Private Company Applies For Oilsands Project

Private Company Applies For Oilsands Project

NOV. 12, 2013 – VIEW ISSUE

 A private, Calgary-based company, Prosper Petroleum Ltd., has applied to the Alberta Energy Regulator to build and operate the Rigel oilsands project, a proposed 10,000 bbl-per-day SAGD operation about 100 kilometres northwest of Fort McMurray.

To reach the design capacity of 10,000 bbls per day, the construction cost of the project is estimated at $390 million.

According to the application, Prosper has operations in the Peace River and Wabasca areas of Alberta, as well as around Lloydminster, Sask.

Prosper will operate the project. Its partner is Calgary’s PetroLama Namur Oil Sands Energy Inc., which describes itself as a company engaged in trading, storage, blending and transport of crude oil from Western Canada to the North American market. PetroLama’s parent company is Czech Republic-based Lama Energy Group s.r.o.

The proposed project would be located primarily in Section 20 in the west half of 21-96-17W4 , within the Regional Municipality of Wood Buffalo, and recover bitumen from oilsands leases 7408050267 and 7408050268 for an estimated 24 years.

The project is to consist of a central processing facility, six well pads with eight horizontal SAGD well pairs per pad. Two well pads will be required initially to reach the target bitumen rate and the remaining four well pads are to be constructed as needed to sustain production.

Assuming regulatory approval and market conditions are favourable, construction is scheduled to begin in late-2015 with first oil in early 2017.