JED Oil Inc. (JED), incorporated in September 2003, is an oil and natural gas company that has commenced operations and plans to develop and operate oil and natural gas properties principally in western Canada. The Company's production averaged 585 barrel of oil equivalent/ per day (boe/d) during 2005, including 517 barrel/ per day (bbl/d) of medium and heavy oil, and 404 thousand cubic feet/ per day (mcf/d) of natural gas. The Company's proved and probable reserves are approximately 796 thousand barrel of oil equivalent/ per day (mboe) in the aggregate. JED's core areas include the Princess/Tide Lake, Sylvan Lake in Central Alberta, and the Provost/Alliance areas of East Central Alberta. On August 12, 2004, the Company acquired 250,000 common shares of JMG Exploration, Inc. (JMG), representing an approximate 11% equity interest in the total voting share capital of JMG. On October 21, 2004, the Company announced the signing of a farm-in agreement with Enterra whereby the Company will develop certain projects related to the properties recently acquired by Enterra through the corporate acquisition of Rocky Mountain Energy Corp. Under the terms of the agreement, the Company pays 100% of the capital costs to earn a 65% working interest in these projects. The first phase of the development program commenced in November 2004. Princess/Tide Lake The Princess/Tide Lake property is located 25 kilometer northeast of the town of Brooks, Alberta. JED has a working interest in eight wells in the area drilled during the year ended December 31, 2004. Production is primarily from the Sunburst and Pekisko formations. Sunburst production consists of gas and 23 degree API crude, while the Pekisko production consists of gas and 27 degree API crude oil. JED's share of production for the area is 200 bbl/d of oil plus 324 mcf/d of solution gas. Two wells have been drilled and completed in the Sunburst formation with seven more planned upon the approval of a pending downspacing application. Six wells have been drilled and completed in the Pekisko formation, with two more wells planned. Sylvan Lake The Sylvan Lake property is located 40 kilometer west of the town of Red Deer, Alberta. JED's assets consist of a working interest of 70% in four producing oil wells drilled in 2004. JED's share of production for the area is 190 bbl/d of 14 degree API oil plus 270 mcf/d of solution gas. The wells are tied into the Enterra-operated Sylvan Lake oil treating facility. Provost The Provost package is located 25 kilometer southwest of the town of Provost, Alberta. JED's assets consist of a working interest of 32.696% in four producing oil wells drilled in 2004 within the Provost Cummings Y Unit No. 1. JED's share of production for the area is 52 bbl/d of 28 degree API oil. Due to the success of the 2004 drilling program, the Unit has decided to drill another nine wells for oil production, in which JED would also carry a 32.696% working interest.

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