BQI Oilsands Quest estimates resource potential of its Saskatchewan and adjacent Alberta permits
Thursday July 12, 7:00 am ET
Amex: BQI
CALGARY, July 12 /PRNewswire-FirstCall/ - Oilsands Quest Inc. (Amex: BQI - News) announces management's estimate of resource potential of 10 billion barrels of bitumen for its contiguous oil sands exploration permits in northwest Saskatchewan and northeast Alberta. This estimate includes management's estimate of Original Bitumen In Place (OBIP) for the Axe Lake Discovery on its Saskatchewan permits as well as management's estimate of resource potential on certain portions of the remainder of its Saskatchewan permits and its adjacent Alberta permits.
Management's estimate of resource potential, 10 billion barrels, is based on the following evaluations:
- Axe Lake Discovery area: Management's estimate of OBIP for Axe Lake
is 1.4 to 1.5 billion barrels and its estimate of additional resource
potential for Axe Lake is 0.7 to 1.3 billion barrels, for a total
potential bitumen resource of 2.1 to 2.8 billion barrels. (This total
estimate has been rounded to 2.5 billion barrels for ease of
reference). The independent consultant's estimate of OBIP for the Axe
Lake Discovery will be completed in the fall of 2007.
- Other portions of the company's Saskatchewan permits: Management's
estimate of additional resource potential for selected areas outside
the Axe Lake Discovery area (areas to the south and northeast) is
3.0 billion barrels.
- Adjacent Alberta permits: Management's estimate of the resource
potential for approximately two townships of the company's adjacent
permits in Alberta is 4.5 billion barrels.
AI
