Grizzly to buy May River property in Canada
Grizzly Oil Sands ULC has signed a deal with Petrobank Energy and Resources to buy the May River property in Canada for C$225m ($224.39m).
The May River property includes 46,720 acres of 100% working interest oil sands leases in the Athabasca oil sands area.
The property also includes 90.6 million barrels of proved + probable (2P) reserves and 624.1 million barrels of best estimate (P50) contingent resource based upon steam assisted gravity drainage (SAGD) development.
Grizzly plans to develop the property using SAGD recovery technology and its ARMS development model.
Grizzly CEO John Pearce said this property adds substantially to the magnitude and quality of Grizzly's existing portfolio of projects which, upon completion of the transaction, will include about 800,000 net acres of oil sands leases and nearly three billion barrels of reserves and resources.
The transaction is expected to close by the end of February 2012, subject to satisfaction of certain standard conditions, including receipt of required regulatory approvals.
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