The logs on all four wells drilled have shown encouraging results for gross bitumen zones with a range of 24-39 meters thick. This is an increase from the gross bitumen zones in the range of 15-27 meters that were encountered in the initial five well program undertaken earlier this winter. The drilling locations for this second phase of the drilling program were selected from the original geological mapping of the entire lease, as well as from the seismic interpretations of the 52 km 2D programs that were undertaken in January and February.
The Leismer South seismic project of high-quality 2D data acquired in early 2007 over the majority of the Southern Pacific land position, resulted in several prospective drilling locations. These locations will test a variety of seismic anomalies and provide calibration for future development drilling. Potential reservoir sands identified on the new seismic will be confirmed and additional development locations will be selected. These locations will be in addition to the current drilling program. A number of the prospective drilling locations will not be drilled this winter due to time constraints related to spring break up.
As well the Corporation has received the initial core analysis report on the five wells that were drilled as part of the first phase of the winter program. Preliminary core results from the first phase of the drilling program on the Leismer South Oil Sands Assets confirm a McMurray channel environment with gross bitumen intervals ranging from 15m to 27m thick. Independent analysis of cores on the five wells showed the net sands contain 0.10 to 0.15 bulk rock volume weight percent bitumen, corresponding to an approximate bitumen saturation of 70% to 88% of the net sands. The final core analysis on the initial five cores is being completed and the cores from the second phase of drilling will be sent for analysis as they are available.
Once the second phase of drilling is complete, all information including logs, detailed core analysis and seismic interpretations will be provided to Degolyer and MacNaughton in order for them to complete a reserves evaluation for the entire 25 sections. It is anticipated that this evaluation will be completed by June. At that time the Corporation will be in a position to outline its plans for the following winter drilling season and other opportunities.
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