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 updated the findings of its geological analysis continuing to de risk the project. The technical report, with other reviews and presentations can be found on the following company website link: http://www.cecnorthstar.com.
The Corporation purchased additional third party trade seismic which after reprocessing and analysis continues to support the existence of the Bluesky channel on North Star lands. The recent analysis of cuttings and cores from wells drilled through the zones has shown the presence of oil, good porosity in both the Bluesky and Elkton formations. Based on this seismic, 4 well locations were surveyed recently and the licencing process will be initiated in the next few weeks with an expected completion prior to break up. Upon completing the coring program for the winter of 2012/2013, followed up with lab analysis and simulations – 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 Corporation (TAMO) who has entered into an agreement to vend into the Corporation substantial additional oil sand leases adjacent to North Star’s core leases.
About CEC North StarCEC 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. CEC North Star has acquired sixty-one (61) sections respectively 39,040 acres of leaseholds with a prospective resource of 873 MM bbl (Best Estimate) PIIP in the Elkton Debolt formations based on a 25 section independent analysis. The same independent petroleum engineering firm conducted a feasibility study 139 Mil (NPV @ 10% fully risked) based on a typical four sections development of the Elkton/Debolt. In addition the property is prospective for Bluesky/Gething oil sands formations which may lead to early primary production development similar to other projects in the Peace River Block offering significant production potential.
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