Athabasca Oil Sands Corp.

November 21, 2007 09:00 ET

Athabasca Oil Sands Corp. Increases Resources

CALGARY, ALBERTA--(Marketwire - Nov. 21, 2007) -


Athabasca Oil Sands Corp. ("AOSC") is pleased to announce that it has received an updated third party engineering report from GLJ Petroleum Consultants Ltd., covering AOSC's "Dover Central" area (the "GLJ Report"). The report includes new acreage acquired through Crown sales and from Black Rain Exploration & Production Inc. "Best Estimate" Contingent resources in "Dover Central" increased by 62% to 1,540 million barrels while "High Estimate" Contingent resources increased by 68% to 2,360 million barrels, based on the GLJ Report. The area "Dover Central" covers approximately 7% of AOSC's 650,000 acres of 100% owned oil sands leases.

AOSC's total resources are now 5,990 million barrels ("best case" - 13m net bitumen cutoff) and 10,010 million barrels ("high case" - 10m net bitumen cutoff). The company plans to drill 265 wells this winter and has secured contracts for 8 drilling rigs.

About Athabasca Oil Sands Corp.

AOSC was incorporated under the laws governing the Province of Alberta and is in business to explore for, develop and produce oil sands-related assets in the Athabasca oil sands region of northeastern Alberta.

Reader Advisory

Certain information set forth in this press release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Athabasca Oil Sands Corp., including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ materially from those expressed in or implied by these forward-looking statements.

Contact Information

  • Athabasca Oil Sands Corp.
    Sveinung Svarte
    President and Chief Executive Officer
    (403) 237-9349
    (403) 264-4640 (FAX)