"Our first target is 100 delineation holes in the area of our discovery well from last year's program, which was the first year of drilling on our permit lands," said Christopher H. Hopkins, President & Chief Executive Officer of Oilsands Quest. "As we have planned an aggressive drilling program for this winter, we have been anxious to start drilling again. We're very pleased that the ground is frozen and conditions are favorable to launch our winter program."
Over the next two to three months, activities on Oilsands Quest's permit lands will escalate as drilling equipment and camp facilities continue to arrive. The winter drilling season in northwestern Saskatchewan, typically from November to April, is dependent on cold weather. With continuing favorable conditions, the company expects the program to be fully operational by the end of January. The winter 2006/07 program is based on up to 250 holes, including 100 in the original discovery area and up to another 150 to identify resource leads over a larger area.
In Oilsands Quest's initial drilling program, conducted between December 2005 and April 2006, a total of 24 holes were drilled, 19 of which intersected bitumen-bearing McMurray formation. An independent assessment by Norwest Corporation of the results of the first drilling program determined a High Estimate of bitumen resources of 525 million barrels of Original Bitumen In Place (OBIP). The area covered in the OBIP estimate represents approximately 1.4 percent of Oilsands Quest's total permit lands.
A public company, Oilsands Quest Inc. is engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on oil sands and oil shale exploration. It is conducting the province of Saskatchewan's first major oil sands exploration program.
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