Patch Set to Begin Oil Sands Work Program

Patch International Inc. said that a work program is about to commence on one of its Alberta oil sands properties held in the Patch Oilsands Limited Partnership in which PTCH is a 75% majority partner. The initial program will consist of a seismic survey over the property to be followed by a test well drill program, to help determine the size and commercial viability of the indicated contingent oil sands resource on the property.

On August 9, 2006, the company reported that the partnership had received a reserve report that showed a contingent resource potential of 59 million barrels (high) to 23 million barrels (low) across all five sections in which the Partnership has an ownership interest. A contingent resource is defined as those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable. This initial program will cover one of the five sections included in the report.

During 2006 PTCH and the partnership have added eight new oil sands leases (comprising 12 sections) in the Athabasca oil sands region of Alberta, to its original oil sands lease at Leismer. This includes the five new leases (comprising 8 sections) announced yesterday acquired directly by PTCH and which are contiguous or close to some of the existing oil sands holdings held in the partnership.

PTCH's and the partnership's oil sands properties include sections that are well located in a producing area in the Athabasca oil sands and that are in very close proximity to major oil sands projects by Petrobank, Encana, ConocoPhilips, North American Oil Sands and Petrobank's Whitesands Oil Sands Project, an experimental in situ "SAGD" (Steam Assisted Gravity Drainage) facility. Other sections lie southwest of the announced Royal Dutch Shell Plc Oil Sands leases.

According to the Alberta Department of Energy the oil sands of Canada hold recoverable reserves of 175 billion barrels with a proven reserve life of 480 years and another 130 billion barrels of potential reserves which is second only to Saudi Arabia's 262 billion barrels. Canada is in an optimal position to supply oil to the U.S. with its favorable political climate, close proximity and because Canada with its oil sands is one of the few non-OPEC countries which can grow its oil production.

PTCH is a junior oil and gas company that currently earns oil revenue from a participation interest in 22 oil wells in Saskatchewan and Alberta, Canada. These interests provide the company with some limited cash flow. PTCH is currently engaged in a number of oil and gas exploration projects at various stages in British Columbia and Alberta, Canada. In addition Patch has oil sands property interests in the heart of the Alberta oil sands, through a 75% majority ownership of Patch Oilsands Limited Partnership and through its own direct ownership.

Related Companies
 Company: Shellmore info


 - Woodside Sees Output Growing 15 Pct Over Next Three Years (May 23)
 - Shell Shareholders Reject Emissions Target Proposal (May 23)
 - Saudi Aramco Said to Make Leadership Changes Ahead of IPO (May 16)
 Company: ConocoPhillipsmore info


 - ConocoPhillips To Lay Off 300 In Canada After Cenovus Deal (May 4)
 - ConocoPhillips Posts Surprise Loss On Higher-Than-Expected Costs (May 2)
 - Deal Of The Month: ConocoPhillips Cuts Gas Profile in $3B San Juan Sale (Apr 28)
 Company: EnCanamore info
 - Encana Boosts Capital Spending By 50% Amid Oil Recovery (Feb 16)
 - Encana On Track To Exceed 2017 Budget Plan (Jan 4)
 - Encana Says 2016 Costs Down By $50 Million (Oct 5)
 Company: Petrobankmore info
 - Petrobank Releases Whitesands Public Disclosure for May River Project (Jan 4)
 - Petrobank Closes SE Saskatchewan Acquisition (May 2)
 - Petrobank Bullish About Bakken (Apr 9)
 Company: Patch Internationalmore info
 - Patch CFO Rouse Resigns for Personal Reasons (Jan 7)
 - Patch Begins Oil Sands Drilling at Dover, Firebag (Jan 26)
 - Patch Taps Buchanan for Exploration VP (Jan 3)
 Company: North American Oil Sands Corp.more info
 - Leismer Project in Canada Gets Green Light (Aug 21)
 - Statoil Acquires North American Oil Sands (Jun 26)
 - Statoil Extends Offer for NAOSC (Jun 12)
 Company: Alberta Energymore info
 - Premium Acquires More Seismic Near Boyne Lake (Apr 24)
 - Patch Set to Begin Oil Sands Work Program (Nov 17)
 - Strata Adds to Oil Sands Acreage (Nov 2)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Process Engineer
Expertise: Process Engineer
Location: Wisconsin, United States, WI
 
Operations Manager
Expertise: Chemical Engineering|Mechanical Engineering|Project Engineer
Location: Philippi, WV
 
Technical Services Manager
Expertise: Chemical Engineering|LNG|Technical Manager
Location: Lusby, MD
 
search for more jobs

Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours