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INTRODUCTION
Following the March 1997 takeover of Cube Energy
Corp. (hereinafter referred to as "Cube") by Barrington
Petroleum Ltd., some members of Cube's management team and certain
joint venture investors of Cube formed a private joint venture management
company, Sphere Energy Corp. (hereinafter referred to as "Sphere"),
to facilitate investment in natural gas and oil exploration, development
and production.
Sphere is an environmentally responsible company
that endeavors to maintain the highest standards when conducting
its operations. As well, Sphere encourages its employees and
contractors to adhere to the principle of placing safety first in
conducting its programs. At the local level, Sphere supports
various community initiatives in the area where it operates.
Sphere was incorporated under the laws of the
Province of Alberta by Articles of Incorporation dated December
9, 1996. Sphere's principal office is located at Suite 750, 815
- 8th Avenue S. W., Calgary, Alberta T2P 3P2 which is also Sphere's
registered office.
EMPLOYEES
AND PRINCIPALS OF THE COMPANY
Sphere presently has nine employees, two of whom
were former employees of Cube. These employees are supplemented
by outside consulting services where required.
The management and directors of Sphere are as
follows:
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Steve Dobrowolski, President, CEO and Director
(former President of Cube)
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Gerry Donaldson, Vice President, COO and Director
(former Vice President of Cube)
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Harry Verlaan, Vice President Operations
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Jack Hatcher, Vice President & Finance
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BUSINESS OF THE CORPORATION
Sphere is managing approximately 134,554 gross
(64,121 net) acres in Alberta and approximately 47,406 gross (31,647
net) acres in Saskatchewan.
In Alberta and Saskatchewan,
Sphere operates 120 gas wells and 12
oil wells. Sphere also has working interests in 37
non-operated gas wells and 12 non-operated oil wells.
Sphere has a capital
expenditure budget of $10,000,000 for 2009.
Sphere's production
rate is approximately 1,200 boe/d (6:1 ratio).
FUTURE CORPORATE DIRECTION
Sphere explores for, develops, acquires and produces
natural gas and oil in Western Canada. At present, the principal
assets which Sphere manages consist of natural gas properties through
drilling in Alberta and Saskatchewan. Sphere is focusing on developing
longer term natural gas and oil properties through drilling in core
areas along with acquiring complimentary assets in these same areas.
These long term assets, in conjunction with Sphere's
debt free status, allow the company to provide distributions to its
joint venture holders while maintaining an active exploration and
development program on their behalf.
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