Nov 15 2012
Surmont Energy (Surmont) has retained Western Divestments ("WD") to canvas the market for potential joint venture partners or acquisition proposals on its Wildwood oil sand project 70 kms south of Fort McMurray. Alternative proposals including financing may be considered. An application to build SAGD facilities for the first 12,000 bopd phase of the Wildwood SAGD project was submitted to the ERCB in October 2012.
Mark Smith, CEO of Surmont said that "the Surmont team is proud of Surmont's achievements over 2012. Surmont is now in a position to consider the options to finance, partner or sell that may be available and which would be most beneficial to Surmont and its shareholders." Surmont has, since incorporating late in October last year, acquired its lands, conducted a 3D seismic survey, carried out a corehole drilling program, confirmed the project's production potential, and submitted its project application to ERCB.
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ABOUT SURMONT ENERGY LTD.
Surmont Energy Ltd. is a privately held oil sands company founded in October 2011 and headquartered in Calgary, Alberta. The Company focuses on utilizing environmentally responsible technologies to carry out profitable development of oil sands and heavy oil projects in western Canada. Surmont's initial project is located on a 12,000 acre block of oil sands leases in the heart of Alberta's steam- assisted gravity drainage (SAGD) project region, in respect of which the Company has submitted regulatory applications for its 12,000 BPD first phase of the Wildwood oil sands project.