Tamm Oil and Gas Corp. has acquired 100% ownership of 21 contiguous sections of land totaling 13,440 acres in the Peace River Oil Sands Area of NW Alberta. The company acquired 100% working interest in mineral rights on these lands which are prospective for heavy oil in the Debolt, Elkton and other formations.
These Manning Area properties were acquired by Tamm Oil and Gas at a land sale in December 2007. Initial internal analysis indicates that these sections should hold prospective for significant amounts of heavy oil in the Debolt, Elkton and other zones.
"This is another major leap forward for Tamm. Our team has proven that it is very adept at locating and securing some of the most promising oil sands properties available. Over the last few months, we have managed to acquire direct and indirect ownership in 90 sections of leases and licenses. With oil prices hitting new record highs on a consistent basis, we have quickly positioned Tamm to potentially be a major player in the Canadian Oil Sands supply chain for years to come," says Wiktor Musial, President of Tamm Oil and Gas.
The addition if the Manning Area Sections further enhances Tamm Oil and Gas' position as a major up and coming player in Alberta's exploding oil sands boom. The company's consulting geologist believe that these properties have the potential to hold as much as 1.2 billion original barrels of oil in place between the various zones with the majority in two specific zones.
These estimates do not include any potential oil reserves with in the Bluesky formation, which the company intends to evaluate in the future.
"We plan on taking immediate steps to acquire all of the data necessary to begin exploring our new Manning Area properties. We are already working to acquire trade data seismic for the adjoining properties in an effort to analyze them for potential later acquisitions as well as to optimize our planned drilling/coring program. Our current plans call for a three to five well coring program with an additional 20 to 30 kilometer seismic program to supplement that coring data over the winter season of 2008-2009 to quantify the potential resource," adds Musial.
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