing pad site, recently underwent completion operations. The well
    tested on flowback to a peak rate of 14.1 mmcf per day at flowing casing
    pressure of 18,100 kPa (2,625 psi), with a 12-hour test flowing on choke
    at 9.2 mmcf per day at flowing casing pressure of 14,000 kPa (2,030
    psi); 
--  The 13-26 well was brought on-production via an existing gathering line
    and has produced on choke at an initial seven-day rate of 7.8 mmcf per
    day at a casing pressure of 17,927 kPa (2,600 psi) plus approximately
    150 bbls per day of natural gas liquids including 110 bbls per day of
    free condensate. 
--  This is the highest IP7 achieved over more than 60 horizontal and
    vertical wells by Open Range at Ansell/Sundance to date, and adds
    approximately 1,400 boe per day of initial production; and 
--  Open Range's 100 percent owned and operated, 20 mmcf per day capacity
    deep cut processing facility at Ansell/Sundance is under construction
    and is expected to become operational in mid-March. The facility is
    engineered to increase liquids recovery to approximately 18 bbls per
    mmcf on a significant portion of Company production and future
    inventory, and will increase Open Range's operated processing capacity
    to 80 mmcf per day.