Press Release Source: Oilsands Quest Inc.
Oilsands Quest announces plan to accelerate timelines for development of Axe Lake Discovery
Monday May 7, 7:00 am ET
CALGARY, May 7 /PRNewswire-FirstCall/ - Oilsands Quest Inc. (Amex: BQI - News) announces the company's plans to accelerate timelines for development of the Axe Lake discovery on its oil sands exploration permits in Saskatchewan. Although commerciality of Axe Lake bitumen resources has not yet been determined, the company's management team believes that, based on drilling results and determination of reservoir characteristics to date, Axe Lake will be suited to in-situ recovery.
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"We are investing now in activities that will create value and aggressive timelines for development," said Christopher H. Hopkins, President and CEO of Oilsands Quest. "We are evaluating reservoir characteristics to determine the best technologies for production and to help identify potential operating partners." The company expects to be in a position to begin discussing potential joint venture partnerships in 2008.
Potential for In-Situ Recovery
Oilsands Quest has a number of initiatives underway to evaluate in-situ recovery alternatives. The company has engaged industry-leading technical specialists to undertake studies specific to the reservoir characteristics of the Axe Lake Discovery. It is also participating in collaborative research programs being conducted by major research facilities in Alberta and Saskatchewan. In addition, the company has been expanding its own staff and facilities as it moves toward development.
"We have assembled a high-caliber team with the experience and expertise to take the company forward," said Mr. Hopkins. "Our overall target is commercialization; however, at the same time, we will continue to conduct exploration on our Saskatchewan permits and our adjacent permits in Alberta