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Bronco Energy enters JV with Bigstone Cree Nation

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Ed Monton Member Level  Tuesday, 03/14/06 09:46:39 AM
Re: johnlw post# 570
Post # of 1100 

Bronco Energy enters JV with Bigstone Cree Nation


2006-03-13 10:57 ET - News Release

Mr. Brian Alford reports

BRONCO/BIGSTONE 35,200 ACRE JOINT VENTURE-ATHABASCA OILSANDS REGION OF ALBERTA

Bronco Energy Ltd. has executed a binding letter of intent for a long-term, exclusive joint venture with the Bigstone Cree Nation (BCN). This agreement grants Bronco operatorship for development on 35,200 acres of petroleum, natural gas and oil sands properties. Bronco's exploration team has mapped and identified upward of 600 million barrels of oil in place in the Wabiskaw oil sands horizon alone, and has selected 300 potential horizontal drilling locations. These lands are located near Wabasca, Alta., in the heart of the Athabasca in situ oil sands region in the northeastern quadrant of the province. The lands are surrounded by proven-producing Wabiskaw formation heavy oil wells operated primarily by two major oil and gas companies.

Initially, in situ heavy oil will be produced using primary recovery. The wells will be planned and developed to provide the option for future waterflood-enhanced oil recovery. Drilling will commence in the third quarter of 2006 with production testing anticipated to begin in the fourth quarter of 2006. Offset wells typically come on stream at approximately 125 barrels of oil per day under primary production. Area infrastructure is in close proximity and will improve economics with the conservation of solution gas and the elimination of trucking costs.

Included in the arrangement is 61 kilometres of seismic, which will help Bronco/BCN evaluate hydrocarbon potential in the Wabiskaw, Clearwater, Viking and other known shallow bituminous formations.

Brian Alford, president and chief executive officer of Bronco, stated: "Bronco is looking forward to working shoulder to shoulder with chief Francis Gladue and the Bigstone Cree Nation in developing the considerable untapped oil and gas resources on the Bigstone reserves. Although the joint venture provides Bronco with several years of drilling, Bronco/BCN will collectively pursue the expansion of the land base into Bigstone traditional lands off reserve. This could lead to the potential for drilling on other Northern Alberta aboriginal reserves for the benefit of the BCN and Bronco shareholders."



Ed
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