News Release December 17, 2003

Calgary, Alberta (December 17, 2003) The Alberta Energy and Utilities Board (EUB) has announced the next steps in the EUB's bitumen conservation requirements process in a letter and attached document from EUB Chairman Neil McCrank to parties involved in the bitumen conservation issue. The timeline for the next steps in the process is as follows:

January 2, 2004 EUB Regional Geological Study released	February 23, 2004 Parties file evidence supporting their case
January 26, 2004 EUB staff submission group release recommendations to continue or vary gas production status of wells subject to EUB General Bulletin (GB) 2003-28	March 1, 2004 Parties file reply evidence
February 9, 2004 Parties that disagree with the recommendations must notify the EUB's Board of the wells for which they wish to present their case at the interim hearing	March 8, 2004 EUB interim hearing begins
	Date to be determined EUB final hearing begins, if required

The EUB's bitumen conservation requirements were set out in EUB General Bulletin (GB) 2003-28 to address the immediate and continued risk of natural gas production on bitumen recovery in an area of concern in the Athabasca Oil Sands Area. They are the result of six years of consultation and work by the EUB.