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Gold/Mining/Energy : Oil Sands and Related Stocks
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To: Taikun who wrote (7179)2/24/2006 11:34:55 AM
From: Metacomet  Read Replies (1) of 25575
 
Taikun..

The way this is reported is a bit confusing.

The headline suggests that the UTS reserves have increased dramatically.

"UTS reserves update. UTS has 35% of 3.5bn bbls, or 1.23bn bbls."

But if you read the actual release, this is an assumption based on the best case estimate, and the headline might have read just as accurately; "UTS has 35% of 2.4bn bbls, or 840m bbls."

Obviously these are not balance sheet reserves, but estimates of potential.

I am also a bit confused by this discussion in the release:

"It should be noted that GLJ considers the marketable product from the Project to be synthetic oil, and has prepared contingent resource estimates on that basis. The December 31, 2005 recoverable bitumen estimates presented above are provided for comparison purposes only, and require upgrading to produce a marketable product."

What is the effect of this qualifier, compared to what might be produced in a SAGD operation?

Are we talking about the same product here?
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