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Alberta Oilsands expands drilling program

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rossi   Wednesday, 08/01/07 03:03:38 PM
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Alberta Oilsands expands drilling program


2007-08-01 02:40 ET - News Release

Mr. Shabir Premji reports

OPERATIONS UPDATE: ALBERTA OILSANDS INC. EXPANDS DRILLING PROGRAM AND INCREASES OIL SANDS LANDS TO 85 SECTIONS (54,400 ACRES)

Alberta Oilsands Inc. has added an additional drilling program to commence in late fourth quarter 2007. The company is now planning two drilling programs of up to 40 wells over two large oil sands land blocks.

AOS has acquired an additional 62 sections of oil sands leases since it announced the initial acquisition of 23-section oil sands land on March 26, 2007. The additional oil sands leases increases AOS's land base to a total of 85 sections (54,400 acres), all at 100-per-cent working interest. All of the sections are located in the regional Hangingstone area. The sections were acquired over the past four months at Crown land sales.

The first drilling program will be on the 23-section "AOS Hangingstone prospect" parcel with up to 30 wells, at a minimum drill density of one well per section. Ryder Scott Petroleum Consultants, an independent petroleum consulting firm, has confirmed undiscovered resource of 1.15 billion barrels of bitumen in place (May 17, 2007, news in Stockwatch). This block is located approximately 22 kilometres southwest of Fort McMurray. The parcel is within three kilometres of the highway which provides good access to the lands. This land block is surrounded by a number of SAGD (steam-assisted gravity drainage) projects, which are in various stages of development, all within a three-to-10-kilometre radius. These SAGD projects include: Petro-Canada's Hangingstone Meadow Creek projects, Japan Canada Oilsands Company Ltd. (JACOS) Hangingstone project and Value Creation Inc.'s (VCI) Halfway Creek project. In addition to the drilling program, an 80-kilometre 2-D seismic data acquisition program is being permitted.

The second drilling program will begin to delineate the other prospect covering 47 sections. A 2-D seismic acquisition program is being planned by the company for this area. The company has secured services to ensure that delineation activities will start in the fourth quarter of 2007. AOS has engaged Ryder Scott Petroleum Consultants to evaluate the possible bitumen resources attributable to the recently acquired sections. The results will be announced as they become available.

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