/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
CALGARY, Dec. 13 /CNW/ - Alberta Oilsands Inc. (the "Company" or "AOS")
(TSXV: AOS) announces that it will commence a 25 core hole drilling program on
its Hangingstone East property on or about December 15, 2007. The first of two
contract drill rigs has been mobilized into the area, located in the west half
of Township 86 Range 10 West of the 4th Meridian (T086-R10W4M), approximately
40 kilometers southwest of Fort McMurray. AOS owns 23 sections (14,720 Acres
or 5,888 Hectares) of 100% working interest oil sands rights in this property.
The Hangingstone East Oil Sand Exploration Program ("OSE") was approved
by Alberta Sustainable Resource Development on Thursday, December 6, 2007, as
OSE070026. The program comprises a total of 35 core locations: 25 proposed
locations and 10 additional contingent locations. The contingent locations may
be drilled this winter drilling season, pending positive results from the
initial 25 proposed core holes.
Each core hole is expected to take four days to drill from the start to
finish and targets the lower McMurray formation as the main bitumen potential
zone. The planned depth of each core hole is approximately 250 metres from
"The industry is fortunate to have cooperative weather this season. With
the cold weather that started in November, the ground froze nicely and our
crews are able to access the area to start drilling well ahead of Christmas.
Provided the weather remains cold through to the end of March 2008, the
drilling season will be extended, allowing all the contingent locations to be
drilled before breakup", said Mr. Michael Lee, President of Alberta Oilsands
A 56 kilometre 2D seismic program has also commenced in the Hangingstone
East area. The seismic program is designed to cover the entire 23 sections
with east-west oriented lines and a northwest-southeast tie line. The seismic
data is expected to assist in: identifying the bitumen channel trend, confirm
this drilling season's core locations and set up core locations for next
drilling season. The seismic trail cutting work has all been completed. Data
acquisition is scheduled to commence on December 28, 2007 and is expected to
be completed by January 10, 2008.
In July 2007, AOS purchased and interpreted trade seismic data over the
Hangingstone East area. The data revealed several seismic anomalies on the
23 sections with similar seismic character to the thick bitumen pay channels
in lands south of the AOS land block.
AOS has recently submitted an OSE for a 26 core hole drilling program in
the 28 section (17,918 Ac or 7,167 Ha), 100% AOS working interest parcel
southwest of Fort McMurray. This OSE area has been named the Clearwater
Project. Preliminary consultation with stakeholders with respect to this OSE
has commenced and progressed well. Core drilling in this project is expected
to commence in January 2008.
Alberta Oilsands Inc. is a technically driven, high growth junior oil
sands company focused on creating long term sustainable value through the
rapid delineation of the oil sands resources located on the company's 100%
working interest lands.
Forward-Looking Statements: This press release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law including management's assessment of the Company's
properties, production and prospects. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include the inherent risks involved in the
exploration and development of oil sands properties, the uncertainties
involved in interpreting drilling results and other geological data, the
possibility that royalties and other government levies could be increased,
fluctuating oil prices, the possibility of project cost overruns or
unanticipated costs and expenses, uncertainties relating to the availability
and costs of financing needed in the future and other factors including
unforeseen delays. As an oil sands focused enterprise, the Company faces
risks, including those associated with exploration, development, approvals and
the ability to access sufficient capital from external sources. Anticipated
exploration and development plans relating to the Company's properties are
subject to change. For a detailed description of the risks and uncertainties
facing the Company and its business and affairs, readers should refer to the
Company's annual financial statements and management discussion and analysis
for the year ended December 31, 2006, both of which are available at
www.sedar.com. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change, unless required by law. The reader is cautioned not to place undue
reliance on forward-looking statements. Barrels of oil equivalent ("boe") may
be misleading, particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Not for dissemination in the United States of America. This news release
shall not constitute an offer to sell or the solicitation of any offer to buy
securities of the Company in any jurisdiction, including the United States.
The common shares of the Company have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and have not been and will not
be offered or sold in the United States or to any U.S. person except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.
For further information:
For further information: Alberta Oilsands Inc., Suite 2800, 350 - 7th
Avenue S.W., Calgary, Alberta, T2P 3N9, Shabir Premji, Executive Chairman, T:
(403) 232-3341, F: (403) 263-6702, firstname.lastname@example.org; or Chad Dust,
Executive Vice President Finance and Business Development , T: (403) 538-3191,
F: (403) 263-6702, email@example.com; Company website: www.aboilsands.ca