Bronco Energy Gets Results from Bigstone Oilsands Survey
Bronco Energy Ltd. reports that Paddock Lindstrom & Associates Ltd. ("PLA") has evaluated the Wabiskaw formation on the Bigstone Cree Nation / Bronco joint venture properties. The lands are located in the Athabasca oilsands region of Alberta, and the Wabiskaw formation is characterized as a sheet oilsands deposit at a depth of approximately 400 meters which has an average oil pay thickness of 6 meters with 30% porosity.
PLA estimates Original Oil in Place ("OOIP") of 563 million barrels using volumetric calculations. PLA's evaluation of offset Wabiskaw horizontal well production indicates primary recovery potential of 6% of OOIP. The PLA study also evaluated existing area Wabiskaw horizontal well production and water injection wells which indicate potential for an additional 5% recovery factor (11% total) from implementation of a waterflood in the Wabiskaw zone.
Bronco's exploration team has identified two additional potential oilsands zones on the joint venture lands in the Grand Rapids horizon. The Upper Grand Rapids occurs at a depth of 200 meters and has an estimated potential oil pay thickness of approximately 18 meters. The Lower Grand Rapids occurs at a depth of 225 meters and has an estimated potential oil pay thickness of approximately 10 meters. Internal studies and mapping are being conducted to evaluate the extent of the zones and the suitability for the application of Steam Assisted Gravity Drainage ("SAGD") development. Internal evaluations have determined that the 9 degree API oilsands deposits are bounded by upper and lower shales, making the formation of steam chambers possible. Independent third party engineers and reservoir engineering experts will be engaged to investigate optimum recovery methods for the reservoir, and to assess project risk and value. The evaluation process will likely take 2 to 3 months to complete.
Mr. Brian Alford, President & CEO of Bronco stated, "The company is encouraged by PLA's initial findings on the Wabiskaw formation evaluation, and by the internally identified potential of the uphole SAGD project within the Bigstone joint venture lands. Bronco is well positioned to begin drilling on its Athabasca oilsands play in Q3 2006."
Bronco Energy Ltd. trades on the TSX-V under the symbol "BCF".
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