Piper Resources Acquires Argali Oil

Piper Resources Ltd. acquired all the shares of Argali Oil Inc. from Northern Oil Inc. and Sea Eagle Oil Inc. for a combined purchase price of $60 million. The transaction closed on August 13, 2007.

Northern Oil Inc. and Sea Eagle Oil Inc. were represented by Osler, Hoskin & Harcourt LLP with a team comprised of Janice Buckingham, Paula Olexiuk and Robert Ashcroft.

Piper Resources Ltd. was represented by Michael Thackray, Kathryn (Kay) Carter and Mark Fletcher of Thackray Burgess.

The employees and consultants of Argali Oil Inc. were represented by Keith Templeton of Burstall Winger LLP.

Lawyer(s)

Michael A. Thackray Paula A. Olexiuk Robert Ashcroft Janice Buckingham Mark W. Fletcher

Firm(s)