Grosmont Carbonates JV (Athabasca 50%; ZAM Ventures Alberta Inc. 50%)
Athabasca has a 50/50 joint venture (“JV”) with ZAM Ventures Alberta Inc. in an emerging thermal oil play in northern Alberta.
The carbonate rocks of Alberta’s Grosmont Formation and the overlying Nisku Formation contain more than 380 billion barrels of undiscovered Petroleum Initially-in-Place (“PIIP”). Although production from the Grosmont Formation has yet to be commercially developed, the oil and gas industry is devoting significant resources to unlocking its vast resource potential.
- 788,000 acres (gross); 394,000 (net);
- 185 kilometres north of Slave Lake;
- Long-term asset with considerable upside in the Grosmont and Nisku formations;
- 0.8 billion bbl (gross lease) of contingent resources (best estimate) or 0.4 billion bbl (company working interest) of contingent resources (best estimate) (at December 31, 2013).
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July 28, 2014