Sporter
05-31-2006, 07:24 PM
And we thought that "Western" had there act together?.
Shares in Western Oil Sands were down by more than 5 per cent Wednesday as investors reacted to plans that the pure-play oil sands company will explore for oil and gas in northern Iraq.
Calgary-based Western's shares were off $1.69 on the day at $30.78 on the Toronto Stock Exchange.
Western, whose sole production comes from its 20 per cent minority stake in the Athabasca oil sands project operated by Shell Canada, announced after the close of markets Tuesday that it has signed a deal with the Kurdistan regional government for an oil and gas exploration program in northern Iraq.
Yeah, its easy to extract oil from Iraq, just put a stick into the ground!.
Our Vision - We are value creating developers of oil sands and related energy resources
Our Mission - We create competitive advantage through provision of management, development, operating and financial expertise
Western Oil Sands Inc. holds a 20 percent undivided ownership in a multi-billion dollar Joint Venture that is exploiting a portion of one of the largest reservoirs of crude oil in the world. Shell Canada Limited (Shell) and Chevron Canada Limited (ChevronTexaco) hold the remaining 60 and 20 percent ownership interests in the Joint Venture, respectively. The Project, which includes facilities owned by the Joint Venture and third parties, uses established processes to mine oil sands deposits, extract and transport bitumen, and upgrade the bitumen into synthetic crude oil and vacuum gas oil.
The Joint Venture is developing the western portion of Lease 13, a large oil sands lease in the Athabasca region of northeastern Alberta, Canada, held by the owners and granted by the Government of Alberta. The western portion of Lease 13 contains approximately 1.7 billion barrels of proved and probable reserves and is sufficient for 30 years of non-declining bitumen production at 155,000 barrels per day. We have the right to participate in expansion opportunities, including the remaining underdeveloped areas of Lease 13 and three other nearby oil sands leases owned by Shell, referred to as Leases 88, 89 and 90. Within the next decade we expect our production volumes to exceed 100,000 barrels per day.
Western Oil Sands Inc. shares trade on the Toronto Stock Exchange under the symbol WTO.
Is the giant waking up?
Western Oil Sands Inc. Company Profile
It's not squeezing blood out of a stone but squeezing oil out of bitumen in layers of sand in Alberta that is the challenge before Western Oil Sands. A 20%-owner of one of the world's largest crude oil reservoirs, the Athabasca Oil Sands Project, the company provides operational management, mining and bitumen extraction expertise, and fiscal oversight. Shell Canada and Chevron's Canadian unit are partners in the project. Western Oil Sands produces 27,108 barrels per day of bitumen and 36,210 barrels per day of synthetic crude. After Australia's BHP pulled out of the Athabasca project in 1999, 25 of its former employees formed Western Oil Sands as an independent group.
Shares in Western Oil Sands were down by more than 5 per cent Wednesday as investors reacted to plans that the pure-play oil sands company will explore for oil and gas in northern Iraq.
Calgary-based Western's shares were off $1.69 on the day at $30.78 on the Toronto Stock Exchange.
Western, whose sole production comes from its 20 per cent minority stake in the Athabasca oil sands project operated by Shell Canada, announced after the close of markets Tuesday that it has signed a deal with the Kurdistan regional government for an oil and gas exploration program in northern Iraq.
Yeah, its easy to extract oil from Iraq, just put a stick into the ground!.
Our Vision - We are value creating developers of oil sands and related energy resources
Our Mission - We create competitive advantage through provision of management, development, operating and financial expertise
Western Oil Sands Inc. holds a 20 percent undivided ownership in a multi-billion dollar Joint Venture that is exploiting a portion of one of the largest reservoirs of crude oil in the world. Shell Canada Limited (Shell) and Chevron Canada Limited (ChevronTexaco) hold the remaining 60 and 20 percent ownership interests in the Joint Venture, respectively. The Project, which includes facilities owned by the Joint Venture and third parties, uses established processes to mine oil sands deposits, extract and transport bitumen, and upgrade the bitumen into synthetic crude oil and vacuum gas oil.
The Joint Venture is developing the western portion of Lease 13, a large oil sands lease in the Athabasca region of northeastern Alberta, Canada, held by the owners and granted by the Government of Alberta. The western portion of Lease 13 contains approximately 1.7 billion barrels of proved and probable reserves and is sufficient for 30 years of non-declining bitumen production at 155,000 barrels per day. We have the right to participate in expansion opportunities, including the remaining underdeveloped areas of Lease 13 and three other nearby oil sands leases owned by Shell, referred to as Leases 88, 89 and 90. Within the next decade we expect our production volumes to exceed 100,000 barrels per day.
Western Oil Sands Inc. shares trade on the Toronto Stock Exchange under the symbol WTO.
Is the giant waking up?
Western Oil Sands Inc. Company Profile
It's not squeezing blood out of a stone but squeezing oil out of bitumen in layers of sand in Alberta that is the challenge before Western Oil Sands. A 20%-owner of one of the world's largest crude oil reservoirs, the Athabasca Oil Sands Project, the company provides operational management, mining and bitumen extraction expertise, and fiscal oversight. Shell Canada and Chevron's Canadian unit are partners in the project. Western Oil Sands produces 27,108 barrels per day of bitumen and 36,210 barrels per day of synthetic crude. After Australia's BHP pulled out of the Athabasca project in 1999, 25 of its former employees formed Western Oil Sands as an independent group.