Press Release
Alberta Oilsands Inc. Advances its Clearwater West SLP-SAGD Project
Application
NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE SERVICES OR FOR DISSEMINATION TO
THE U.S.A.
Calgary, Alberta CANADA, January 07, 2013 /FSC/ - Alberta Oilsands Inc. (AOS
- TSX Venture)("Alberta Oilsands" or the "Company")is pleased to announce that
it has submitted to the Energy Resources Conservation Board (ERCB) its response
to the remaining question in the third Supplemental Information Request (SIR)
and an updated geo-mechanical reservoir model simulation relating to its
Clearwater West SLP-SAGD project ("Clearwater").
Binh Vu, interim President of Alberta Oilsands stated, "The submission of the
remaining responses and an updated geo-mechanical reservoir model simulation to
the ERCB provides strong support for approval of AOS' Clearwater application.
This is a significant step on the path to production at the Company's Clearwater
project."
The Company initially filed an application to the ERCB for a Solvent
Co-Injection Low Pressure Steam Assisted Gravity Drainage (SLP-SAGD) pilot
project at Clearwater with a design production capacity of 4,350 bbl/d of
bitumen through six horizontal SLP-SAGD well pairs. The Company has now
responded to all outstanding SIRs from the ERCB and will continue to work with
the ERCB during the coming months to advance the Clearwater application to the
approval stage. Subject to the ERCB's approval of the Clearwater application and
successful completion of the pilot program, the Company plans to proceed to the
commercial production phase and increase the production capacity at
Clearwater.
The Clearwater project area is now delineated by a total of 60 core holes
over approximately 6 sections. The section that the Clearwater application
encompasses has a core density of 14 core holes per section with 3D seismic
coverage. The Company engaged GLJ Petroleum Consultants to prepare a NI 51-101
compliant resource report on the entire Clearwater project area based on
delineation that included the results of the winter drilling program with an
effective date of December 31, 2011. Gross lease contingent resources of 373
million barrels (MMbbl) were assigned on a best estimate basis. The
contingencies which currently prevent the classification of the contingent
resources as reserves are the pending successful piloting of the SLP-SAGD
technology, further delineation drilling, facility design, regulatory approvals
and firm development plans.
About AOS
Alberta Oilsands Inc. is engaged in the exploration and development of
bitumen in the Athabasca oil sands region of northeast Alberta. Its head office
is located in Calgary, Alberta, Canada and Alberta Oilsands' common shares are
traded on the TSX Venture Exchange under the trading symbol AOS.
For further information please contact:
Binh Vu
Interim CEO & President
(416) 951-8800
bvu@aboilsands.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release contains forward looking information including expectations
for proceeding with the commercial production phase at Clearwater, increasing
production capacity at Clearwater and estimates of resources at Clearwater.
Forward looking information is based on management's expectations regarding
the successful completion of the pilot program at Clearwater, future growth,
results of operations (including production, operating costs, average realized
bitumen prices), future capital and other expenditures (including the amount,
nature and sources of funding thereof), plans for and results of drilling
activity, environmental matters, business prospects and opportunities, future
royalty rates, commodity prices and foreign exchange rates and future economic
conditions. Forward looking information involves significant known and unknown
risks and uncertainties, which could cause actual results to differ materially
from those anticipated. These risks include, but are not limited to: the risks
associated with the oil and gas industry (e.g., operational risks in
development, exploration, production and start-up activities; delays or changes
in plans with respect to exploration or development projects or capital
expenditures; unanticipated operational upsets; the uncertainty of reserve and
resource estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks), the
risk of commodity price and foreign exchange rate fluctuations and risks and
uncertainties associated with securing and maintaining the necessary regulatory
approvals and financing to proceed with the continued expansion at Clearwater.
Additional risks and uncertainties relating to AOS and its business and affairs
are described in further detail in AOS' Annual Information Form for the year
ended December 31, 2011 which is available at www.sedar.com. Although AOS
believes that the expectations in such forward looking information are
reasonable, there can be no assurance that such expectations shall prove to be
correct. The forward-looking information included in this news release is
expressly qualified in its entirety by this cautionary statement. AOS assumes no
obligation to update or revise any forward-looking information to reflect new
events or circumstances, except as required by law.
This news release includes information pertaining to the resources of the
Corporation as at December 31, 2011 as evaluated by GLJ Petroleum Consultants
Ltd. ("GLJ") in their report for the year ended December 31, 2011. Statements
relating to resources are deemed to be forward looking statements, as they
involve the implied assessment, based on certain estimates and assumptions, that
the resources described exist in the quantities predicted or estimated, and can
be profitably produced in the future. Certain information and assumptions
relating to the resources reported herein are set forth in AOS' annual
information form for the year ended December 31, 2011 which is available at
www.sedar.com. The resource estimates of AOS' properties described herein are
estimates only. The actual resources on AOS' properties may be greater or less
than those calculated. Readers are referred to AOS' annual information form for
the year ended December 31, 2011 for additional information relating to the
risks and levels of uncertainties associated with the recovery of the contingent
resources.
References to "contingent resources" in this news release do not constitute,
and should be distinguished from, references to "reserves". Reserves are
estimated remaining quantities of crude oil and natural gas and related
substances anticipated to be recoverable from known accumulations, as of a given
date, based on the analysis of drilling, geological, geophysical, and
engineering data; the use of established technology; and specified economic
conditions, which are generally accepted as being reasonable. Contingent
Resources are those quantities of petroleum estimated, as of a given date, to be
potentially recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies. There is no certainty
that it will be commercially viable to produce any portion of the resources.
"Best Estimate" is considered to be the best estimate of the quantity that will
actually be recovered. It is equally likely that the actual remaining quantities
recovered will be greater or less than the best estimate. If probabilistic
methods are used, there should be at least a 50 percent probability that the
quantity actually recovered will equal or exceed the best estimate.
In addition, design capacity is not necessarily indicative of the stabilized
production levels that may ultimately be achieved at Clearwater.
To view this press release as a web page, click onto the link
below:
http://www.usetdas.com/pr/albertaoilsands07012013.htm
Source: Alberta Oilsands Inc. (TSX-V AOS) www.aboilsands.ca
Showing posts with label Oil Prices. Show all posts
Showing posts with label Oil Prices. Show all posts
Monday, January 7, 2013
Thursday, November 24, 2011
Alberta Oil Sands Announces Clearwater Contingent Resource Evaluation
Image via WikipediaSEDAR: November 2011
Alberta Oilsands Inc. (“AOS” or the “Company”) (TSXV‐AOS) announces that GLJ Petroleum Consultants (“GLJ”) has recently completed a resource evaluation report (the “GLJ Report”) dated November 22, 2011 and effective September 30, 2011, for the Company’s Clearwater property, located south and east of the City of Fort McMurray.
The GLJ Report did not assign reserves. GLJ has assessed contingent resources of 373 million barrels in the best estimate case. The assessment reaffirms the magnitude and quality of the bitumen resources attributed to the Clearwater property and updates and supersedes all previous reports assigning probable reserves and contingent resources to the Company’s Clearwater property.
The GLJ Report was prepared using recently acquired information from AOS’ winter 2011 exploration program. The resource assessment includes bitumen resources attributed to the additional bitumen rights (“lands”) purchased by AOS in November of 2010. Approximately 6 sections of the AOS Clearwater lands are deemed to meet GLJ’s criteria for a contingent resource assessment. Consistent with AOS’ current intentions, the report is based on development of the resource using Solvent Low Pressure Steam Assisted Gravity Drainage (SLP‐SAGD).
The recoverable volumes have been classified as contingent resources, not reserves, pending successful piloting of the SLP‐SAGD technology, further delineation drilling, facility design, regulatory approvals and firm development plans. AOS continues to pursue regulatory approval for its SLP‐SAGD recovery project as the next step in bringing these resources to production.
About Alberta Oilsands Inc.
Alberta Oilsands is engaged in the exploration and development of bitumen in the Athabasca oil sands region of northeast Alberta. Its head office is located in Calgary, Alberta, Canada and Alberta Oilsands' common shares are traded on the TSX Venture Exchange under the trading symbol AOS.
For further information, please contact:
Jack Crawford, Chairman
(403) 232‐3341
E‐mail: jcrawford@aboilsands.ca
Andrew Constantinidis, Vice President Finance and Business Development
403‐538‐3191
Email: aconsta@aboilsands.ca
Website: www.aboilsands.ca.
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. There is no certainty
that it will be commercially viable to produce any portion of the contingent resources described herein.
Cautionary Note Regarding Forward‐Looking Statements
Except for the statements of historical fact contained herein, certain information presented herein constitutes “forward‐looking statements”. The forward‐looking statements contained in this document are solely opinions and forecasts which are uncertain and subject to risks. Forward‐looking statements include but are not limited to uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. These forward‐looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: non‐performance of agreements in accordance with their terms; the impact of competition;
commodity prices; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; the ability of the Company to raise sufficient capital to complete future projects and satisfy future commitments; labour and material shortages; and certa n other risks detailed from time to time in the Company’s public disclosure documents including, among other things, those detailed under the heading “Risk Factors” in the annual information form of the Company for the year ended December 31, 2010 dated May 31, 2011 which can be found at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward‐looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forwardlooking statements.
The forward‐looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaim any intention and assume no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Alberta Oilsands Inc. (“AOS” or the “Company”) (TSXV‐AOS) announces that GLJ Petroleum Consultants (“GLJ”) has recently completed a resource evaluation report (the “GLJ Report”) dated November 22, 2011 and effective September 30, 2011, for the Company’s Clearwater property, located south and east of the City of Fort McMurray.
The GLJ Report did not assign reserves. GLJ has assessed contingent resources of 373 million barrels in the best estimate case. The assessment reaffirms the magnitude and quality of the bitumen resources attributed to the Clearwater property and updates and supersedes all previous reports assigning probable reserves and contingent resources to the Company’s Clearwater property.
The GLJ Report was prepared using recently acquired information from AOS’ winter 2011 exploration program. The resource assessment includes bitumen resources attributed to the additional bitumen rights (“lands”) purchased by AOS in November of 2010. Approximately 6 sections of the AOS Clearwater lands are deemed to meet GLJ’s criteria for a contingent resource assessment. Consistent with AOS’ current intentions, the report is based on development of the resource using Solvent Low Pressure Steam Assisted Gravity Drainage (SLP‐SAGD).
The recoverable volumes have been classified as contingent resources, not reserves, pending successful piloting of the SLP‐SAGD technology, further delineation drilling, facility design, regulatory approvals and firm development plans. AOS continues to pursue regulatory approval for its SLP‐SAGD recovery project as the next step in bringing these resources to production.
About Alberta Oilsands Inc.
Alberta Oilsands is engaged in the exploration and development of bitumen in the Athabasca oil sands region of northeast Alberta. Its head office is located in Calgary, Alberta, Canada and Alberta Oilsands' common shares are traded on the TSX Venture Exchange under the trading symbol AOS.
For further information, please contact:
Jack Crawford, Chairman
(403) 232‐3341
E‐mail: jcrawford@aboilsands.ca
Andrew Constantinidis, Vice President Finance and Business Development
403‐538‐3191
Email: aconsta@aboilsands.ca
Website: www.aboilsands.ca.
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. There is no certainty
that it will be commercially viable to produce any portion of the contingent resources described herein.
Cautionary Note Regarding Forward‐Looking Statements
Except for the statements of historical fact contained herein, certain information presented herein constitutes “forward‐looking statements”. The forward‐looking statements contained in this document are solely opinions and forecasts which are uncertain and subject to risks. Forward‐looking statements include but are not limited to uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. These forward‐looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: non‐performance of agreements in accordance with their terms; the impact of competition;
commodity prices; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; the ability of the Company to raise sufficient capital to complete future projects and satisfy future commitments; labour and material shortages; and certa n other risks detailed from time to time in the Company’s public disclosure documents including, among other things, those detailed under the heading “Risk Factors” in the annual information form of the Company for the year ended December 31, 2010 dated May 31, 2011 which can be found at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward‐looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forwardlooking statements.
The forward‐looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaim any intention and assume no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Thursday, February 3, 2011
Making Gasoline without Crude Oil - GTL Technology
Carbon Sciences CEO article featured in Corp! Magazine
Santa Barbara, CA - February 3, 2011 - Carbon Sciences, Inc. (CABN), As a recent UC Davis study indicates, the global oil supply is set to run dry 90 years before replacements, such as renewable energy, are ready. Such measurements are helpful in driving development and establishing market-ready deadlines, but perhaps their largest contribution is the conversation they spark about how to address this problem.
Santa Barbara, CA - February 3, 2011 - Carbon Sciences, Inc. (CABN), As a recent UC Davis study indicates, the global oil supply is set to run dry 90 years before replacements, such as renewable energy, are ready. Such measurements are helpful in driving development and establishing market-ready deadlines, but perhaps their largest contribution is the conversation they spark about how to address this problem.
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