Excelsior Begin Seismic Operations at Athabasca Oil Sands Area
Excelsior Energy says that seismic operations have commenced at the West Surmont Property in the Athabasca Oil Sands Area of Alberta. The Company plans to shoot 72.5 kilometers of 2D seismic data. The productive reservoir in the area is the McMurray Formation, which is comprised of high quality fluvial and estuarine channel sands. There are 13 existing wells drilled on the Surmont Asset and a further 25 existing wells drilled on adjacent sections that confirm the presence of the reservoir oil sands with gross oil sand thicknesses ranging between 8 meters and 29 meters. The objective of the seismic program is to delineate the areas of thick McMurray Formation and to define the core well locations for a drilling program planned to commence in the 2007/2008 winter drilling season. The Company decided to use helicopter supported seismic acquisition rather than acquire the seismic during the winter season. This allows the company to accelerate the appraisal program of the Surmont Asset by bring forward the drilling program into the 2007/2008 drilling season.
The estimated cost of the seismic program is $2.1 million and seismic acquisition operations are expected to be complete by mid to late September. The Company anticipates engaging a third party, National Instrument 51-101 compliant engineering evaluation, once the 2D seismic has been acquired, processed and interpreted.
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