Copyright owned or licensed by Toronto Star Newspapers Limited. Operations. The smaller mines produce up to 100,000 barrels a day, while the largest mines can produce almost 300,000 barrels of oil in a day. © 2020 Gulfport Energy Corporation. Petrobank previously engaged McDaniel & Associates Consultants LTD. ("McDaniel") to prepare an independent reserve and resource evaluation of the May River property. February 2015 - Download our Corporate presentation to find out about the latest operations and investment highlights. Wexford takes a long-term view, typically remaining involved for 10 years or longer. Grizzly's Advanced, Re-locatable, Modular and Standardized (ARMS) plant design was developed to improve capital efficiency, development schedule and operating metrics for its SAGD projects. Gulfport currently anticipates funding its interest in the acquisition through cash on hand and availability under its revolving credit facility. Grizzly's first ARMS plant is under construction for Phase 1 of its Algar Lake SAGD Project which is currently on budget and on schedule for first production in early 2013. Personalize which data points you want to see and create visualizations instantly. It was formerly part of Wexford’s portfolio. CALGARY - The developer of a 12,000-barrel-per-day thermal oilsands project approved Thursday by the Alberta government says actually going ahead with construction depends largely on when new pipelines can be in service. June 2014 - Grizzly Oil Sands begins crude oil shipments to the U.S. Gulf Coast through Windell rail terminal, February 2014 - Grizzly Oil Sands begins operations at Algar Lake phase 1 project. (2) Contingent Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The ARMS development model is an ideal template for the development of the May River property and the inherent capital efficiencies and portability of the facilities should allow Grizzly to develop a very large scale project.". Wexford has a long track record of creating value by forming companies in the exploration and production, service and supply or midstream sectors of the energy industry. He says he’s encouraged by a ceremony held this week near Edmonton to mark the start of pipeline construction for the Trans Mountain pipeline expansion. Owners At The Same Street Address. Grizzly Energy is a US onshore focused energy company anchored in the Rockies, Permian and Midcontinent. Grizzly Oil Sands ULC is a private, Calgary-based oil sands exploration and production company focusing primarily on the development of oil sands resources using thermal recovery methods. Operator and developer of oil sands projects based in Canada.The company through its steam-assisted gravity drainage model focuses on the development and operation of oil sands reservoirs and bitumen production. That production would then increase to 80,000 barrels per day. Grizzly's Chief Executive Officer, John Pearce, commented, "The May River property adds substantially to the magnitude and quality of Grizzly's existing portfolio of projects which, upon completion of the transaction, will include approximately 800,000 net acres of oil sands leases and nearly 3 billion barrels of reserves and resources. Following the closing of the transaction, Grizzly intends to begin the work necessary to file a regulatory application for full field development. These statements are based on certain assumptions and analyses made by Gulfport and Grizzly in light of their experience and perception of historical trends, current conditions and expected future developments as well as other factors they believe are appropriate in the circumstances. To explore Grizzly Oil Sands‘s full profile, request access. Grizzly Energy is a US onshore energy company. President Serge Bisson of privately held Grizzly Oil Sands ULC says the company will now meet with its owners, Wexford Capital LP with 75 per cent and Gulfport Energy Corp. with 25 … Gulfport Energy Corporation. Company Profile News Releases Presentations Striving to maximize resource recovery and returns for the benefit of our stakeholders. Effective June 1, 2011, the McDaniel's evaluation report estimates the May River property to contain 90.6 million barrels of Proved + Probable (2P) reserves and 624.1 million barrels of Best Estimate (P50) Contingent Resource based upon SAGD development. Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast and in the Permian Basin in West Texas. Grizzly's lease holdings cover approximately 520,000 acres and its 11,300 bpd Algar Lake project application is currently before the regulators.

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