Alberta Oilsands Inc. has concluded the review and revision of the Clearwater reserves assignment, as set forth in the Estimated Future Reserves and Income Attributable to Certain Leasehold and Royalty Interest, Clearwater West Area, Fort McMurray report dated April 27, 2011 and effective December 31, 2010, prepared by Ryder Scott and previously announced in the Company’s news release dated June 27, 2011.
Alberta Oilsands reported that the Draft Lower Athabasca Regional Plan announced on April 5, 2011 by the Government of Alberta is expected to have no impact on its proposed Clearwater Phase I Project and have minimal impact on the other oil sands leases.
Alberta Oilsands Inc. announced that it has acquired four additional sections of oil sands rights immediately offsetting its proposed Clearwater Phase I Project site. The acquired and existing oil sands rights combine to form a contiguous Clearwater land block, specifically around sections 21 and 22, Twp088 R08W4.
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