during 1981. The company is planning to
participate in an application for an
exploration licence in a disposition of lands

in the Atlantic offshore region during 1982.

The company has also participated in an
800 km seismic program on the Sabine
Peninsula in the Arctic Islands which is
expected to lead to a future exploration
drilling program.

Internationally, Brinco and three
Canadian partners have negotiated an
agreement with Ente Mineralia Siciliano
covering four — 9 year exploration permits
totalling 680,000 acres within the onshore
Central Sicilian Basin in Sicily. This basin is
well located to markets for any
hydrocarbons which may be discovered.
Successful acquisition of the permits would
lead to exploration commencing as early as
the fall of 1982.

Ownership in

Productive Wells
(at December 31, 1981)

Gross
Wells

Crude Oil Wells
Alberta

British Columbia
Saskatchewan
United States

Sub-Total Oil

Natural Gas Wells
Alberta

British Columbia
United States

Sub-Total Gas

Total Wells 399

Land Holdings

(at July 31, 1981) Gross

616,399
341,251
1,040
753,403
1,224,651

Alberta

British Columbia
Saskatchewan
Eastcoast offshore
Northwest Territories

2,936,744
13,007

Total Canada
United States

Total 2,949,751

Net Status
Wells

Net Gross Net

SaeAL
54,543
400 480 320 560 80
5,461 — —
12,456 = —

168,577
1.288

169,865

Hrubetz Oil Company

As reported in the 1980 annual report,
Brinco is a joint venture partner with
Hrubetz Oil Company of Dallas, Texas for oil
and gas exploration and in the southern
United States. The joint development
venture has assembled a strong acreage
base of approximately 530,000 net acres and
twenty-eight wells were drilled or drilling at
year end. Brinco is expected to contribute
approximately $9 million (U.S.) over the
three year life of the agreement to earn a
net interest of about seven percent in the
joint venture prospects.

1981 Production

Producing Capped

barrels

98,643
2,819
8,691

11,447

31 19,323 121,600

103m3

155 11,141
26 7,763
0 741

MMCF

181 19,645

187 212

Undeveloped
Gross Net

Developed

(thousands of acres)
155,362 22,685
46,827 5,307

461.037
294,424

73,032
49,236

753.403
1,224,651

5,641
12,456

202,669 28,312 2,734,075 140,265
6.771 455 6,236 833

209,440 28,767 2,740,311 141,098