Athabasca Oil Sands Increases Resources
Athabasca Oil Sands has received an updated third party engineering report from GLJ Petroleum Consultants covering AOSC's "Dover Central" area. The report includes new acreage acquired through Crown sales and from Black Rain Exploration & Production Inc. "Best Estimate" Contingent resources in "Dover Central" increased by 62% to 1,540 million barrels while "High Estimate" Contingent resources increased by 68% to 2,360 million barrels, based on the GLJ Report. The area "Dover Central" covers approximately 7% of AOSC's 650,000 acres of 100% owned oil sands leases.
AOSC's total resources are now 5,990 million barrels ("best case" - 13m net bitumen cutoff) and 10,010 million barrels ("high case" - 10m net bitumen cutoff). The company plans to drill 265 wells this winter and has secured contracts for 8 drilling rigs.
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