Bison Resources Ltd.

Bison Resources Ltd.

March 29, 2005 12:26 ET

Bison Resources Ltd.: Drilling Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BISON RESOURCES LTD.

TSX VENTURE SYMBOL: BIS.A

MARCH 29, 2005 - 12:26 ET

Bison Resources Ltd.: Drilling Update

CALGARY, ALBERTA--(CCNMatthews - March 29, 2005) - Bison Resources Ltd.
("Bison") (TSX VENTURE:BIS.A) announced today drilling results from its
Southeast Saskatchewan properties. Closing out the last quarter of 2004
Bison successfully drilled one horizontal Frobisher Formation well and
five vertical Bakken Formation wells bringing the total number of wells
drilled in 2004 to thirty. For the first quarter of 2005 Bison drilled
six wells with five completed as Bakken oil producers at Viewfield and
one a dry hole resulting from an attempt to drill a new Frobisher
Formation pool at Browning.

Success in establishing the Bakken Formation as a light oil producing
zone in the Viewfield area lead to the drilling and completion of two
vertical wells and three horizontal Bakken wells in the first quarter of
2005. With eighteen vertical wells completed in the Bakken, defining a
broad pool covering at least ten square miles on company lands, a new
phase of development has begun with the drilling of multi-leg horizontal
wells. As with the vertical tests, Bison is in an experimental phase
with the drilling and completion techniques which will best exploit the
formation. The first horizontal well was drilled as a two leg well
establishing the ability to drill multi-leg wells. The next two wells
were drilled as three leg wells with a typical bird's foot pattern,
thereby obtaining a better drainage area across a full quarter section.
The two leg well encountered 981 meters of porous oil saturated
sandstone with the three leg wells both penetrating greater than 1700
meters of porosity. Drilling techniques were modified between the first
and third wells resulting in better penetration rates and less time with
drilling muds affecting the drilled section of the well. The result has
been better inflow rates with intial production increasing from 38 bopd
of clean oil in the first well to over 200 bopd in the second. The
target rate of average production for a three leg well is 120 bopd with
little to no produced water. The third well is currently being completed
and has responded in a fashion similar to the second. Due to spring
break-up conditions the last well will be tested but will not be placed
on production until after road bans are lifted. Bison anticipates
drilling two more three leg horizontal Bakken wells in the second
quarter, and as many as fifteen more horizontal Bakken wells prior to
the end of the year. Currently Bison has as many as fifty horizontal
well locations on its properties.

Bison's new Frobisher pool in Viewfield is now being exploited by two
horizontal wells with a combined rate of 250 bopd. Both wells have
demonstrated the capacity to produce at higher rates and a decision to
boost production will be made in the near future. Bison has defined at
least four additional locations in the south portion of the pool, all of
which can be tied into Bison's Viewfield battery. In the second quarter
at least three of these locations will be drilled. With information
gained from other Bakken drilling in the area there may be further
development of the north portion of the Frobisher pool in the last half
of 2005.

Bison has a very large inventory of drilling locations on its 100% owned
lands and will continue to grow by drilling. The drilling program for
the current year has thirty seven wells scheduled, subject to rig
availability and weather conditions.

Bison Resources Ltd. is a public corporation actively engaged in the
exploration, development, acquisition and production of oil and natural
gas in western Canada. Bison's shares are listed for trading on the TSX
Venture Exchange under the symbol BIS.A.

CAUTIONARY STATEMENT:

No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. This news
release may include certain "forward looking statements". All statements
other than statements of historical fact included in this news release,
including, without limitation, statements regarding reserves, present
value of future cash flow, exploration results, and future plans and
objectives of Bison, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
Bison's expectations are exploration risks, production risks and pricing
risks detailed herein and from time to time in other filings made by
Bison with securities regulators.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Bison Resources Ltd.
    Nicolas S. Swagor
    President
    (403) 265-5565
    (403) 266-8886 (FAX)
    or
    Bison Resources Ltd.
    500, 505 - 8th Avenue SW
    Calgary, Alberta T2P 1G2
    Website: www.bisonresources.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.