Oilsands Without Borders - Saskatoon Chamber of Commerce

Oilsands Without Borders
Why Saskatchewan’s Petroleum
Reserves Could Rival OPEC’s
Why We’re Here:
NYMEX Crude
Spare Oil Production: Not
What It Used to Be
The Future is Heavy…
But Heavy is Not Friendly
Canada: The Safe Choice
Development in Athabasca
Oilsands Quest (AMEX: BQI):
Pushing the Limits!
BQI Timeline
• Fall 2004: Acquire 846,800 acres of
exploration permit lands in NW Sask
• July 2005: Saskatchewan gov’t stops
granting oilsands permits
• 2007: BQI will return 340,000 acres to
gov’t, retaining +500,000 acres
Are there really oilsands in
Saskatchewan?
• Historic drilling by Shell
et. al. found bitumen in
the 1970s
• Grade, porosity and oil
saturation similar to
Alberta
The Moment of Truth
• October 2005:
Approval for 25 hole
exploration drilling
program
• November 2005:
Road-building and
camp construction
• December 2005:
Drilling underway!
Success!
• Hole 1: 18 meters of bitumen at 16%
• 19 of 24 holes find bitumen
• Avg. thickness 21 meters, grade 14%,
depth 185 meters
BQI Versus Athabasca
Project
Thickness
Depth (m)
(m)
BQI Firebag East
5 - 27
185
Encana Borealis
20 - 45
125 - 200
Petro-Can Lewis
0 - 50
125 - 250
Husky Sunrise
20 - 65
70 - 250
The Best is Yet to Come?
• August 2006: Independent assessment
puts Firebag resource at 525 million
barrels bitumen
Bitumen Per Section (Million Bbls)
140
120
100
80
60
40
20
0
Husky Sunrise
BQI Firebag East
Petro-Canada Lewis
Suncor Firebag
EnCana Borealis
Room to Grow
• Current resource covers only 1.5% of
BQI’s lands
What Will 2007 Bring?
• Drilling began November
3, up to 8 rigs this winter
• Interim results in January
• Summer/Fall 2007: New
resource estimate
• Strategic partners?
Project Potential
The Prize
The Next Oil Power?
Dave Forest
www.caseyresearch.com
Oilsands Quest (AMEX: BQI)
www.canwestpetroleum.com