Strata Oil & Gas Inc. announced today that it has entered into an option agreement with the University of Alberta for the exclusive Canadian license to the technology relating to “Steam-Over-Solvent Injection for Heavy-Oil Recovery in Fractured Reservoirs”. Developed by researchers at the University of Alberta, this technology is designed to extract bitumen from fractured carbonates.
“The carbonate-hosted bitumen resources of Alberta are the next frontier in the North American oil industry. Like oil sands two decades ago, carbonates represent an enormous and relatively untapped petroleum resource,” stated Manny Dhinsa, President of Strata.
The bitumen recovery technology is easily implemented using established equipment and extraction materials. The technology is also recognized for being environmentally-friendly since it allows for material-recycling and reduced thermal treatment.
“According to lab research, this novel extraction technology results in much faster recovery and could yield up to 80%-95% compared to less than 20% with conventional techniques,” commented Mr. Dhinsa.
“The reason we entered into this option agreement for the exclusive Canadian license is not just to test the technology on our Cadotte Project, but also because we believe the technology might be applied successfully to the entire carbonate-hosted bitumen triangle, which comprises 26% of Alberta’s 1.7 trillion barrel bitumen resource.”