Paramount Resources Ltd T.POU

Diversification with Paramount

[dondon]

BullBoards Member Forums My BullBoards Energy: real cll Forum SUBJECT: Next Door To Connacher Posted By: Firecat Posted Time: 12/6/2006 00:06 EST « Previous Message Next Message » • News - Full Story Call: 1-866-515-2082 Email: [e-mail] Online: information request form products & services | Enter symbols: Basic QuotesDetailed QuotesStock ScreenPerformance ScreenNews ArticlesChartStock TickerCompany Profile symbol lookup North American Oil Sands Corporation Announces Results of Independent Resource Evaluations CALGARY, Dec. 5 /CNW/ - North American Oil Sands Corporation ("North American") is pleased to announce the results of two separate studies of its lands completed by independent resource evaluation engineers GLJ Petroleum Consultants Ltd. ("GLJ") and McDaniel & Associates Consultants Ltd. ("McDaniel"). GLJ's Best Estimate of North American's Contingent Resources as of September 1, 2006 is 1,183 million barrels and its Best Estimate of North American's Total Resources is 1,670 million barrels. These results incorporated North American's 2005/2006 winter drilling program, seismic program and land acquisitions and represent a 33% and 48% increase from GLJ's previous Best Estimates, effective October 31, 2005, of North American's Contingent Resources and Total Resources, respectively. McDaniel's Best Estimate of North American's Contingent Resources as of October 31, 2006 is 4,090 million barrels. McDaniel's mandate was limited to evaluating North American's Contingent Resources and Probable Reserves. Accordingly, McDaniel did not exhaustively evaluate North American's Prospective Resources, and therefore did not produce a Total Resources figure directly comparable to GLJ's Best Estimate of Total Resources. ------------------------------------------------------------------------- Estimate Source Contingent Resources Total Resources ------------------------------------------------------------------------- McDaniel effective Oct 31/06 4,090 Not evaluated ------------------------------------------------------------------------- GLJ effective Sept 1/06 1,183 1,670 ------------------------------------------------------------------------- In May, 2006, North American submitted to the Alberta Energy and Utilities Board a regulatory application for its planned commercial demonstration facility in the Leismer area. As a result of this development, both GLJ and McDaniel were able to classify a portion of the resources associated with the planned commercial demonstration facility as Probable Reserves. GLJ has attributed Probable Reserves of 103 million barrels to the lands associated with the planned commercial demonstration facility, while McDaniel has attributed Probable Reserves of 150 million barrels to those lands. About North American North American Oil Sands Corporation is a private Alberta company founded in 2001. The company is planning an in-situ bitumen extraction project near Conklin in northern Alberta and an upgrading facility in northeast Alberta. When the project is completed, North American expects it to produce up to 220,000 barrels per day of bitumen using steam assisted gravity drainage ("SAGD") technology. When completed, the upgrader will process that bitumen into synthetic crude oil. Any upgrading capacity in excess of North American's needs will be used to process bitumen produced by others through commercial arrangements. North American has 275,200 acres of oil sands leases (271,373 net) situated north of the town of Lac La Biche in the Athabasca oil sands region of Alberta. North American recently opened an office in Lac La Biche which will serve as a hub for its SAGD operations. North American has acquired 1,351 acres of surface lands in Strathcona County near Edmonton, Alberta for the purpose of potentially building its upgrading facility on these lands. While North American continues to evaluate other regions as potential locations for its upgrading facility, North American currently prefers the lands in Strathcona County given their proximity to numerous industrial installations and infra-structure. Major shareholders in North American include Paramount Resources Ltd., Calgary, AB, funds managed by affiliates of ARC Financial Corporation, Calgary, AB and Ontario Teachers' Pension Plan Board, Toronto, ON.