Alberta Oilsands Inc. updates conventional operations and announces expansion
to farm-in agreement
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In the Peace River Arch region of northwest Alberta, AOS and the operator have deferred the drilling of the two Hines Creek wells, one located at 06-30-85-03W6 and the other at 09-13-086-02W6M, given the weaker than expected natural gas prices over the summer. The 09-13 well is now expected to spud in
AOS has also expanded the farm-in agreement that it had originally announced on
AOS's investment in conventional oil and gas prospects is an interim strategy, initiated in
Alberta Oilsands Inc. is a technically driven high growth energy company focused on the development and conversion of the company's oil sands resources to reserves and the creation of long term sustainable value by increasing production and cash flow on relevant conventional oil and natural gas assets.
* From IHS Accumap - represents historical production data to June 2009. This information is provided for comparison purposes only and the Company does not give any assurances that the results from its oil and gas properties will be similar to other properties in its operating areas. Readers are cautioned that the Company provides the third party historical production data without it having been prepared by a qualified reserves evaluator nor auditor nor in accordance with the COGE Handbook.
Forward-Looking Statements and Information: This press release contains certain forward-looking statements and information ("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", "scheduled" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, this news release contains forward-looking statements and information with respect to the development of and the ability to realize any additional future production from the Company's farm-in lands and other conventional oil and gas properties described in this news release, including the Company's ability to fund future developments. 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 and gas 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, management discussion and analysis and annual information form for the year ended
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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, [email protected], or Chad Dust, Executive Vice President Finance and Business Development, T: (403) 538-3191, F: (403) 263-6702, [email protected]; Company website: www.aboilsands.ca
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