CORPORATE PROFILE

Curlew Lake Resources Inc. is an independent oil and natural gas, and precious metals, exploration, development and production company with operations in western Canada. Management has undertaken to maximize shareholder value through a combination of participation in low-risk development and acquisition of oil and gas properties, as well as participation in high-risk, high potential exploration projects in both energy and precious metal projects. The Company's common shares are listed on the TSX Venture Exchange under the symbol CWQ and under CWLXF on the OTC Pink Sheets in the U.S. under the classification "transparent/current information"

OPERATIONAL HIGHLIGHTS

    The Company has been a Mini-cap player in the oil patch in recent years, and is now reentering the precious metal exploration field in order to broaden its natural resource potential. Present interests include four oil and natural gas projects and one gold mineral project.

OIL & GAS

*    Fairydell Project : Curlew Lake Resources Inc. acquired freehold and Alberta Crown Petroleum and Natural Gas rights in a high-impact D-3 reef play in the Fairydell-Bon Accord area of central Alberta. The successful bid at yesterday’s Alberta Crown land sale resulted in acquiring seven and three-quarter sections (4,960 acres) in the Fairydell area complementing their recently acquired freehold acreage.

*    Leduc Project : Curlew Lake Resources Inc. acquired freehold and Petroleum and Natural Gas rights in the prolific Leduc area of central Alberta. Curlew Lake Resources has as part of its on-going geological review of the Leduc oil field identified a number of prospects related to the Leduc Reef. Leduc is a long-standing oil field discovered in the late 40’s and a number of wells are still producing. Curlew Lake has mapped parts of the Leduc field and carried out core work that indicates there are a number of in-fill and step out drilling opportunities. Some of these may present new reservoirs and overlying formations amenable to horizontal drilling.

*    Chin Coulee Project : Curlew Lake Resources Inc.acquired Alberta Crown Petroleum and Natural Gas Leases in the Chin Coulee area of Southern Alberta. A seismic acquisition and interpretation program has been carried out that identified a number of anomalies supporting the initiation of an exploration program in the Chin area southeast of Taber. Taber oil and gas fields have been heavily exploited over past decades and many of the large operators have been successful in establishing large-scale programs in the productive Lower Cretaceous formations as well as underlying Jurassic formations.

*    Turner Valley Project oil and natural gas project located just south of Calgary, Alberta has progressed to the production/development stage. Four successful wells to date, one on production and the remaining three requiring pipeline upgrades/connections.

*    Minard Project is located in Saskatchewan and presents good potential offsetting existing production. The first two wells are currently shut-in. The targeted Frobisher formation is at a depth of approximately 1300 metres

*    Fosterton Project : The Fosterton project is located in Saskatchewan and presents good potential offsetting existing production. The targeted Rosary Sand formation is at a depth of about 3,300 feet, is well-developed porous and permeable sand and is the producing horizon in the adjoining Fosterton field. The farm out land consists of 320 acres offsetting the Fosterton field. Wells can be drilled on 40 acre spacing with the present seismic feature supporting several offset locations. Cumulative production at the analogous Fosterton Field varies with the best well producing over 300,000 barrels of oil. The seismic work completed suggests a multiple well project.

MINERALS

*    Peace River Property : The Company has acquired Metallic & Industrial Minerals rights on an area of approximately 800,000 acres, of land on the Peace River Arch geological formation in north western Alberta. The lands will be operated as a joint venture, with Curlew holding a 50 percent interest in the joint venture with 2 private partners, and Curlew will be the initial operator of the exploration project. The lands lie north and west of the Clear Hills area and cover a structure known as Halverson Ridge and surrounding areas.

Subsequently, the Geological Survey of Canada and Alberta Geological Survey reconnaissance study of map area 84D, Special Report 071, on an area north of the Clear Hills iron ore deposit indicates anomalous gold values in a number of water sheds, with many values in excess of 1,000 ppb gold.

The Clear Hills area of Alberta has been a target for metallic and industrial minerals exploration for decades with renewed interest in recent years. Good progress has been made by two private exploration companies in establishing that the Clear Hills iron ore deposit is a world-class deposit and that significant values in vanadium and gold can be extracted from the iron ores. Recent recognition of vanadium as a battery improving metal and current prices for iron and gold has made the area extremely interesting geologically.

*    Clear Creek Property : The Company controls a 100% interest in the Typhoon mineral claims located in the Clear Creek District of the Yukon. There are a total of 117 claims covering over 5,000 acres. The property acquired is in an area where geochemical surveys and placer mining had shown interesting values in gold and silver. The property is readily accessible via a good road connecting to the Klondike Highway some 85 kilometres southeast of Dawson City.

The 100% working interest on 98 claims is subject to a 4% Net Smelter Royalty, of which 1% may be purchased by the Company at any time in the future for the price of $600,000, in cash or shares and an additional 2% which may be purchased at any time for $1,000,000 in cash.

The 100% working interest on the remaining 19 claims requires a $10,000 cash payment over the current year. Curlew Lake is required to complete a work program on these 19 claims at a cost of not less than $60,000 over the next 3 years. The Vendor, Xennex Development Corporation, will retain a 2% NSR Royalty, on the 19 claims which may be purchased at any time by Curlew Lake for $1 million for each 1%.