Axe Lake, Wallace Creek and Raven Ridge. As a result of this review,
the Company has determined that the resource base in these areas
could support three projects having the potential for producing,
in aggregate, 100,000 barrels a day of bitumen and that our
recoverable resources will ultimately be within the range
of the previously disclosed -
Total Income Estimation: $92,860,000.00 / day
New York Mercantile Exchange › CRUDE OIL Mar 2011 (E) (NYMEX:CL.H11.E) $92.86
2011-01-13 13:25:35,
Oilsands Quest posts operational review presentation to be webcast
Oilsands Quest (AMEX:BQI)
Intraday Stock Chart
Today : Thursday 13 January 2011
ilsands Quest Inc. (NYSE Amex: BQI) ("OQI" or "the Company") has posted to its website the operational review presentation to be delivered via webcast on January 13, 2011 from 8:00 to 9:30 a.m. MST (10:00 to 11:30 a.m. EST). The material new information from the presentation is set out below. The webcast can be accessed at www.oilsandsquest.com, or at the following link:
http://w.on24.com/r.htm?e=277575&s=1&k=673BF18EA92C29B689F1194BB8826F74.
The objective of the operational review is to provide investors with a detailed update on the Company's latest technical work and current thinking with respect to the development of its oil sands assets.
Over the past few months, the Company has undertaken a detailed review of its core assets at Axe Lake, Wallace Creek and Raven Ridge. As a result of this review, the Company has determined that the resource base in these areas could support three projects having the potential for producing, in aggregate, 100,000 barrels a day of bitumen and that our recoverable resources will ultimately be within the range of the previously disclosed "High" estimates of contingent resources at Axe Lake and Raven Ridge and the "Best" estimates of contingent plus prospective at Wallace Creek of our independent resource evaluator, McDaniel & Associates Consultants Ltd. ("McDaniel").
At Axe Lake, some of the key determining factors in differentiating McDaniel's "Best" and "High" estimates of resources in their report as of April 30, 2010 (the "2010 Report") are related to the geology overlying the reservoir; whether or not the clay-rich glacial till layer is present over the entire development area, is in direct contact with the top of the bitumen, and will be effective as a steam containment barrier.
Based on its interpretation of drilling and seismic data, as well as recent independent testing of core samples of the overburden, OQI believes that the glacial till overburden layer is present over virtually the entire development area and likely able to contain steam under commercial steam-assisted gravity drainage ("SAGD") production conditions. Assuming the completion of a successful pilot and additional proof of the position and extent of the clay rich glacial till layer through overburden characterization drilling, the Company believes that the "High" estimate of contingent resources in the 2010 Report will be more reflective of the quantum of recoverable resources on our properties. Assuming that sufficient capital resources were available for a fall 2011 start-up of the planned SAGD pilot project to confirm these assumptions, OQI believes that a commercial project capable of producing 35,000 to 40,000 barrels per day could start up in 2017. If the SAGD pilot is unsuccessful, the Company would need to consider other technologies to develop the assets.
At Raven Ridge, the reservoir in the northeast corner of the prospect is similar to the reservoir in parts of Axe Lake and OQI believes that this reservoir could be developed in conjunction with Axe Lake using a SAGD process that is consistent with what is in use for other oil sands projects, assuming that sufficient capital is available. The remaining area in this prospect, together with the southern portion of Axe Lake, has a top lean zone that is similar to much of the reservoir at Cenovus' adjacent Borealis Project called Telephone Lake. If Cenovus' dewatering process planned at Borealis can be applied to part of the Raven Ridge and Axe Lake reservoirs that have defined structures and thin to moderate top lean zones, OQI believes that the quantum of incremental recoverable resources would be closer to the "High" estimate of contingent resources at Raven Ridge, as reflected in the 2010 Report. Assuming that sufficient capital is available and further technical work on the recovery process is successful, the Raven Ridge project start-up could occur in 2021.
At Wallace Creek, the Company is currently focussed on proving up resources through a winter drilling program, and is commencing an 11 well exploration program in two weeks. Future drilling at Wallace Creek will depend on the results of the 2011 drilling program. OQI's conceptual development roadmap projects a start-up of a 35,000 barrel-per-day project at Wallace Creek in 2019, assuming, among other factors, successful outcomes of the current delineation drilling and access to sufficient capital resources.
As at December 31, 2010, Oilsands Quest has no debt and sufficient financial resources to carry out its planned activities until the fall of 2011.
There can be no assurance that the strategic alternatives process (the "Process") will result in a financing or a sale of the Company or in any other transaction. The Company does not intend to comment on the Process unless the Board agrees to a definitive transaction or the Process is concluded. The Company may seek interim financing as required while the Process is underway.
Investors will be able to ask questions during the webcast by e-mail and are encouraged to review the cautionary statement about forward-looking statements at the beginning of the presentation and the full disclosure of risks to these plans in the Company's 10-K report for the financial year ended April 30, 2010 and subsequent 10-Q reports.
by futr thanks good info
Note.
only small area drilled yet of the total BQI Oil Sand Res. -
the Company has determined that the resource base in these areas
could support three projects having the potential for producing,
in aggregate, 100,000 barrels a day of bitumen and that our
recoverable resources will ultimately be within the range
of the previously disclosed -
Total Income Estimation: $92,860,000.00 / day
New York Mercantile Exchange › CRUDE OIL Mar 2011 (E) (NYMEX:CL.H11.E) $92.86
2011-01-13 13:25:35,
Oilsands Quest posts operational review presentation to be webcast
Oilsands Quest (AMEX:BQI)
Intraday Stock Chart
Today : Thursday 13 January 2011
ilsands Quest Inc. (NYSE Amex: BQI) ("OQI" or "the Company") has posted to its website the operational review presentation to be delivered via webcast on January 13, 2011 from 8:00 to 9:30 a.m. MST (10:00 to 11:30 a.m. EST). The material new information from the presentation is set out below. The webcast can be accessed at www.oilsandsquest.com, or at the following link:
http://w.on24.com/r.htm?e=277575&s=1&k=673BF18EA92C29B689F1194BB8826F74.
The objective of the operational review is to provide investors with a detailed update on the Company's latest technical work and current thinking with respect to the development of its oil sands assets.
Over the past few months, the Company has undertaken a detailed review of its core assets at Axe Lake, Wallace Creek and Raven Ridge. As a result of this review, the Company has determined that the resource base in these areas could support three projects having the potential for producing, in aggregate, 100,000 barrels a day of bitumen and that our recoverable resources will ultimately be within the range of the previously disclosed "High" estimates of contingent resources at Axe Lake and Raven Ridge and the "Best" estimates of contingent plus prospective at Wallace Creek of our independent resource evaluator, McDaniel & Associates Consultants Ltd. ("McDaniel").
At Axe Lake, some of the key determining factors in differentiating McDaniel's "Best" and "High" estimates of resources in their report as of April 30, 2010 (the "2010 Report") are related to the geology overlying the reservoir; whether or not the clay-rich glacial till layer is present over the entire development area, is in direct contact with the top of the bitumen, and will be effective as a steam containment barrier.
Based on its interpretation of drilling and seismic data, as well as recent independent testing of core samples of the overburden, OQI believes that the glacial till overburden layer is present over virtually the entire development area and likely able to contain steam under commercial steam-assisted gravity drainage ("SAGD") production conditions. Assuming the completion of a successful pilot and additional proof of the position and extent of the clay rich glacial till layer through overburden characterization drilling, the Company believes that the "High" estimate of contingent resources in the 2010 Report will be more reflective of the quantum of recoverable resources on our properties. Assuming that sufficient capital resources were available for a fall 2011 start-up of the planned SAGD pilot project to confirm these assumptions, OQI believes that a commercial project capable of producing 35,000 to 40,000 barrels per day could start up in 2017. If the SAGD pilot is unsuccessful, the Company would need to consider other technologies to develop the assets.
At Raven Ridge, the reservoir in the northeast corner of the prospect is similar to the reservoir in parts of Axe Lake and OQI believes that this reservoir could be developed in conjunction with Axe Lake using a SAGD process that is consistent with what is in use for other oil sands projects, assuming that sufficient capital is available. The remaining area in this prospect, together with the southern portion of Axe Lake, has a top lean zone that is similar to much of the reservoir at Cenovus' adjacent Borealis Project called Telephone Lake. If Cenovus' dewatering process planned at Borealis can be applied to part of the Raven Ridge and Axe Lake reservoirs that have defined structures and thin to moderate top lean zones, OQI believes that the quantum of incremental recoverable resources would be closer to the "High" estimate of contingent resources at Raven Ridge, as reflected in the 2010 Report. Assuming that sufficient capital is available and further technical work on the recovery process is successful, the Raven Ridge project start-up could occur in 2021.
At Wallace Creek, the Company is currently focussed on proving up resources through a winter drilling program, and is commencing an 11 well exploration program in two weeks. Future drilling at Wallace Creek will depend on the results of the 2011 drilling program. OQI's conceptual development roadmap projects a start-up of a 35,000 barrel-per-day project at Wallace Creek in 2019, assuming, among other factors, successful outcomes of the current delineation drilling and access to sufficient capital resources.
As at December 31, 2010, Oilsands Quest has no debt and sufficient financial resources to carry out its planned activities until the fall of 2011.
There can be no assurance that the strategic alternatives process (the "Process") will result in a financing or a sale of the Company or in any other transaction. The Company does not intend to comment on the Process unless the Board agrees to a definitive transaction or the Process is concluded. The Company may seek interim financing as required while the Process is underway.
Investors will be able to ask questions during the webcast by e-mail and are encouraged to review the cautionary statement about forward-looking statements at the beginning of the presentation and the full disclosure of risks to these plans in the Company's 10-K report for the financial year ended April 30, 2010 and subsequent 10-Q reports.
by futr thanks good info
Note.
only small area drilled yet of the total BQI Oil Sand Res. -
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