Independent Firm Pegs Size Of Oil Sands Deposit

Independent Firm Pegs Size Of Oil Sands Deposit

Tuesday, November 06, 2007 at 13:07

 

 

Alberta-based Oilsands Quest says as much as 1.5 billion barrels of bitumen could be in place at the Axe Lake discovery project in northwest Saskatchewan.

 

Company president Chris Hopkins says an independent source came up with the number and it bodes well for the future of the project.

 

Hopkins says it is noteworthy that its consultants estimate 1.1 billion barrels are in the highest category in terms of quality.

 

He says that’s important, because there is now the potential for a “world class” oil sands project in northwest Saskatchewan.

 

Hopkins adds the company has already begun its winter operations and activity north of La Loche is busier than last year.

 

He also says there are roughly 260 people at work at the site, and that number is “growing every day”.

 

The company that provided the independent assessment says no less than 1.117 billion barrels of bitumen may be there.

 

The results are based on data collected at the end of the 2006-2007 winter program.