EXEL.CNQ
EXEL on the cnq has double the oil in place than STP..just a heads up see their news release
Excelsior Energy Ltd (C-EXEL) - News Release
Excelsior receives Hangingstone bitumen estimate
2007-03-27 06:23 MT - News Release
Shares issued 27,556,028
EXEL Close 2007-03-26 C$ 0.44
Mr. David Winter reports
EXCELSIOR RELEASES DEGOLYER AND MACNAUGHTON'S PRELIMINARY BITUMEN IN PLACE ESTIMATE FOR THE HANGINGSTONE HEAVY OIL PROJECT IN THE ATHABASCA OILS SANDS AREA
Excelsior Energy Ltd. has received from DeGolyer and MacNaughton an audit of geological mapping and a preliminary determination of bitumen in place on Excelsior's Hangingstone property, near Fort McMurray, Alta.
For the report, DeGolyer audited the geological mapping of the property, which covers 39 sections (24,960 acres), and determined the net sand thickness with bitumen saturation greater than 70 per cent and average porosity greater than 30 per cent. DeGolyer estimated that 1.61 billion barrels of bitumen in place may be contained in gross oil sands thicker than 30 metres. Furthermore, DeGolyer estimated that 2.49 billion barrels of bitumen in place may be contained in gross oil sands greater than 15 metres. Upon earning, Excelsior's 52.5-per-cent working interest share of estimated bitumen in place will be 849 million barrels and 1.3 billion barrels bitumen in place, respectively.
The bitumen in place is contained in four mapped pods, which will be the focus of the 24-well evaluation program to delineate a core area for an SAGD pilot project. A 137-kilometre seismic acquisition program is under way on the Hangingstone property.
We seek Safe Harbor.
AI
