News on Oil SandsExcelsior gets conditional approval to list on TSX-V
2007-09-25 08:06 ET - News Release
Mr. David Winter reports
EXCELSIOR RECEIVES CONDITIONAL APPROVAL TO LIST ON TSX VENTURE EXCHANGE AND COMPLETES SEISMIC OPERATIONS AT WEST SURMONT, ATHABASCA OIL SANDS AREA
The TSX Venture Exchange has conditionally approved the listing of Excelsior Energy Ltd.'s common shares. The listing of common shares is subject to Excelsior's fulfilment of certain requirements of the TSX-V. The company is proceeding to comply with the requirements of the TSX-V and anticipates the common shares of the company will be listed and posted for trading on the TSX-V under the trading symbol ELE in the near future. The company will issue a further news release immediately prior to the listing of the common shares.
Further to news in Stockwatch on Aug. 21, 2007, seismic operations are complete at the West Surmont property in the Athabasca oil sands area of Alberta. The company will commence processing and interpretation of the 72.5 kilometres of 2-D seismic data. There are 13 existing wells drilled on the Surmont asset and a further 25 existing wells drilled on adjacent sections that confirm the presence of the reservoir oil sands with gross oil sand thicknesses ranging between eight metres and 29 metres. The objective of the seismic program is to delineate the areas of thick McMurray formation and to define the core well locations for a drilling program planned to commence in the 2007/2008 winter drilling season. Once the 2-D seismic has been processed and interpreted the company anticipates engaging an independent third party evaluator to prepare a National Instrument 51-101-compliant engineering evaluation.