Grizzly reports May River resource estimate

Feb. 29, 2012

Grizzly Oil Sands ULC said an independent analysis has identified 1.8 billion bbl of exploitable bitumen in place at the May River oil sands property in northern Alberta it has acquired from Petrobank Energy & Resources Ltd. Both companies are based in Calgary (OGJ Online, Feb. 1, 2012).

Bob Tippee

Privately owned Grizzly reported the assessment, by GLJ Petroleum Consultants Ltd., at the closing of the $225 million (Can.) cash deal.

GLJ assigned 824 million bbl of contingent resource as a best estimate based on the modular steam-assisted gravity drainage scheme Grizzly plans to use. GLJ’s development profile shows gross production of 100,000 b/d, Grizzly said.

About the Author

Bob Tippee | Editor

Bob Tippee has been chief editor of Oil & Gas Journal since January 1999 and a member of the Journal staff since October 1977. Before joining the magazine, he worked as a reporter at the Tulsa World and served for four years as an officer in the US Air Force. A native of St. Louis, he holds a degree in journalism from the University of Tulsa.