Statoil Reaches Production Milestone at Leismer Proj.

Statoil announced that its Leismer Demonstration Project (LDP) in northern Alberta, Canada, has achieved a production milestone of one million accumulated barrels of oil.

"We have achieved many milestones at Leismer in the past year, including regulatory approvals, a safe startup of operations and now this significant production milestone," said Lars Christian Bacher, President of Canadian Operations.

"We will continue to drive shareholder value through operational efficiency as we move into future phases of our oil sands business in Canada."

First oil at LDP was achieved in January 2011 and is expected to ramp up to its rated capacity of 18,800 barrels per day within 24 months.

Statoil's Kai Kos Deh Seh project includes four oil sands leases in the Athabasca region of Northeast Alberta: Leismer, Corner, Hangingstone and Thornberry.

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