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Petrobank expands oilsands resources estimates by 22%
CP
CALGARY
Petroleumworld.com 06 19 06
Recent land buys have helped Petrobank Energy and Resources Ltd. (TSX:PBG) expand its resources estimates by 22 per cent to 1.6 billion barrels for its northern Alberta oilsands operations.Shares in Petrobank moved ahead $1.18, 6.6 per cent, to $19.17 in morning trading on the Toronto Stock Exchange. The Calgary company said Monday that a resource estimate done by Fekete Associates Ltd. last month estimated that the gross bitumen-in-place estimate has increased by 22 per cent to 1.6 billion barrels on the 60 sections of oilsands leases owned by its 84 per cent subsidiary, Whitesands Insitu Ltd.
A followup recoverable reserve and resource assessment by McDaniel Associates Ltd. estimates an initial gross recoverable bitumen volume of up to 536 million barrels, which includes 24.6 million barrels of gross probable reserves and 70 million barrels of probable plus possible reserves, the company said.
Whitesands has recently acquired additional 15 additional sections of land and now owns 60 sections or about 15,400 hectares of oilsands leases.
An earlier study in April 2004 estimated the oilsands leases on the previous 45 land sections held 1.3 billion barrels of gross bitumen in place.
Whitesands is carrying out a pilot project on the oilsands leases using steam assisted gravity drainage recovery methods to extract the heavy oil and plans further drilling on the lands this summer.
Petrobank Energy is an oil and natural gas exploration and production company with operations in western Canada and Colombia.
CP
June 17, 2006
Copyright ©2006 CP. All Rights Reserved.
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