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Fall 2004:
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Acquired oil sands exploration permits in northwest Saskatchewan.
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January 2005:
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Submitted application for initial exploration program (up to 25 holes).
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October 2005:
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Received regulatory approval for initial drilling program.
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November 2005:
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Initiated building of site infrastructure (roads and camp).
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December 2005:
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Launched exploration drilling program.
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January 2006:
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First hole intersected 18 metres (59 feet) of bitumen-bearing McMurray formation that assayed at 16% bitumen saturation.
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April 2006:
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Drilling results: 19 of 24 holes drilled intersected bitumen-bearing McMurray formation.
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2006/07 Exploration Program
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Summer/fall:
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Construction of additional infrastructure including three camps, roads, access trails and airstrip. Planning two-part drilling program: delineation of the prior year's discovery and identification of follow-up leads elsewhere on permit lands.
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November 3, 2006:
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Drilling began.
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Mid-January 2007:
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Drilling augmented with 2D seismic surveys and extensive aero electromagnetic surveys.
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January 16, 2007:
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Area of the original discovery designated the Axe Lake Discovery. Drilling continues in Axe Lake Discovery area and to the north and south of Axe Lake.
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February 2007:
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Pre-commercialization studies initiated with industry-leading technical specialists.
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March 2007:
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Company acquired 67,053 acres of adjacent lands in Alberta. Winter program ended. Total wells drilled to date (two winter programs): 174.
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Summer 2007 Activities
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April 2007:
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Launched comprehensive $4 million program of baseline environmental studies.
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August 2007:
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Land position in Saskatchewan expanded with the acquisition of five strategically located oil sands exploration licences south of the company's existing Saskatchewan exploration permits.
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Fall 2007 Activities
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September 2007:
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Drilling began September 14 in Saskatchewan. Company announced initiation of plans for field tests of the reservoir at its Axe Lake discovery to evaluate reservoir response to varying pressures and temperatures.
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2008
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January:
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Exploratory drilling initiated on contiguous Alberta permits. Oilsands Quest Technology Inc., a wholly-owned subsidiary, established to focus on in-situ oil sands technology assessment and development. Two additional oil sands exploration permits acquired in Alberta, to the west of the Saskatchewan permits.
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April:
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Winter field exploration program concluded on March 26. Total of 175 holes drilled (150 in Saskatchewan, 25 in Alberta) in Fall 07/Winter 08 program. In addition, extensive 2D and 3D seismic surveys conducted on both sides of the border. Of the 155 exploration and delineation holes drilled in Saskatchewan and Alberta, 103 encountered meaningful intercepts of bitumen-bearing McMurray formation. Of the 125 holes drilled in the Axe Lake Discovery area, 88 were delineation holes, of which 65 encountered meaningful intercepts of McMurray.
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May:
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Two new "areas of interest" were identified: (1) Raven Ridge, located on the company's Alberta oil sands permits located west of the Axe Lake Discovery in Townships 93 and 94 Range 1 West of the 34th Meridian; and (2) Wallace Creek, located further north, on the company's contiguous permits in Alberta (Township 96 Range 1 and Range 2 West of the 4th Meridian).
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June:
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Following spring break-up, field activities resume, focused on preparations for the reservoir field test program at Axe Lake. Raven Ridge Prospect upgraded to Raven Ridge Discovery. Announcement of initiation of preliminary engineering of a 30,000 barrel per day commercial project planned for the development of Axe Lake. Management assessing a "fast-track" approach to a first prospective project, which could result in completion in 2012 or 2013.
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