Total Acquires 100% of Deer Creek
Total has completed the amalgamation transaction of Deer Creek Energy Limited resulting in 100% ownership of the common shares of Deer Creek.
Deer Creek is currently a public company trading on the Toronto Stock Exchange. Deer Creek has advised it intends to de-list its common shares from the Toronto Stock Exchange and cease to be a reporting issuer.
Deer Creek has an 84% interest in the leases of the Joslyn Project in the Athabasca region of the Canadian province of Alberta. The Joslyn Project will be a multiphase development with estimated cumulative production of around 2 billion barrels of bitumen over 30 years. The majority of the resources will be recovered using open pit mining techniques. In-situ steam-assisted gravity drainage (SAGD) technology will also be used.
The completion of the acquisition of Deer Creek is a further step in Total's expansion of its heavy oil portfolio in Canada, complementing Total Canada's 50% working interest in the Surmont SAGD project.
Total is a major player in extracting and converting heavy oil due to its 47% participation in the Sincor project in Venezuela, one of the world’s largest developments of its type, which currently produces more than 200,000 barrels per day.
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Company: Deer Creek Energy Limited more info
- Total Acquires 100% of Deer Creek (Dec 13)
- Minor Tank Fire at Deer Creek Oil Sands Facility (Nov 07)
- Deer Creek Energy Begins Phase I of the Joslyn SAGD Project (Apr 14)