The prospect known as Eagle Nest was selected on the basis of geologic potential for bitumen (oil) reserves and is located within an Athabasca oil sands pay trend of McMurray Formation bitumen. Based on previous drill holes, the pay formation is approximately 20 meters thick (64 feet), grading 8% or more bitumen by weight, which extends throughout a majority of the prospect. The prospect shows no evidence of water and has the potential for "insitu" SAGD production.
The Eagle Nest prospect was identified as a result of the Company's Triple Seven Joint Venture and, as previously disclosed, will be subject to certain cash payments over several years and a $0.09 CND per barrel oil royalty.
The Company intends to conduct an exploratory drill program on receipt of work program approvals.
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