North American Oil Sands Corporation Releases Public Disclosure Document for its Upgrader Project

    CALGARY, March 5 /CNW/ - North American Oil Sands Corporation ("North
American" or the "Company") is pleased to announce that it has released the
Public Disclosure Document for the bitumen upgrader that it plans to build in
Strathcona County near Edmonton, Alberta (the "Upgrader Project"). The
document contains an outline of the general plans for the Upgrader Project. In
particular, the document discusses the stakeholder, regulatory and
environmental framework associated with, and the planned scope, location and
schedule of, the Upgrader Project. The document is available at North
American's website,
    The first phase of the Upgrader Project, targeted to be operational in
2012, is expected to have the capacity to process 75,000 barrels per day of
bitumen feedstock. Subsequent phases of the Upgrader Project, to the extent
implemented, would be expected to bring bitumen feedstock capacity to 250,000
barrels per day. Any upgrading capacity in excess of North American's in-situ
bitumen production may be used in a merchant upgrading capacity to process
bitumen produced by others through commercial arrangements.
    North American has acquired 1,351 acres of land in Strathcona County near
Edmonton, Alberta for the purpose of building its upgrader. While North
American continues to evaluate other regions as potential locations, the
Company currently prefers the lands in Strathcona County because of their
proximity to the industrial infra-structure of the Alberta Industrial
    North American plans to build the upgrader facility in stages and the
upgrader will process the Company's in-situ bitumen production. The Company
recently announced the filing of a public disclosure document for its steam
assisted gravity drainage ("SAGD") bitumen recovery project, which will be
situated on the 275,200 gross (271,373 net) acres of oil sands leases North
American owns north of the town of Lac La Biche in the Athabasca oil sands
region of Alberta. North American also plans to build the bitumen recovery
project in stages, reaching peak planned production of up to 220,000 barrels
per day.

    About North American

    North American is a private Alberta company founded in 2001. North
American recently opened an office in Lac La Biche which will serve as a hub
for its SAGD operations.
    Major shareholders in North American include Paramount Resources Ltd.,
Calgary, AB, funds managed by affiliates of ARC Financial Corporation,
Calgary, AB and Ontario Teachers' Pension Plan Board, Toronto, ON.

    Forward-looking statements

    This news release contains statements about the ability of management to
facilitate growth, anticipated bitumen production and other oil sands
operating activities, including other expectations, beliefs, plans, goals,
objectives, assumptions and statements about future events or performance that
constitute "forward-looking statements" or "forward-looking information"
within the meaning of applicable securities legislation, including the United
States Private Securities Litigation Reform Act of 1995.
    Forward-looking statements are based on current expectations, estimates
and projections that involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
anticipated by North American and described in the forward-looking statements.
These risks, uncertainties and other factors include, but are not limited to,
adverse general economic conditions, operating hazards, drilling risks,
inherent uncertainties in interpreting engineering and geologic data,
competition, reduced availability of drilling and other well services,
fluctuations in oil and gas prices and prices for drilling and other well
services, government regulation and foreign political risks, fluctuations in
the exchange rate between Canadian and US dollars and other currencies, as
well as other risks commonly associated with the exploration and development
of oil sands properties and the production, transportation, upgrading and
marketing of the hydrocarbons produced from those properties.
    North American cautions that the foregoing list of risks and
uncertainties is not exhaustive. North American assumes no obligation, except
as required by securities laws, to update forward-looking statements should
circumstances or management's estimates or opinions change.

For further information:

For further information: please contact Pat Carlson, President and Chief
Executive Officer, or Douglas Allen, Vice President and Chief Financial
Officer, at (403) 234-0123

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