High Point Resources Inc.
TSX : HPR

High Point Resources Inc.

August 15, 2005 07:50 ET

High Point Updates Well and Confirms Meeting

CALGARY, ALBERTA--(CCNMatthews - Aug. 15, 2005) - High Point Resources Inc. (TSX:HPR) is pleased to announce that the Ricinus 11-17-35-8 W5M exploration well has been successfully tested in the Leduc formation. The well flowed at rates exceeding 10 mmcfd with limited drawdown. Pressure and flow data from the well are currently being analyzed by independent engineers to determine the wells full potential and determine the optimal depletion strategy. The well is being equipped for production with pipeline construction to commence in the near term. Gas sales are anticipated prior to the end of September 2005. High Point has a 50% working interest in the well prior to payout and a 45% interest after payout.

As previously announced on May 31, 2005, High Point has entered into an arrangement agreement pursuant to which a subsidiary of Enterra Trust ("Enterra") will acquire all the issued and outstanding common shares of High Point and holders of High Point common shares will be entitled to receive, for each common share of High Point, either: (i) 0.105 of a trust unit ("Trust Unit") of Enterra (which will receive monthly cash distributions); or (ii) 0.105 of an exchangeable share (the "Exchangeable Share") (the exchange ratio of which will be adjusted on a monthly basis in lieu of cash distributions to unitholders) of the acquirer, Rocky Mountain Acquisition Corp. (a subsidiary of Enterra), such shares being exchangeable into Trust Units of Enterra, subject to a maximum of 2,500,000 Exchangeable Shares being issued. The acquisition is to be completed pursuant to a plan of arrangement under the Business Corporation's Act (Alberta) and is subject to the satisfaction of certain conditions, including approval of not less than 66?% of votes cast by shareholders. A meeting of shareholders of the Corporation to vote on the proposal is scheduled for August 16, 2005, with the closing of the transaction expected shortly thereafter. The Boards of Directors of both High Point and Enterra have each unanimously approved the transaction and the Board of Directors of High Point has recommended that its shareholders vote in favor of the transaction.

This news release may contain forward-looking information. Actual results may differ materially from those contemplated. The risks, uncertainties and other factors that could influence actual results are described in documents filed with regulatory authorities.

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