Alberta Oilsands completes Clearwater well abandonment Alberta Oilsands completes Clearwater well abandonment
Ticker Symbol: C:AOS
Alberta Oilsands completes Clearwater well abandonment
Alberta Oilsands Inc (C:AOS)
Shares Issued 212,032,057
Last Close 2/12/2015 $0.14
Friday February 13 2015 - News Release
Mr. Binh Vu reports
ALBERTA OILSANDS INC. COMPLETES ITS ABANDONMENT PROGRAM AT CLEARWATER
Alberta Oilsands Inc. has successfully completed its previously announced well abandonment program. The program comprised the abandonment of the company's four wells located in the Clearwater lease area, which are scheduled to be cancelled by the government of Alberta in support of the designated Fort McMurray urban development subregion (UDSR). The abandonment of the wells is in preparation for the cancellation of the Clearwater leases and to make way for the subsequent payment of compensation by the government of Alberta to Alberta Oilsands under the Mineral Rights Compensation Regulation (MRCR). The additional costs related to the abandonment program will be submitted to the government of Alberta for inclusion in the company's compensation claim for the cancellation of the Clearwater leases. Alberta Oilsands will provide additional updates on the progression of the compensation process with the government of Alberta as material information becomes available from time to time.
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