3rd quarter results and updates from stockwatch
from stockwatch... hopefully this link works
https://www.stockwatch.com/newsit/newsit_newsit.aspx?bid=Z-C:AOS-1667684&symbol=AOS&news_region=C
below is a portion of the release.
Alberta Oilsands loses $486,157 in Q3
2009-11-27 19:45 ET - News Release
Mr. Shabir Premji reports
ALBERTA OILSANDS INC. ANNOUNCES THIRD QUARTER 2009 RESULTS
Alberta Oilsands Inc. has filed with Canadian securities authorities its interim unaudited consolidated financial statements and management's discussion and analysis (MD&A) for the three and nine months ended Sept. 30, 2009. Copies of the filed documents may be obtained through SEDAR.
Third quarter 2009 highlights:
- Created an economic relationship with the FMAC on July 8, 2009;
- Announced in Stockwatch on July 27, 2009, an increase in the contingent resources at Clearwater West based on an update by Ryder Scott Company Canada. The independent resource report, dated June 1, 2009, provides a "best" estimate of 183 million barrels of contingent bitumen resources at Clearwater West based on a National Instrument 51-101-compliant evaluation;
- Increased production 394 per cent to 321 barrels of oil equivalent per day (boepd) in the third quarter of 2009 from 65 boepd in the third quarter of 2008;
- Achieved gross revenue of $894,000 in the third quarter compared with $666,000 in the comparative period in 2008;
- Incurred capital expenditures of $1.65-million in the third quarter of 2009, compared with $607,000 in the second quarter of 2009 and $952,000 in the third quarter of 2008. Costs incurred in the third quarter of 2009 were primarily related to the pilot application for Clearwater West and drilling and abandonment expenditures related to the Mahaska exploration well;
- Subsequent to Sept. 30, 2009, announced an increase in financial flexibility by raising gross proceeds of $10.86-million through the sale of shares and warrants in a bought-deal financing and by the arrangement of a $10.0-million senior committed credit facility. The credit facility is designed to augment working capital and finance capital expenditures.
Review of oil sands operations
Fort McMurray Clearwater West
Alberta Oilsands continues to make noteworthy progress on its Clearwater West in situ oil sands pilot recovery project. In October the company announced a revised plan to use stacked well pairs instead of a single layer configuration on the project. This decision is expected to more than double the peak production capacity from the pilot project to 5,000 barrels per day (bpd) from 2,000 bpd.
The Clearwater West pilot project lands are located just north of Highway 69, the east-west highway that connects to Highway 63 running from Edmonton to Fort McMurray. Alberta Oilsands has a 100-per-cent working interest in the area subject to the 2-per-cent GORR pursuant to the FMAC agreement. This project has been fully delineated with an average density of 10 core holes per section.