BP's Planned Heavy Crude Refinery Raises Prospects for County Line Energy Corp and other Canadian Producers
04 Octobre 2006 - 6:45PM
PR Newswire (US)
CALGARY, Oct. 4 /PRNewswire-FirstCall/ -- County Line Energy Corp.
(Pink Sheets: CLYC) President, Harry Bygdnes announced today that
the future market for the heavy crude the company is expected to
produce has improved dramatically with the recent announcement that
oil giant BP (NYSE:BP) plans to invest $3 Billion in a processing
plant in Indiana to begin refining Canadian heavy crude oil into
gasoline for the U.S. market -
http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7022964.
"The rest of the world is just starting to realize what pioneers in
the Canadian oil industry have known for some time now. The oil
sands and heavy oil deposits of Alberta, where County Line Energy
is based, holds one of, if not the largest petroleum reserves in
the world. The major investments over the past couple of years by
world leaders like BP, Conoco-Philips and Shell prove that there is
an enormous amount of wealth held within the oilfields of Northwest
Canada and every major player in the petroleum industry is now
scrambling to get a piece of the action. Fortunately, County Line
Energy has already secured the rights to what we hope will prove to
be a major producing oil field in one of the most promising regions
of Alberta. BP's planned refinery is just one more validation that
our targeting of heavy oil properties will be supported by
long-term markets," says Harry Bygdnes, President, County Line
Energy Corp. "The technologies to extract the petroleum from the
oil sands and heavy oil extraction techniques have advanced
tremendously over the past few years. With key components ranging
from extraction to transportation and refining all lining up,
E&P companies with established footholds in the heavy oil
production potential like County Line Energy hold what should be a
very bright future," continues Bygdnes. County Line Energy is
currently focusing its efforts on several oil and gas prospects in
East Central Alberta in an area of prolific heavy oil production.
The company's initial prospects consist of a significant heavy oil
exploration program near Hayter, Alberta. This prospect represents
a potential multi-well drilling program possibly totaling 20-25
shallow wells. Well log information and previous 2D seismic data
indicate that a structure containing up to 60,000,000 barrels of
heavy oil may exist on the property that County Line Energy is in
the process of developing. The company is immediately initiating a
119 kilometer 3D seismic program over this property to determine
prospective drilling locations. The statements contained in this
news release that are not historical facts may be statements
regarding the Company's future that involve risks and uncertainties
which could cause actual results to differ materially from those
currently anticipated. For example, statements that describe the
Company's hopes, plans, objectives, goals, intentions or
expectations are all forward looking statements. Any such
statements made herein about the Company's future are only made as
of the date of this news release. Numerous factors, many of which
are beyond the Company's control, may affect actual results. The
Company undertakes no obligation to publicly update such forward
looking statements to reflect subsequent events or circumstances.
CONTACT: Harry Bygdnes, President and CEO, County Line Energy Corp,
(604) 250-1033 DATASOURCE: County Line Energy Corp. CONTACT: Harry
Bygdnes, President and CEO, County Line Energy Corp, (604) 250-1033
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