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Northwest Territories ("CMV")
The Company participated in drilling of the first hydrocarbon discovery south of the Norman Wells oilfield. The Norman Wells field was discovered in the 1950's and has produced in excess of 240 million barrels of oil making it one of the largest conventional onshore oil fields in North America. The Company's discovery well, Summit Creek B-44, produced 20 MMCF/D and 6,300 barrels of condensate per day on a production test from two Devonian age reservoirs. In 2008 a Significant Discovery License was granted covering an area of 20 square kilometers. In a report dated July 2008 McDaniel's and Associates assigned the following contingent resource estimates for the Summit Significant Discovery License #140;
Contingent Resource |
Gross |
IFR Net |
Best Estimate |
|
|
Gas (Billion cubic feet) |
38.7 |
3.1 |
Oil (Million barrels) |
6.077 |
.499 |
High Estimate |
|
|
Gas (Billion cubic feet) |
267.5 |
13.4 |
Oil (Million barrels) |
27.033 |
2.2 |
A second discovery was made 40 kilometers south of the Summit Creek B-44 well; the Stewart Lake well drill-stem tested 5 MMCF/D from a Cretaceous age reservoir. This is the first well in the Central Mackenzie Valley to flow hydrocarbons from the Cretaceous. A Significant Discovery License covering an area of 2,640 hectares of Crown land and 3,960 hectares of Freehold land was granted by the Department of Indian and Northern Affairs Canada. In a report dated July 2008 McDaniel's and Associates assigned the following contingent resource estimates for the Stewart Significant Discovery Licenses # 138 & 139 and TDL freehold parcel M-38;
Contingent Resource |
Gross |
IFR Net |
Best Estimate |
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Gas (Billion cubic feet) |
20.8 |
5.2 |
High Estimate |
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Gas (Billion cubic feet) |
63.2 |
15.8 |
The Company holds interests ranging from 13.40% to 25% in the following Exploration Licenses and Freehold leases.
Area -- 218,500 acres (29,280 net)
Work Commitment - $10.5 million ($2M fulfilled)
Expiry - May 10, 2011.
Operator -- Husky Oil Operations Limited
Area -- 227,750 acres (56,937 net)
Work Program - $4.8 million
Expiry -- May 10, 2012
Operator -- Husky Oil Operations Limited
Area -- 35,000 acres (8,750 net)
Parcels M-37, M-38 & M-39
Work Program -- Nil
Operator -- Husky Oil Operations Limited
Area -- 206,000 acres (51,620 net)
Work Program - $1.1 million
Expiry -- May 2011
Operator -- B.G. International
The Central Mackenzie Valley is serviced by the Enbridge oil-pipeline that connects the Norman Wells oilfield to Northern Alberta. The pipeline is capable of transporting up to 50,000 barrels of oil per day. The Norman Wells field has produced approximately 240 million barrels of oil to date and is currently producing in the 15,000 -- 18,000 barrels per day range. The Company's acreage is located approximately 70 kilometers from the Enbridge pipeline therefore if a commercial oil or liquids rich gas discovery is made it can be tied into the Enbridge pipeline.
The Mackenzie Delta has yielded gas discoveries of 6.1 trillion cubic feet ("TCF") and has the potential to yield an undiscovered gas resource of 15.4 TCF (OGIP 1&2). The proven and prospective resources in the Mackenzie Delta combined with an estimated 5.7 TCF (OGIP 1&2) of undiscovered resource in the Central Mackenzie Valley are sufficient to justify construction of the Mackenzie Valley gas pipeline. The operator of the proposed gas pipeline, Imperial Oil Ltd., is negotiating fiscal terms with the Government of Canada to enhance the economics of the pipeline. The proposed pipeline is designed for capacity of between 1.2 and 1.9 billion cubic feet per day.
Notes
- National Energy Board filing.
- Gilbert Laustsen Jung Associates Mackenzie Gas Project supply study filed with the National Energy Board.
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Photo Gallery
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 Mackenzie Valley |
 Stewart D-57 Discovery Well (2006) |
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) Access Road |
) NWT Airstrip |
) B44 Location |
) B44 Wellhead |
) Ice Bridge |
) Nodwell |
) NWT in the Summer |
) Rig Move |
) Staging Site |
) Summit Creek B44 Wilma |
) Summit Mountain in Summer |
) Summit in Summer |
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Photo Gallery - February 2005
Click on images to view larger version
) Flintstone NWT |
) Seismic Camp |
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) Heliportable Seismic |
) Seismic Drill |
) Seismic Recording Shack |
) Wilma B44 Completion Rig |
) Sah Cho L71 Exploratory Wildcal Well |
) NRK Winter Road |
) NWT L-71 Akita 40 - February 2005 |
) Betty - Sah Cho L-71 |
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