CEC North Star moves forward with its heavy oil projects in Canada

Calgary-based CEC North Star Energy Ltd., a private heavy oil company with substantial oil sands lease holdings in the Peace River block of northern Alberta, has updated the findings of its geological analysis and is continuing to de-risk the project.

CEC North Star has acquired additional third-party trade seismic data, which after reprocessing and analysis, the company says 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 with good porosity in both the Bluesky and Elkton formations. Based on this seismic information, four well locations were surveyed recently and the licensing 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 in which the company will apply the appropriate technologies, 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), which has entered into an agreement to vend into the corporation substantial additional oil sand leases adjacent to North Star’s core leases.

CEC North Star Energy Ltd is a non-public, Calgary-based energy company with substantial oil sands holdings in the Peace River block of northwestern Alberta.

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