Bow Valley Energy Ltd. announces approval for Ettrick field development

Bow Valley Energy Ltd. (TSX – BVX) is pleased to
announce that the U.K. government has approved the Field Development Plan for
the Ettrick field (Bow Valley – 12.0%) in the North Sea. This approval will
allow the joint venture partners in the field to proceed with development,
with first oil expected by the first quarter of 2008. Peak production from the
field is expected to be 20,000 bopd (gross); 2,400 bopd (net) to Bow Valley,
plus associated natural gas production.