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PetroChina Purchases Majority Stake In Alberta Oil Sands Projects
Stuart Smith (September 3rd, 2009) Writes:
Sep. 3, 2009 (Business Wire) — Cobra Oil & Gas Company (NASD OTC BB: CGCA) (hereafter “Cobra”) is pleased to offer an overview of PetroChina’s acquisition of a majority stake in two oil sands projects in northern Alberta for US$1.7bn. The two projects are known as Mackay River and Dover which are currently being developed by Athabasca Oil Sands with projected production at full capacity reaching 300,000 – 500,000 barrels a day. The first phase of Mackay River is due to come on stream in 2014.
“PetroChina’s interest in the oil sands parallels Cobra’s awareness of the high potential in the oil sands in North America”, stated Max Pozzoni, Cobra’s President. “The Utah Oil Sands prospect holds gigantic potential, with Utah representing the largest measured oil sands concentration in America”.
Cobra is currently finalizing the purchase of 40% contract interest on 23 Federal Leases covering 33,632 acres within the P.R.
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