According to the Canadian Association of Petroleum Producers web site, production from Canada's vast oil sands reserves now exceeds 1 million barrels per day and is forecast to increase to 2.7 million barrels per day by 2015. Reserves exceed 175 billion barrels of economically viable oil. With current technology, Canada's oil sands are second only to Saudi Arabia in global oil reserves. Capital spending on both in situ areas (too deep to mine) and mining projects in the oil sands totaled more than $28 billion US from 1996 to 2004. Canadian companies spent close to $7 billion US on oil sands capital investment in 2005. There are close to 35 projects in the planning or expansion process.
According to a report by 60 Minutes on the Alberta Oil Sands there are 175 billion barrels of proven oil reserves here. That's second to Saudi Arabia's 260 billion but it's only what companies can get with today's technology. The estimate of how many more barrels of oil are buried deeper underground is staggering. "We know there's much, much more there. The total estimates could be two trillion or even higher," says Clive Mather, Shell's Canada chief. "This is a very, very big resource." Very big? That's eight times the amount of reserves in Saudi Arabia. The oil sands are buried under forests in Alberta that are the size of Florida. The oil here doesn't come gushing out of the sand the way it does in the Middle East. The oil is in the sand. It has to be dug up and processed.
Bernie McDougall, President of Micron stated, "We feel that the Alberta Oil Sands are going to be the future of oil and gas production in North America and the best way to maximize shareholder value is for MSEV to participate in this area. Going forward we have every intention to start to acquire oil sand assets. This is a very exciting time to be an oil and gas company, with prices at near historic highs and we are pleased to be back actively looking for assets to grow MSEV."
MSEV is an emerging oil and gas company that has both oil and gas producing properties. MSEV's goal is to become a junior oil and gas producer that focuses on the exploration, discovery and delivery of gas and oil to the North American marketplace. MSEV currently has 15 independent sources of oil and/or gas revenue. MSEV's production is from nine oil wells in Canada, and six wells producing oil and/or gas wells in Texas. MSEV is presently involved in multiple oil and gas prospects, and continues to look for additional projects that would contribute to building MSEV's market capitalization.
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