5 Significant Thermal Oilsands Development OpportunitiesA Press release regarding the Hoole Oil Project can be found at
Hoole Oil Project The Hoole SAGD project, has reserve estimates done in 2008
Properties, as evaluated as of August 1, 2008 by McDaniel Category / Level of DPIIP(1) Resources(2)(3) Production Production Certainty(6) (MBbl)(4) (MBbl)(4) (Bbl/d)(5) (Bbl/d) (5) -------------------- --------------------------------------------------- High Estimate 1,326,000 645,000 30,000 70,000 Best Estimate 1,040,000 458,000 20,000 50,000 Low Estimate 767,000 294,000 15,000 30,000
It is projected that Hoole could produce between 30,000 - 70,000 boe/day
The size of this Hoole produce could ultimately be larger than these initial estimates. Paramount has drilled seven oil sands evaluation wells at Hoole over the past five years to evaluate the Wabiskaw and Grand Rapids formations. In connection with the evaluation, over 190 other wells, located on Paramount's acreage and third party oil sands acreage analogous to the Oil Sands Properties, were examined by McDaniel to evaluate the reservoir formation and bitumen recovery.
In 2009
Paramount plans to drill an additional 15 oil sands evaluation wells during the first half of 2009 to further delineate the reservoir and contingent bitumen resources in the Grand Rapids formation. The Company anticipates the additional drilling will result in material increases to contingent bitumen resource estimates.
This is only one project and POU has 4 other similar type projects identified.
There is zero value on the balance sheet here.
POU has roughly $27 dollars of cash and securities on the balance sheet, with asset like no other company owns.
POU has entered a new phase in the development of the company and has never been better financed.
JR himself running the company with a track wealth creation, POU could not be in better hands.
IMHO
MHP