CALGARY, Canada--(http://www.cecnorthstar.com/presentations-reports)--CEC North Star Energy Ltd or “CEC North Star” (“the Corporation”), A Calgary based private Heavy Oil Company, with major resources in the Peace River area of northern Alberta has just released the findings of its latest internal Geological / Geophysical study. This technical report, with other reviews and presentations can be found on the following company website link:
After review of this report management has committed to obtaining an additional third party analysis after the winter work program is completed, this will then be used to define the next stages of the development plan.
This work is being conducted in conjunction with its Joint Venture Partner Tamm Oil and Gas Corporation (OTC:TAMO) who has entered into an agreement to vend into the Corporation substantial additional oil sand leases adjacent to North Star’s core leases.
The Corporation has accelerated both its development plans based on the recent technical studies and will pursue its intention to create a publicly traded vehicle in 2013.
About CEC North Star
CEC Northstar Energy Ltd is a non-public Calgary based Energy Corporation with a substantial oilsands lease holding in the Peace River block of north western Alberta Canada.
CEC North Star has acquired sixty-one (61) sections respectively 39,040 acres of leaseholds with a prospective resource of 873 MM bbl (Best Estimate) PIIP in the Elkton Debolt formations based on a 25 section independent analysis. The same independent petroleum engineering firm conducted a feasibility study 139 Mil (NPV @ 10% fully risked) based on a typical four sections development of the Elkton/Debolt. In addition the property is prospective for Bluesky/Gething oil sands formations which may lead to early primary production development similar to other projects in the Peace River Block offering significant production potential.
CEC North Star has entered into joint venture on adjoining properties consisting of 23 sections or 14,720 acres which may increase PIIP (Petroleum Initially in Place) to in excess of three (3) billion barrels.
CEC North Star goals of ultimately 100,000 bbl/d of bitumen from these lands and objectives are to create value by developing these oilsands properties using scalable project development targeting multiple 5-10,000 bbl/d facilities with stakeholder involvement at every stage – Environment, Occupational Health and Safety are of paramount concern. Use of known technologies while remaining flexible to adopt new processes to maximize recovery of oil in place while reducing operating costs and a relatively quick schedule and lower capital costs compared to other oilsand projects resulting in maximum return on capital invested and quicker shareholder returns.