CEC North Star Energy Ltd or “CEC North Star” (“the Corporation”), A Calgary based private Heavy Oil Company, with major resources in the Peace River area of northern Alberta has just released the findings of its laboratory analysis substantially de risking the project. This technical report, with other reviews and presentations can be found on the following company website link:
The recent analysis of cuttings from wells drilled through the zones has shown the presence of oil which in combination with the other geological/geophysical work done to date has gone to substantially de risked the projects. This work has shown favorable comparisons to similar projects of PennWest, Baytex and other majors to the south of the North Star lands which have both primary production and enhanced recoveries such as CSS and SAGD production on the Bluesky formation. Upon completing the coring program for the winter of 2012 – the results will be used for the applications for the next stage of development which the Corporation will apply the appropriate technologies(s) which may include the CSS/SAGD 2-4 well pilot type of development typically of the 1200 to 5000 bbl/d size and/or immediately move to the primary production models.
This work is being conducted in conjunction with its Joint Venture Partner
Tamm Oil and Gas
) who has entered into an agreement to vend into the Corporation substantial additional oil sand leases adjacent to North Star’s core leases.
The Corporation has accelerated both its development plans based on the recent technical studies and will pursue its intention to create a publicly traded vehicle in 2013.
About CEC North Star
CEC North Star Energy Ltd is a non-public Calgary based Energy Corporation with a substantial oilsands lease holding in the Peace River block of north western Alberta Canada.