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BP's Planned Heavy Crude Refinery Raises Prospects for County Line Energy Corp and Other Canadian Producers
Calgary, Canada (ots/PRNewswire) - 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 US$3 Billion in a processing plant in Indiana to begin refining Canadian heavy crude oil into gasoline for the US market -
"The rest of the world is just starting to realise 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.
ots Originaltext: County Line Energy Corp
Im Internet recherchierbar: http://www.presseportal.ch
For further information: Harry Bygdnes, President and CEO, County
Line Energy Corp, +1-604-250-1033