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LongBow Energy Corp. Acquires Discovery Drilling Group of Companies

09:00 EST Wednesday, December 21, 2005

CALGARY, ALBERTA--(CCNMatthews - Dec. 21, 2005) -

(Not for dissemination in the United States)

LongBow Energy Corp. ("LongBow") (TSX VENTURE:LBV) is pleased to announce that it has entered into a share purchase agreement dated November 29, 2005 (the "Share Purchase Agreement") in respect of an arm's length acquisition of Discovery Drilling Funds Inc., Discovery Drilling Funds 1 Inc., Discovery Drilling Funds 2 Inc., Discovery Drilling Funds 3 Inc. and Discovery Drilling Funds 4 Inc. (collectively, the "Discovery Group"). Pursuant to the terms of the transaction, subject to completion of satisfactory due diligence and receipt of applicable regulatory approvals, LongBow intends to acquire all of the issued and outstanding securities of the Discovery Group.

The common shares of the Discovery Group (the "Discovery Shares") will be acquired for 57,198,000 LongBow Common Shares ("LongBow Shares"). Assuming that all of Discovery's shares are purchased on the effective date of the Acquisition approximately 57,198,000 LongBow Shares will be issued at a deemed price of $0.125 per share. Upon completion of the Acquisition former Discovery Group shareholders will hold approximately 54% of the issued and outstanding LongBow Shares while existing LongBow shareholders will hold 46%. Discovery Group shares are widely held, therefore, this is no change of control associated with this transaction.

LongBow is a junior oil and gas company listed on the TSX Venture Exchange.

The Discovery Group is a group of 5 private oil and gas companies incorporated under the Business Corporations Act (Alberta) engaged in the exploration for, and the development and production of, crude oil and natural gas in the provinces of Alberta, Saskatchewan and British Columbia.

The Discovery Group's principal producing assets are Strachan, Pembina, Sunnynook and Shackleton/Russelton. Selected Financial Information - Discovery.

The following table sets forth certain audited financial information for the Discovery Group as at and for the year ended December 31, 2004. This information was reviewed by Kenway, Mack, Slusarchuk, Stewart LLP.



                                 Discovery Group     Discovery Group
                             ----------------------------------------
                               As at and for the   As at and for the
                                      year ended   nine months ended
                               December 31, 2004  September 30, 2005
                             ----------------------------------------


Total Revenue,
 Net of Royalties                     $  904,679          $1,270,559
Net Lease Operating
 Income(1),(2)                        $  338,546          $  559,544
Bank Debt                                    Nil                 Nil
Working Capital Surplus
 (Deficit)                            $ (773,342)         $ (249,917)
Total Assets                          $4,275,308          $2,890,906
Shareholders' Equity                  $1,454,376          $2,980,741
Number of Shares Outstanding
 Basic                                     4,331               4,331
 Diluted                                   4,331               4,331


Note:
(1) Represents revenue, net of royalties less operating costs.
(2) Includes $281,287 (Dec 2004) of certain corporate expenses on a
    carve-out basis incurred by Discovery Drilling Funds various
    Limited Partnerships


Reserves Data - Discovery

The following tables set forth certain reserves data for the Discovery Group.

The Discovery Group's Strachan, Pembina and Sunnynook reserves information is based on an independent engineering evaluation prepared by Sproule Associates Limited ("Sproule") evaluating the petroleum and natural gas reserves and the net present values of future net revenue for these reserves using forecast prices and costs as at September 30, 2005. The September 30, 2006 Sproule report is a recalculation and mechanical update of the Sproule evaluation report effective March 31, 2005.

The Discovery Group's Shackleton and Russleton reserves information is based on an independent engineering evaluation prepared by Ashton Jenkins Limited ("AJM") evaluating the petroleum and natural gas reserves and the net present values of future net revenue for these reserves using forecast prices and costs as at March 31, 2005.

The evaluations were conducted in compliance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.



      SUMMARY OF OIL AND GAS RESERVES STRACHAN, PEMBINA AND SUNNYNOOK
                         OF THE DISCOVERY GROUP
                        AS AT September 30, 2005
                       FORECAST PRICES AND COSTS


                                                      RESERVES
                                              -----------------------
                                                     NATURAL GAS
                                              -----------------------
                                                  Gross          Net
RESERVES CATEGORY                                 (MMcf)       (MMcf)
---------------------------------------------------------------------


PROVED
 Developed Producing                              238.0        191.0
 Undeveloped
                                              -----------------------
TOTAL PROVED                                      238.0        191.0


PROBABLE                                          294.0        226.0
                                              -----------------------


TOTAL PROVED PLUS PROBABLE                        532.0        417.0
                                              -----------------------
                                              -----------------------


Notes:
(3) "Gross", in relation to a company's interest in production or
    reserves, means its "company gross reserves", which are the
    company's working interest (operating or non-operating) share
    before deduction of royalties and without including any royalty
    interests of the company.
(4) "Net" means, in relation to a company's interest in production or
    reserves, the company's working interest (operating or
    non-operating) share after deduction of royalty obligations, plus
    the company's royalty interests in production or reserves.
(5) The recovery and reserve estimates of the Discovery Group's crude
    oil, natural gas liquids and natural gas reserves provided above
    are estimates only and there is no guarantee that the estimated
    reserves will be recovered. Actual crude oil, natural gas and
    natural gas liquid reserves may be greater than or less than the
    estimates provided above.




                         --------------------------------------------
                           BEFORE INCOME TAXES DISCOUNTED AT (%/year)
                         --------------------------------------------
                                           0          10          15
RESERVES CATEGORY                        (M$)        (M$)        (M$)
---------------------------------------------------------------------


PROVED
 Developed Producing                    1660        1444        1362
 Undeveloped
                         --------------------------------------------
TOTAL PROVED                            1660        1444        1362


PROBABLE                                1654        1094         936
                         --------------------------------------------


TOTAL PROVED PLUS
 PROBABLE                               3314        2538        2298
                         --------------------------------------------
                         --------------------------------------------


Notes:
(1) It should not be assumed that the estimates of future net
    revenues presented in the tables above represent the fair market
    value of the reserves. There is no assurance that the forecast
    prices and costs assumptions will be attained and variances could
    be material.
(2) The forecast cost and price assumptions assume increases in
    wellhead selling prices and take into account inflation with
    respect to future operating and capital costs. The crude oil and
    natural gas benchmark reference pricing and inflation and
    exchange rates utilized in the Discovery Group's reserve reports
    were Sproule's price decks, respectively, as at September 30 31,
    2005.




              SUMMARY OF OIL AND GAS RESERVES SHACKLETON/RUSSLETON
                             OF THE DISCOVERY GROUP
                              AS AT March 31, 2005
                           FORECAST PRICES AND COSTS


                                                      RESERVES
                                              -----------------------
                                                     NATURAL GAS
                                              -----------------------
                                                  Gross          Net
RESERVES CATEGORY                                 (MMcf)       (MMcf)
---------------------------------------------------------------------


PROVED
 Developed Producing                              107.9         92.7
 Undeveloped                                    5,614.6      4,585.9
                                              -----------------------
TOTAL PROVED                                    5,722.5      4,678.6


PROBABLE                                        6,939.4      5,854.6
                                              -----------------------


TOTAL PROVED PLUS PROBABLE                     12,661.9     10,533.2
                                              -----------------------
                                              -----------------------


Notes:
(1) "Gross", in relation to a company's interest in production or
    reserves, means its "company gross reserves", which are the
    company's working interest (operating or non-operating) share
    before deduction of royalties and without including any royalty
    interests of the company.
(2) "Net" means, in relation to a company's interest in production or
    reserves, the company's working interest (operating or
    non-operating) share after deduction of royalty obligations, plus
    the company's royalty interests in production or reserves.
(3) The recovery and reserve estimates of the Discovery Group's crude
    oil, natural gas liquids and natural gas reserves provided above
    are estimates only and there is no guarantee that the estimated
    reserves will be recovered. Actual crude oil, natural gas and
    natural gas liquid reserves may be greater than or less than the
    estimates provided above.




                         --------------------------------------------
                           BEFORE INCOME TAXES DISCOUNTED AT (%/year)
                         --------------------------------------------
                                           0          10          15
RESERVES CATEGORY                        (M$)        (M$)        (M$)
---------------------------------------------------------------------


PROVED
 Developed Producing                     308         264         245
 Undeveloped                          16,117       8,216       6,103
                         --------------------------------------------
TOTAL PROVED                          16,425       8,480       6,348


PROBABLE                              23,877       7,760       4,882
                         --------------------------------------------


TOTAL PROVED PLUS
 PROBABLE                             40,302      16,240      11,230
                         --------------------------------------------
                         --------------------------------------------


Notes:
(1) It should not be assumed that the estimates of future net
    revenues presented in the tables above represent the fair market
    value of the reserves. There is no assurance that the forecast
    price and cost assumptions will be attained and variances could
    be material.
(2) The forecast cost and price assumptions assume increases in
    wellhead selling prices and take into account inflation with
    respect to future operating and capital costs. The crude oil and
    natural gas benchmark reference pricing and inflation and
    exchange rates utilized in the Discovery Group's reserve reports
    were Ashton Jenkins price decks, respectively, as at March 31,
    2005.




                                                     Discovery Group
                                                   ------------------


Average Daily Production(1)
 Natural Gas (Mcf/d)                                           615.3
 NGL (boe/d)                                                    14.3
 Total (boe/d)(2)                                              116.9


Notes:
(1) Average daily production is for the nine months ending September
    30, 2005 based on each company's gross working interest.
(2) Barrel of oil equivalent (boe) figures are derived by converting
    gas to oil in the ratio of 6,000 cubic feet of gas to one barrel
    of oil. Boe's may be misleading, particularly if used in
    isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an
    energy equivalency conversion method primarily applicable at the
    burner tip and does not represent a value equivalency at the
    wellhead.




Selected Financial Information - LongBow Proforma (Post Acquisition)


The following table sets forth certain proforma financial information
for LongBow as at and for the year ended December 31, 2004 and the nine
months ended September 30, 2005.




                                    Consolidated        Consolidated
                                         LongBow             LongBow
                            -----------------------------------------
                               As at and for the   As at and for the
                                      year ended   nine months ended
                               December 31, 2004  September 30, 2005
                            -----------------------------------------


Total Revenue,
 Net of Royalties                   $  1,440,660        $  1,931,853
Net Lease Operating
 Income(1),                         $    703,246        $  1,102,366
Bank Debt                                    Nil                 Nil
Working Capital Surplus
 (Deficit)                          $  1,182,536        $  1,890,061
Total Assets                        $ 11,568,387        $  8,721,225
Shareholders' Equity                $  6,810,581        $  7,285,475
Number of Shares
 Outstanding
 Basic                               110,706,076         110,706,076
 Diluted                             121,719,109         112,106,076


Note:
(1) Represents revenue, net of royalties less operating costs.


Reserves Data - LongBow

The following tables set forth certain reserves data for LongBow on a consolidated basis with corresponding figures from the Discovery Group. The consolidated figures are presented both excluding and including the effect of the Discovery Group's assets in Russelton/Shackleton. This has been done for the following reasons:

1. The independent third party evaluation done on Russelton/Shackleton was done by AJM and the remainder of the Discovery Assets were evaluated by Sproule.

2. Neither LongBow, the Discovery Group, nor the consolidated entity currently have the financial resources to undertake the field work necessary to evaluate and develop the resource at Russelton/Shackleton. Equity financing of the consolidated company is expected to follow after the acquisition is closed.

3. Timing of further Russelton/Shackleton field evaluation and development is uncertain. Since the Discovery Group is not the operator of Russelton/Shackleton, the timing of field activities is somewhat driven by others.

4. LongBow feels the commercial development of Russelton/Shackleton is not a certainty and has risked the value of the proved undeveloped and probable reserves assigned by AJM. Additional field appraisal work needs to be undertaken to define commerciality.

The LongBow's reserves information is based on an independent engineering evaluation prepared by Sproule Associates Limited ("Sproule") evaluating the petroleum and natural gas reserves and the net present values of future net revenue for these reserves using forecast prices and costs as at September 30, 2005.

The evaluations were conducted in compliance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.



                              PROFORMA
              CONSOLIDATED SUMMARY OF OIL AND GAS RESERVES
                             OF LONGBOW
                      AS OF September 30, 2005
                     FORECAST PRICES AND COSTS
                   Excluding Shackleton/Russelton




                                                      RESERVES
                                            -------------------------
                                                     NATURAL GAS
                                            -------------------------
                                                 Gross           Net
RESERVES CATEGORY                               (MMcfe)       (MMcfe)
---------------------------------------------------------------------


PROVED
 Developed Producing                             393.4         318.8
 Developed Non-Producing                          21.6          18.0
                                            -------------------------
 Undeveloped                                         0             0
                                            -------------------------
TOTAL PROVED                                     414.4         336.8


PROBABLE                                         693.0         544.0
                                            -------------------------


TOTAL PROVED PLUS PROBABLE                     1,107.4         880.2
                                            -------------------------
                                            -------------------------




                          PROFORMA
          CONSOLIDATED SUMMARY OF OIL AND GAS RESERVES
                         OF LONGBOW
AS OF September 30, 2005 (Shackleton/Russelton as of March 31, 2005)
                    FORECAST PRICES AND COSTS
                  Including Shackleton/Russelton


                                                      RESERVES
                                            -------------------------
                                                     NATURAL GAS
                                            -------------------------
                                                 Gross           Net
RESERVES CATEGORY                               (MMcfe)       (MMcfe)
---------------------------------------------------------------------


PROVED
 Developed Producing                             501.3         411.5
 Developed Non-Producing                          21.6          18.0
                                            -------------------------
 Undeveloped                                   5,614.6       4,585.9
                                            -------------------------
TOTAL PROVED                                   6,136.9       5,015.4


PROBABLE                                        7632.4        6398.6
                                            -------------------------


TOTAL PROVED PLUS PROBABLE                    13,769.3      11,414.0
                                            -------------------------
                                            -------------------------


Notes:
(1) "Gross", in relation to a company's interest in production or
    reserves, means its "company gross reserves", which are the
    company's working interest (operating or non-operating) share
    before deduction of royalties and without including any royalty
    interests of the company.
(2) "Net" means, in relation to a company's interest in production or
    reserves, the company's working interest (operating or
    non-operating) share after deduction of royalty obligations, plus
    the company's royalty interests in production or reserves.
(3) The recovery and reserve estimates of LongBow's crude oil,
    natural gas liquids and natural gas reserves provided above are
    estimates only and there is no guarantee that the estimated
    reserves will be recovered. Actual crude oil, natural gas and
    natural gas liquid reserves may be greater than or less than the
    estimates provided above.
(4) Millions of Standard Cubic Feet equivalent (MMcfe) figures are
    derived by converting oil to gas in the ratio of 6,000 cubic feet
    of gas to one barrel of oil. MMcfe's may be misleading,
    particularly if used in isolation. A MMcfe conversion ratio of
    6,000 cf:1 bbl is based on an energy equivalency conversion
    method primarily applicable at the burner tip and does not
    represent a value equivalency at the wellhead.




                          PROFORMA
         CONSOLIDATED SUMMARY OF OIL AND GAS RESERVES
                         OF LONGBOW
                 AS OF September 30, 2005
                FORECAST PRICES AND COSTS
              Excluding Shackleton/Russelton


                                -------------------------------------
                                   BEFORE INCOME TAXES DISCOUNTED AT
                                               (%/year)
                                -------------------------------------
                                           0          10          15
 RESERVES CATEGORY                       (M$)        (M$)        (M$)
---------------------------------------------------------------------


 PROVED
Developed Producing                    2,556       2,189       2,054
Developed Non-Producing                   89          52          41
                                -------------------------------------
 Undeveloped                               0           0           0
 TOTAL PROVED                          2,645       2,241       2,095


 PROBABLE                              2,975       2,157       1,819
                                -------------------------------------


TOTAL PROVED PLUS PROBABLE             5,513       4,398       3,915
                                -------------------------------------
                                -------------------------------------




                          PROFORMA
          CONSOLIDATED SUMMARY OF OIL AND GAS RESERVES
                         OF LONGBOW
AS OF September 30, 2005 (Shackleton/Russelton as of March 31, 2005)
                   FORECAST PRICES AND COSTS
               Including Shackleton/Russelton


                                -------------------------------------
                                   BEFORE INCOME TAXES DISCOUNTED AT
                                               (%/year)
                                -------------------------------------
                                           0          10          15
 RESERVES CATEGORY                       (M$)        (M$)        (M$)
---------------------------------------------------------------------


 PROVED
Developed Producing                    2,864       2,453       2,299
Developed Non-Producing                   89          52          41
                                -------------------------------------
 Undeveloped                          16,117       8,216       6,103
 TOTAL PROVED                         19,070      10,721       8,443


 PROBABLE                             26,852       9,917       6,701
                                -------------------------------------


TOTAL PROVED PLUS PROBABLE            45,815      20,638      15,145
                                -------------------------------------
                                -------------------------------------


Notes:
(1) It should not be assumed that the estimates of future net
    revenues presented in the tables above represent the fair market
    value of the reserves. There is no assurance that the forecast
    price and cost assumptions will be attained and variances could
    be material.
(2) The forecast cost and price assumptions assume increases in
    wellhead selling prices and take into account inflation with
    respect to future operating and capital costs. The crude oil
    and natural gas benchmark reference pricing and inflation and
    exchange rates utilized in LongBow's reserve reports were
    Sproule's price decks, respectively, as at September 30, 2005.




                                                             LongBow
                                                        Consolidated
                                                     ----------------


Average Daily Production(1)
 Oil (bbl/d)                                                     5.8
 Natural Gas (Mcf/d)                                          1005.5
 NGL (bbl/d)                                                    15.3
 Total (boe/d)(2)                                              188.7


Notes:
(1) Average daily production is for the nine months ending September
    30, 2005 based on each company's gross working interest.
(2) Barrel of oil equivalent (boe) figures are derived by converting
    gas to oil in the ratio of 6,000 cubic feet of gas to one barrel
    of oil. Boe's may be misleading, particularly if used in
    isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an
    energy equivalency conversion method primarily applicable at the
    burner tip and does not represent a value equivalency at the
    wellhead.


Board of Directors and Management

Upon completion of the Acquisition, the directors and senior officers of LongBow are expected to include:

Don Pestell, Chairman of the Board

Mark Ross, Director and President

Robert McMorran, Director

Peter Lacey, Director

Sean Kehoe, Director

The closing of the Acquisition is subject to a number of conditions, including: (i) receipt of all requisite regulatory approvals, including approval of the TSX Venture; (ii) no materially adverse change to either party having occurred; (iii) LongBow and the Discovery Group having conducted their respective businesses only in the usual and ordinary course of business consistent with past practices; (iv) LongBow and the Discovery Group being satisfied with their respective due diligence review of one another; and (v) other conditions typical of a transaction of this nature.

The Acquisition of the Discovery Group constitutes a Fundamental Acquisition as such term is defined in Policy 5.3 of the TSX Venture Exchange.

Completion of the Acquistion is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the Acquisition will be completed as proposed or at all.

Investors are cautioned that, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of LongBow should be considered highly speculative.

FOR FURTHER INFORMATION PLEASE CONTACT:

LongBow Energy Corp.
Mark Ross
President
(403) 264-4722
(403) 269-5518 (FAX)
Email: tamara@LongBowenergy.com
or
Discovery Group
Sean Kehoe
Director
(403) 233-6073
(403) 269-2686 (FAX)
Email: skehoe@drillingfunds.com

The TSX Venture has in no way passed upon the merits of the Business Combination and has neither approved nor disapproved the contents of this press release.




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