Exhibit 99.1
Highlights
Three Months Ended | Six Months | Period Ended | |||||||||||
June 30, | Ended June 30, | June 30, | |||||||||||
| (unaudited) | 2004 | 2003 | 2004 | 20031 | |||||||||
Operating | |||||||||||||
| Number of Producing days | 91 | 91 | 182 | 125 | |||||||||
| Production | |||||||||||||
| Oil – bopd | 101 | 93 | 83 | 88 | |||||||||
| Gas – mcf/d | 4,600 | 401 | 2,732 | 430 | |||||||||
| Total – boepd (6 mcf = 1 bbl) | 868 | 160 | 538 | 160 | |||||||||
| Product Prices ($Cdn) | |||||||||||||
| Oil – $/bbl | $ | 48.72 | $ | 35.60 | $ | 45.44 | $ | 36.78 | |||||
| Gas –$/mcf | $ | 6.79 | $ | 6.45 | $ | 6.69 | $ | 7.36 | |||||
| Drilling Activity | |||||||||||||
| Oil wells | – | – | – | – | |||||||||
| Gas wells | – | – | 8 | – | |||||||||
| Dry | 1.0 | – | 2 | – | |||||||||
| Total wells | 1.0 | – | 10 | – | |||||||||
| Net wells | 0.5 | – | 9.5 | – | |||||||||
| Undeveloped lands | |||||||||||||
| Net acres | 23,750 | 11,720 | 23,750 | 11,720 | |||||||||
Financial($Cdn)2 | |||||||||||||
| Gross production revenue | $ | 3,291,240 | $ | 537,055 | $ | 4,015,677 | $ | 802,863 | |||||
Cash flow from operations3 | $ | 1,345,790 | $ | 287,293 | $ | 1,844,675 | $ | 355,646 | |||||
| per share – basic & diluted | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | 0.02 | |||||
| Earnings | $ | 256,285 | $ | 59,419 | $ | 339,148 | $ | 53,072 | |||||
| per share – basic & diluted | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.00 |
| Weighted average | |||||||||||||
| shares outstanding | 34,836,465 | 29,234,258 | 34,832,707 | 23,520,093 | |||||||||
| Shares outstanding | 34,856,949 | 33,053,946 | 34,856,949 | 33,053,946 |
| Capital expenditures | $ | 3,280,328 | $ | 193,331 | $ | 14,195,216 | $ | 230,503 | |||||
| Working capital | $ | 22,698,377 | $ | 35,216,131 | $ | 22,698,377 | $ | 35,216,131 | |||||
| Shareholders’ equity | $ | 43,496,800 | $ | 40,201,529 | $ | 43,496,800 | $ | 40,201,529 | |||||
| 1 | The Company commenced operations February 26, 2003. |
| 2 | The Company changed its accounting policy for stock-based compensation resulting in the restatement of certain prior period numbers. |
| See note 1 to the financial statements. | |
| 3 | Cash flow from operations means earnings plus future taxes, depletion, depreciation and accretion, and stock-based compensation. |
L u k e E n e r g y L t d.
Report to Shareholders
Summary
Luke Energy is pleased to report strong operational and financial results for the second quarter ended June 30, 2004.
Second quarter production was up more than fivefold, averaging 868 barrels of oil equivalent per day (boepd) as compared to 160 boepd a year ago. Luke Energy’s production was 88% gas and 12% oil. Current production is approximately 900 boepd. The Company’s significant production gains were attributable to positive drilling results at Marten Creek in northern Alberta.
Cash flow for the second quarter was up almost five times to $1,345,790 (4¢ per share) from $287,293 (1¢ per share) in the same period last year. For the six months ended June 30, 2004 cash flow increased to $1,844,675 (5¢ per share) from $355,646 (2¢ per share) in the same period a year ago.
Earnings for the second quarter were also up significantly to $256,285 (1¢ per share) from $59,419 (nil per share) a year ago. For the six-month period, earnings were $339,148 (1¢ per share) versus $53,072 (nil per share) last year. Cash flow and earnings are at record levels as a result of increased production and strong commodity prices.
Operations
During the first six months of this year the Company drilled 10 wells, resulting in eight gas wells and two dry holes. The successful gas wells were drilled at Marten Creek in northern Alberta. Seven of the successful gas wells were put on production prior to the onset of spring breakup in mid-March. Current production from Marten Creek alone is 4.5 mmcf/d of gas which equates to approximately 750 boepd to Luke’s 100% interest. The Marten Creek properties have additional productive capability, some of which will come on later this year when a nearby third party gas plant expansion is completed. As a result of its drilling success last winter, the Company has more than doubled its 100% owned acreage at Marten Creek from 11,000 acres to 25,000 acres while increasing its seismic coverage in the area to over 500 miles.
| L u k e E n e r g y L t d. | 1 |
Luke Energy has a 20-well drilling program planned at Marten Creek for this coming winter which will be a mix of both development and exploratory wells. The Company has secured two drilling rigs for the winter work season and drilling is expected to commence in late December. The new drilling program is expected to more than double the Company’s existing production.
The Company is continuing to develop new prospects in the Fort St. John area of northeastern British Columbia. A number of wells are planned for later this year and into the winter work season.
Outlook
Luke Energy’s ability to grow through internally generated drilling prospects ensures continued strong progress in its operational performance. While the Company is capitalizing on the success of its Marten Creek core operation, it is also actively looking for small strategic property acquisitions which could be the genesis of new core areas. Large acquisitions have become prohibitive to small companies like Luke Energy because of the high prices now being paid and the sheer size of the multiple-property bids being made to the major sellers.
The outlook is positive for a well-funded emerging company such as Luke Energy given its strong technical team and ability to generate value through organic growth.
On Behalf of the Board,
Harold V. Pedersen, CEO
July 29, 2004
| 2 | L u k e E n e r g y L t d. |
Management’s Discussion and Analysis
Management’s discussion and analysis (MD&A) of financial conditions and results of operations should be read in conjunction with the unaudited interim financial statements for the six months ended June 30, 2004 and the audited financial statements and MD&A for the period ended December 31, 2003. This MD&A is based on information available at July 29, 2004. The discussion contains forward-looking statements that involves risks and uncertainties. Such information, although considered reasonable by Luke management at the time of preparation, may prove to be inaccurate and actual results may differ materially from those anticipated in the statements made.
The MD&A contains the term “cash flow from operations” which is calculated by adding non-cash items (future taxes, stock-based compensation expense, and depletion, depreciation and accretion) to earnings for the period. Cash flow from operations is not a generally accepted accounting principle standard and therefore may not be comparable to similar benchmarks presented by issuers outside the oil and gas industry.
Oil and Gas Operations
|
| Three Months Ended | Six Months Ended | Period Ended | |||||
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| June 30, | June 30, | June 30, | |||||
|
| 2004 | 2003 | 2004 | 2003 | ||||
Production |
| 868 boepd | 160 boepd | 538 boepd | 160 boepd | ||||
| ($000’s) | ($/boe) | ($000’s) | ($/boe) | ($000’s) | ($/boe) | ($000’s) | ($/boe) | ||
| Oil and gas revenues | $3,291 | $41.70 | $537 | $36.90 | $4,016 | $41.00 | $803 | $40.20 | |
Royalties, net ofARTC | 541 | 6.85 | 128 | 8.80 | 724 | 7.39 | 197 | 9.85 | |
| Operating expenses | 613 | 7.76 | 76 | 5.20 | 738 | 7.54 | 105 | 5.25 | |
| Netback | $2,137 | $27.09 | $333 | $22.90 | $2,554 | $26.07 | $501 | $25.10 | |
The significant increase in the Company’s quarterly and year-to-date production for 2004 as compared to 2003 is the result of the first quarter drilling success at Marten Creek. The gas wells at Marten Creek came on-stream in mid-March and have produced an average of 4.2 mmcf/d since then.
| L u k e E n e r g y L t d. | 3 |
In addition, oil and gas revenues for the second quarter benefited from higher prices. The Company’s average oil price was up 37% to $48.72 per bbl as compared to $35.60 per bbl in the second quarter of last year. Gas prices during the second quarter continued to be strong averaging $6.79 Cdn per thousand cubic feet (mcf), up slightly from $6.45 Cdn per mcf last year.
Royalty expense for the quarter, as a percentage of production revenue, was 16% as compared to 24% last year. The lower royalty rate is attributable to the gas production at Marten Creek which is eligible for the Alberta Royalty tax credit and a reduced crown rate based on production levels.
Operating expenses for the second quarter were $7.76 per boe as compared to $5.20 per boe last year. The increase relates primarily to the higher operating expenses associated with the Marten Creek gas production of approximately $7.00 per boe. In addition, the per unit costs at Bashaw and Bassano have increased because of natural production declines while fixed costs remain unchanged.
Interest and Loss on Sale of Marketable Securities
In the second quarter the Company elected to sell its Government of Canada bonds due to concerns about volatility in the bond market. The Company incurred a loss of $531,951 on the sale, which was partly mitigated by a $236,716 gain on the sale of bonds in the first quarter. Overall, the Company’s investments during the six-month period yielded approximately 1.8%, which is comparable to the average term deposit or commercial paper rate for the six months ended June 30, 2004.
Capital Expenditures
Capital expenditures during the second quarter of 2004 were $3.3 million. The majority of these expenditures were for land and seismic purchases in the Marten Creek and Fort St. John project areas. The balance was for pump upgrades at Bashaw and completion of the facility and flowline work at Marten Creek.
Year-to-date the Company has spent $14.2 million and expects that 2004 capital expenditures will be approximately $26.2 million.
General and Administrative Expenses
General and administrative expenses for the second quarter were $472,156 ($300,031 last year) and $955,448 for the six months ended June 30, 2004 ($393,341 for the period ended June 30, 2003).
| 4 | L u k e E n e r g y L t d. |
With the increased production from Marten Creek, general and administrative expenses were $5.98 per boe for the second quarter as compared to $20.61 per boe last year. The Company’s staffing levels are sufficient to continue production growth with minimal additional general and administrative costs.
Depletion, Depreciation and Asset Retirement Obligation
The provision for depletion, depreciation and accretion for the second quarter is based on internal reserve estimates. The provision for the quarter was $572,220 ($7.25 per boe) as compared to $131,770 ($9.05 per boe) last year. The provision per boe has substantially decreased from last year as a result of the favourable finding and development costs of the
Marten Creek drilling program.
Cash Flow and Earnings
Cash flow for the quarter of $1.3 million ($0.04 per share) was significantly higher than the $287,293 ($0.01 per share) reported in 2003 despite a $531,951 reduction resulting from the sale of marketable securities. For the first six months of this year the Company realized a substantial increase in cash flow to $1.8 million versus $355,646 for the comparable period of 2003. The increase is largely due to the production growth generated by the Marten Creek drilling program.
Earnings for the three months ended June 30, 2004 were $256,285 ($0.01 per share) compared to $59,419 ($0.00 per share) last year. Earnings for the six-month period were $339,148 ($53,072 last year or $0.00 per share). Earnings for all reported periods were reduced by the adoption of the fair value method of accounting for stock based compensation. The change in accounting policy was adopted retroactively with restatement of prior periods and resulted in a $162,285 reduction in 2004 second quarter earnings (2003 – $25,704) and a $320,257 reduction in six-month earnings (2003 – $37,004).
Taxes
There is no current tax provision for the second quarter due to the Federal Governments’ increase in the Large Corporations tax base to $50 million.
| L u k e E n e r g y L t d. | 5 |
The provision for future taxes of $355,000 for the second quarter is 58% of pre-tax earnings as compared to $70,400 or 46% of pre-tax earnings for the second quarter of 2003. The increase in the rate is due to the non-tax deductible higher stock-based compensation expense for the second quarter of 2004.
Liquidity and Capital Resources
The Company continues to be well capitalized for growth with working capital of $22.7 million. Luke’s capital budget for the remainder of the year is $12 million and will be funded by working capital. The Company’s strategy continues to be focused on adding production through a combination of low to medium risk exploration projects. Although the engineering group evaluates acquisition opportunities on an ongoing basis, the current capital budget does not include a forecasted acquisition due to the highly competitive acquisition market.
At July 29th, 2004 the Company has 34,858,949 common shares outstanding and 2,710,000 stock options outstanding.
Quarterly Information
($000’s except per share amounts)
| Gross | Cash Flow | |||||||||||||||
| Production | From | Per | Earnings | Per | ||||||||||||
| Revenue | Operations | Share | (loss) | Share | ||||||||||||
| Q1 - 2004 | $ | 724 | $ | 499 | $ | 0.01 | $ | 83 | $ | 0.00 | ||||||
Q4 - 20031 | $ | 426 | $ | 248 | $ | 0.01 | ($80 | ) | ($0.00 | ) | ||||||
Q3 - 20031, 2 | $ | 487 | $ | 772 | $ | 0.02 | $ | 397 | $ | 0.01 | ||||||
Q2 - 20031 | $ | 537 | $ | 287 | $ | 0.01 | $ | 59 | $ | 0.00 | ||||||
Q1 - 20031 | $ | 266 | $ | 68 | $ | 0.01 | ($6 | ) | ($0.00 | ) | ||||||
| 1 | Earnings (loss) and earnings (loss) per share have been restated due to the retroactive change in accounting policy for stock-based compensation. See note 1 to the interim financial statements. |
| 2 | Cash flow and earnings for the third quarter of 2003 were positively impacted by a $505,000 gain on sale of Government Canada Bonds. |
| 6 | L u k e E n e r g y L t d. |
Balance Sheets
December 31, | |||||||
June 30, | 2003 | ||||||
2004 | (audited) | ||||||
(unaudited) | (restated1) | ||||||
Assets | |||||||
| Current assets: | |||||||
Cash and term deposits | $ | 22,812,755 | $ | 36,699,571 | |||
Receivables | 1,815,352 | 529,815 | |||||
24,628,107 | 37,229,386 | ||||||
| Capital assets | 21,775,603 | 7,998,257 | |||||
$ | 46,403,710 | $ | 45,227,643 | ||||
Liabilities and Shareholders’ Equity | |||||||
| Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 1,929,730 | $ | 2,203,148 | |||
| Future taxes | 583,850 | 98,850 | |||||
| Asset retirement obligations | 393,330 | 110,930 | |||||
| Shareholders’ equity: | |||||||
Share capital (note 2) | 42,245,851 | 42,223,171 | |||||
Contributed surplus (note 1) | 541,967 | 221,710 | |||||
Retained earnings (note 1) | 708,982 | 369,834 | |||||
43,496,800 | 42,814,715 | ||||||
$ | 46,403,710 | $ | 45,227,643 | ||||
| 1 | See note 1 to the financial statements. |
| See accompanying notes to financial statements. | |
| On behalf of the Board: | |
| |  |
| Director | Director |
| Harold V. Pedersen | Mary C. Blue |
| L u k e E n e r g y L t d. | 7 |
Statement of Earnings andRetained Earnings (Deficit)
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| June 30, |
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| Ended June 30, |
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| 2004 |
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| 2003 |
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| 2004 |
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| 2003 |
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(unaudited) | (restated1) | (restated1) | |||||||||||
| Revenue: | |||||||||||||
| Oil and gas production | $ | 3,291,240 | $ | 537,055 | $ | 4,015,677 | $ | 802,863 | |||||
| Royalties, net of ARTC | (540,897 | ) | (127,991 | ) | (724,468 | ) | (197,377 | ) | |||||
Loss on sale of marketablesecurities | (531,951 | ) | – | (295,235 | ) | – | |||||||
| Interest | 213,120 | 281,172 | 542,398 | 294,782 | |||||||||
2,431,512 | 690,236 | 3,538,372 | 900,268 | ||||||||||
| Expenses: | |||||||||||||
| Operating | 613,566 | 76,189 | 738,249 | 104,401 | |||||||||
| General and administrative | 472,156 | 300,031 | 955,448 | 393,341 | |||||||||
| Stock-based compensation | 162,285 | 25,704 | 320,257 | 37,004 | |||||||||
| Interest | – | 1,523 | – | 2,680 | |||||||||
Depletion, depreciationand accretion | 572,220 | 131,770 | 700,270 | 179,770 | |||||||||
1,820,227 | 535,217 | 2,714,224 | 717,196 | ||||||||||
| Earnings before taxes | 611,285 | 155,019 | 824,148 | 183,072 | |||||||||
| Taxes: | |||||||||||||
| Current | – | 25,200 | – | 44,200 | |||||||||
| Future | 355,000 | 70,400 | 485,000 | 85,800 | |||||||||
355,000 | 95,600 | 485,000 | 130,000 | ||||||||||
| Earnings | $ | 256,285 | $ | 59,419 | $ | 339,148 | $ | 53,072 | |||||
Retained earnings, beginning of period | $ | 452,697 | $ | 4,953 | $ | 583,926 | $ | – | |||||
Change in accounting policy (note 1) | – | (11,300 | ) | (214,092 | ) | – | |||||||
Retained earnings (deficit), restated | 452,697 | (6,347 | ) | 369,834 | – | ||||||||
| Retained earnings, end of period | $ | 708,982 | $ | 53,072 | $ | 708,982 | $ | 53,072 | |||||
| Weighted average number of common shares outstanding | 34,836,465 | 29,234,258 | 34,832,707 | 23,520,093 | |||||||||
| Earnings per share – basicand diluted | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.00 | |||||
| 1 | See note 1 to the financial statements. |
| See accompanying notes to financial statements. |
| 8 | L u k e E n e r g y L t d. |
Statement of Cash Flow
Three Months Ended | Six Months | Period Ended | |||||||||||
June 30, | Ended June 30, | June 30, | |||||||||||
| 2004 | 2003 | 2004 | 2003 | ||||||||||
| (unaudited) | (restated1) | (restated1) | |||||||||||
| Cash provided by (used in): | �� | ||||||||||||
| Operating: | |||||||||||||
Earnings for the period | $ | 256,285 | $ | 59,419 | $ | 339,148 | $ | 53,072 | |||||
Items not affecting cash: | |||||||||||||
Depletion, depreciation and accretion | 572,220 | 131,770 | 700,270 | 179,770 | |||||||||
Future taxes | 355,000 | 70,400 | 485,000 | 85,800 | |||||||||
Stock-based compensation | 162,285 | 25,704 | 320,257 | 37,004 | |||||||||
| Cash flow from operations | 1,345,790 | 287,293 | 1,844,675 | 355,646 | |||||||||
Change in non-cash working capital | 84,354 | (27,502 | ) | (370,811 | ) | (71,952 | ) | ||||||
1,430,144 | 259,791 | 1,473,864 | 283,694 | ||||||||||
| Financing: | |||||||||||||
Common shares issued, net of issue costs | – | 35,965,976 | – | 35,090,988 | |||||||||
Stock options exercised | 22,680 | – | 22,680 | – | |||||||||
Initial common shares redeemed for cash | – | – | – | (100 | ) | ||||||||
22,680 | 35,965,976 | 22,680 | 35,090,888 | ||||||||||
| Investing: | |||||||||||||
Additions to capital assets | (3,280,328 | ) | (193,331 | ) | (14,195,216 | ) | (230,503 | ) | |||||
Change in non-cash working capital | (4,132,105 | ) | 78,360 | (1,188,144 | ) | 78,360 | |||||||
(7,412,433 | ) | (114,971 | ) | (15,383,360 | ) | (152,143 | ) | ||||||
| Increase (decrease) in cash | (5,959,609 | ) | 36,110,796 | (13,886,816 | ) | 35,222,439 | |||||||
| Cash position, beginning of period | 28,772,364 | (888,257 | ) | 36,699,571 | 100 | ||||||||
| Cash position, end of period | $ | 22,812,755 | $ | 35,222,539 | $ | 22,812,755 | $ | 35,222,539 | |||||
| 1 | See note 1 to the financial statements. |
| Cash position includes cash and term deposits net of bank indebtedness. | |
| See accompanying notes to financial statements. |
| L u k e E n e r g y L t d. | 9 |
Notes to Financial Statements
The interim financial statements of Luke Energy Ltd. (the “Company”) have been prepared by management in accordance with accounting principles generally accepted in Canada. The interim financial statements have been prepared following the same accounting policies and methods of computation as the audited financial statements for the period ended December 31, 2003. The disclosures provided below are incremental to those included in the December 31, 2003 audited financial statements.
| 1. | Change in accounting policy: |
| Stock-based compensation: | |
| Pursuant to the amended accounting pronouncement for stock-based compensation, the Company changed its accounting policy from the intrinsic method to the fair value method to account for options granted to employees under the stock option plan. Application of the fair value method results in recognition of compensation expense in the statement of earnings (previously provided as note disclosure) with a corresponding amount to contributed surplus. The new method was applied retroactively with restatement of prior period financial statements. The change resulted in a reduction in earnings of $162,285 ($0.01 per share) for the three months ended June 30, 2004 and $25,704 ($0.00 per share) for the three months ended June 30, 2003; the earnings reduction for the six months ended June 30, 2004 was $320,257 ($0.01 per share) and $37,004 for the period ended June 30, 2003 ($0.00 per share). | |
| 2. | Share capital: |
| The Company is authorized to issue an unlimited number of common shares together with an unlimited number of preferred shares issuable in series. | |
| Common shares issued and outstanding: |
Number of Shares | Amount | ||||||
| Balance at December 31, 2003 | 34,828,949 | $ | 42,223,171 | ||||
| Exercise of stock options | 28,000 | 22,680 | |||||
| Balance June 30, 2004 | 34,856,949 | $ | 42,245,851 | ||||
| 10 | L u k e E n e r g y L t d. |
Stock-based Compensation Plan
Pursuant to the Officers, Directors and Employees Stock Plan, the Company was entitled to reserve for issuance and grant stock options to a maximum of 3.3 million shares on a cumulative basis (not to exceed 10% of the issued and outstanding shares on an undiluted basis). Options granted under the plan to-date have a term of five years to expiry. Options vest equally over a three-year period starting on the first anniversary date of the grant. The exercise price of each option equals the market price of the Company’s common shares on the date of the grant. At June 30, 2004, 2,712,000 options with exercise prices between $0.81 and $2.10 were outstanding and exercisable on various dates to 2009.
A summary of the status of the plan at June 30, 2004, and changes during the period ended are presented below:
Weighted | |||||||
Average | |||||||
| Number | Exercise | ||||||
Of Options | Price | ||||||
| Stock options, beginning of period | 2,665,000 | $ | 1.52 | ||||
| Granted | 75,000 | $ | 2.10 | ||||
| Exercised | (28,000 | ) | $ | 0.81 | |||
| Stock options, end of period | 2,712,000 | $ | 1.55 | ||||
| Exercisable, end of period | 197,000 | $ | 0.81 | ||||
| L u k e E n e r g y L t d. | 11 |
The following table summarizes information about the stock options outstanding at June 30, 2004:
Options Outstanding at | ||||||||||
June 30, 2004 | ||||||||||
| Weighted | ||||||||||
| Average | Weighted | |||||||||
| Remaining | Average | |||||||||
| Number | Contractual | Exercise | ||||||||
| of Options | Life | Price | ||||||||
| Range of Exercise Prices | ||||||||||
| Less than $1.00 | 647,000 | 3.64 | $ | 0.81 | ||||||
| $1.00 to $2.00 | 1,990,000 | 4.19 | $ | 1.77 | ||||||
| Greater than $2.00 | 75,000 | 4.67 | $ | 2.10 | ||||||
2,712,000 | 4.07 | $ | 1.55 | |||||||
The fair value of each stock option was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: risk-free interest rate of 5%, dividend yield of 0%, expected life of 5 years, and volatility of 45%.
| 3. | Supplemental Cash Flow Information: |
| Amounts actually paid during the period relating to interest expense and capital taxes are as follows: |
Three Months Ended | Six Months | Period Ended | |||||||||||
June 30, | Ended June 30, | June 30, | |||||||||||
| 2004 | 2003 | 2004 | 2003 | ||||||||||
| Interest paid | $ | – | $ | 1,523 | $ | – | $ | 2,680 | |||||
| Capital taxes paid | $ | – | $ | – | $ | – | $ | – | |||||
| 12 | L u k e E n e r g y L t d. |
Corporate Information |
Directors | Management | Head Office |
Ronald L. Belsher1,2 | Harold V. Pedersen | 1200, 520 - 5 Avenue S.W. |
| Calgary, Alberta | Chief Executive Officer | Calgary, Alberta T2P 3R7 |
| Telephone: (403) 261-4811 | ||
| Mary C. Blue | Mary C. Blue | Facsimile: (403) 261-4818 |
President & COO | President & COO | Website: www.lukeenergy.com |
| Calgary, Alberta | ||
| Rob E. Wollmann | Stock Exchange Listing | |
| David Crevier1,3 | V.P. Exploration | |
| Montreal, Quebec | Toronto Stock Exchange | |
| Kevin Lee | Trading Symbol: LKE | |
Alain Lambert2 | V.P. Engineering | |
| Montreal, Quebec | Registrar and Transfer Agent | |
| Carrie McLauchlin | ||
Hugh Mogensen1 | V.P. Finance & CFO | Valiant Trust Company |
| Chairman Victoria, B.C. | Calgary, Alberta | |
| Peter W. Abercrombie | Telephone: (403) 233-2801 | |
Harold V. Pedersen2 | V.P. Land | |
| Chief Executive Officer | Bankers | |
| Calgary, Alberta | Ruth A. DeGama | |
| Manager, Production Services | Canadian Imperial Bank of Commerce | |
Lyle D. Schultz3 | Oil & Gas Group | |
| Calgary, Alberta | Chris von Vegesack | Calgary, Alberta |
| Corporate Secretary | ||
J. Ronald Woods1,3 | Auditors | |
| Toronto, Ontario | ||
| KPMG LLP | ||
| 1 Audit & Reserves Committee | Calgary, Alberta | |
| 2 Compensation Committee | ||
| 3 Corporate Governance Committee | Evaluation Engineers | |
Gilbert Laustsen Jung Associates Ltd. | ||
| Calgary, Alberta | ||
| Solicitors | ||
| Burnet, Duckworth & Palmer | ||
| Calgary, Alberta | ||
| Colby, Monet, Demers, Delage & Crevier | ||
 | Montreal, Quebec |
| L u k e E n e r g y L t d. |
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