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Gold/Mining/Energy : Oil Sands and Related Stocks

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To: Carpe per Diem who wrote (7365)	3/2/2006 4:53:30 PM
From: Wyätt Gwyön	of 25575

online.wsj.com Chevron acquired leases for 180,000 acres from the provincial government in two separate sales. The company said there could be 7.5 billion barrels of oil in tar-like deposits there. Chevron plans to use a steam-flooding technique to get the oil to flow into wells that typically recovers between 20% and 40% of the oil, says James Bates, vice president of operations for Chevron's Canada unit. "It has the potential to become an impact-sized opportunity," he says, noting that ultimately producing 100,000 barrel a day is conceivable. [Darffot note: 100kbpd works out to less than 0.5% per YEAR extraction, assuming 7.5 gigabarrels OOIP. and that is what is "conceivable", after a decade and "billions" in development. the low extraction rate is the ultimate problem with the oil-sands-means-it's-ok-to-buy-a-new-Hummer non-negotiable American way of life promoted by the White House and CERA] While Chevron acquired the leases for about 70 million Canadian dollars (US$61.9 million), developing the project -- called Ells River -- is far and away the most costly part. Mr. Bates said he expected the price to run into the "billions" and could take a decade.

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