"Strata Oil & Gas said Friday it has entered into an option agreement with TEC Edmonton, a joint venture between the University of Alberta and the City of Edmonton, for the exclusive Canadian licence to "steam-over-solvent injection for heavy oil recovery in fractured reservoirs," as described in a Canadian patent application."
"Industry experts have long known that northern Alberta hosts a massive carbonate resource, but have been unable to economically extract it using existing technology. Oilsand in carbonates is thought to comprise a quarter of Alberta's bitumen endowment, or more than 400 billion barrels.
"The carbonate-hosted bitumen resources of Alberta are the next frontier in the North American oil industry," said Strata president Manny Dhinsa, who has worked with companies such as Canadian Natural Resources, EnCana and Nexen."
"According to Peter Clark, a chemistry professor with the University of Calgary, more than 80 per cent of the province's oilsands resource is considered non-recoverable. The Grosmont carbonates could vault Alberta into the top reserve holder in the world, well ahead of Saudi Arabia, he said in a report prepared for the university. "With an oil-in-place equivalent that likely exceeds that in the Cretaceous oilsands, the carbonate trend might be classified as a supergiant oilfield."
Strata owns 100 per cent of the Cadotte project near Peace River, and is hoping to build a 56,000-barrel-per-day operation with an expected production life of more than 20 years"
"Company officials hope the technique will yield 80 per cent recoveries compared to less than 20 per cent with conventional steam-based methods."
Strata oil & gas trades in the OTC under the ticker SOIGF.
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