Spyglass Resources Corp. Announces Extension of Credit Facility Review

Spyglass Resources Corp. is an intermediate oil and gas company. The Company operates oil and natural gas properties in Alberta, Saskatchewan and British Columbia. Its core properties are located in Dixonville in northwest Alberta, Enchant, Retlaw, and Matziwin in southern Alberta, Halkirk-Provost in east-central Alberta, and Noel in northeast British Columbia. It holds land inventory in these properties of over 545,900 gross acres (390,330 net). The Dixonville property consists primarily of the Montney C light oil pool, which has been developed using horizontal wells. It operates 104 producing oil wells, 90 water injectors and 16 producing gas wells. Enchant and Retlaw are located approximately 170 kilometers southeast of Calgary in Southern Alberta. Oil and gas wells at Matziwin produce from a range of formations, including the Banff, Pekisko, Mannville, Milk River and Medicine Hat. Its production is from the gas bearing Cadotte, Falher and Cadomin formations.