Oilsands Quest Inc. is engaged in a variety of projects in the oil and gas industry with an emphasis on Western Canada’s oil sands. The company is aggressively exploring Canada’s largest contiguous oil sands land holding, which is located in northeast Alberta and northwest Saskatchewan. Oilsands Quest is leading the development of an oil sands industry in the province of Saskatchewan.
The company has extended its oil sands land holdings in Saskatchewan to the west with the purchase of strategically located exploration permits just across the border in Alberta. In May of last year, two new areas of interest were identified: Raven Ridge and Wallace Creek. The Alberta properties cover 112,598 acres of the company’s total contiguous oil sands holdings of 730,598 acres in Saskatchewan and Alberta.
Oilsands Quest’s oil shale exploration permits cover 489,730 acres in the Pasquia Hills area of east-central Saskatchewan. The permits provide for the right to explore, mine, quarry and work the permit lands, but not to produce or recover oil shales except for test purposes until a lease has been granted. The permits were granted in 2006 and 2007 and have five-year terms.
Production from the oil sands continues to replace diminishing reserves of conventional crude oil in Western Canada. Today, oil sands production accounts for one out of every two barrels of production in Western Canada. Recognizing the huge potential of this trend, Oilsands is well positioned to capitalize on its portfolio of oil sands land holdings.