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grüssle AS

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Antwort auf Beitrag Nr.: 32.262.187 von aylinsandro am 02.11.07 21:04:46

In Kanada werden Riesenumsätze gemacht schon ca. 5Mio.€.
Und dies seit mehreren Tagen, stabiler Verlauf des Kurses.
Bin gerade weiter am suchen nach Infos.

AS

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Western Oil Sands Announces 2007 Capital Budget and Production Guidance

06:00 EST Thursday, November 23, 2006

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE

UNITED STATES/


CALGARY, Nov. 23 /CNW/ - Western Oil Sands Inc. ("Western") today outlined its strategies and capital budget for all the Company's assets including its interest in the Athabasca Oil Sands Project ("AOSP") and future mine expansions; its interest in the Chevron-operated Ells River In-Situ Project and the Western-operated in-situ lands; its downstream integration strategy; and its Kurdistan initiative.


2007 Capital Budget

In support of these key strategic initiatives, Western's projected 2007 capital budget is approximately $715 million. The AOSP accounts for $655 million or over 90 per cent of the total capital budget. Capital expenditures related to in-situ development are estimated to be $35 million during 2007 to cover evaluation drilling programs on the Ells River Project and on Western operated in-situ lands. WesternZagros Limited ("WesternZagros"), a wholly-owned subsidiary of Western, plans to spend approximately $20 million in respect of its Kurdistan initiative. The remaining $5 million is associated with other corporate expenditures.

In addition, Western anticipates research and business development expenditures to approximate $67 million in 2007, $43 million of which relates directly to AOSP mining and in-situ initiatives. Various corporate initiatives including bitumen technology-driven projects account for the remainder. These items will be expensed throughout the year.

"We see tremendous opportunity and growth potential ahead of us and our capital spending program reflects our commitment to our key growth initiatives," said Jim Houck, President and CEO. "Optimizing value for our shareholders remains the primary objective in the execution of these key initiatives."

Western plans to finance these capital expenditures through a combination of cash flow from operations and incremental borrowings from existing bank facilities. Peak spending on Expansion 1 is anticipated to occur from 2007 through 2009. Western's previously announced strategic crude oil price hedging program provides the Company with greater cash flow certainty during these years where its capital expenditures for expansion initiatives are expected to be significant. For 2007, this hedging program provides a minimum price of US$52.50 per barrel on 20,000 barrels per day of Western's production. For 2007, Western anticipates production volumes of approximately 33,000 to 35,000 barrels per day.


Athabasca Oil Sands Project

Recently, Western and the other AOSP Joint Venture Owners formally sanctioned Expansion 1 of the Project which is expected to add an incremental 20,000 barrels per day of production net to Western's interest. Western is anticipating bitumen production from Expansion 1 to come onstream in 2010, with fully integrated production at the upgrader commencing towards the end of that year. For 2007, AOSP capital expenditures include approximately $555 million which relates directly to Expansion 1, $70 million for operational initiatives and sustaining capital, and $30 million of capitalized interest. Increased production from the base project is generating significant cash flow that will fund a portion of the capital costs associated with Expansion 1. Evaluation of newly acquired mineable leases is underway and will continue each year through a winter core hole drilling program. As these newly acquired lands are evaluated, Western will report its share of discovered resources, contingent resources and reserves. Based on our preliminary evaluation, Western believes there are sufficient bitumen resources in place on future mineable leases, as well as our in-situ leases, to ultimately support production levels in the range of 150,000 to 200,000 barrels per day, net to Western's interest.


In-Situ Development and Technology

Several initiatives are underway including those previously announced in respect of the Chevron-operated Ells River Project in which Western holds a 20 per cent interest. Chevron is planning an 80 to 100 well evaluation program for this winter, the results of which will influence the future development strategy and timeline. Early stage planning for Western's own in-situ leases is underway and this includes an evaluation drilling program of approximately 19 wells this winter drilling season. Western will continue to add value to this resource position through a combination of an ongoing delineation drilling program and the development of new in-situ production technologies that will enhance project returns.


Downstream Integration

Downstream opportunities regarding the processing of production from the AOSP as well as production associated with Western's in-situ program remains a key focus area for the Company. Western's goal is to utilize its extensive emerging resource position and potential oil sands production as a key supply source for an integrated downstream solution. Western's team continues to review and analyze all of its available options for adding value around this potential opportunity and the implications to the Company's overall corporate strategy.


WesternZagros Limited

WesternZagros continues to work towards ratification of its Exploration and Production Sharing Agreement with the Kurdistan Regional Government which is expected to include the finalization of a reduced contract area and the corresponding work program commitments. Seismic operations are expected to continue into 2007 in order to determine the initial exploration well locations.


About Western Oil Sands


Western Oil Sands Inc. is a Canadian corporation listed on the Toronto Stock Exchange under the symbol WTO. Our vision is to create shareholder value through the opportunity capture and development of large, world-class hydrocarbon resources. Our primary asset is our 20 per cent undivided interest in the Athabasca Oil Sands Project, one of the largest crude oil reservoirs in the world. Western is also pursuing initiatives related to in-situ and technology development as well as downstream opportunities. WesternZagros, a wholly-owned subsidiary of Western, has an Exploration Production Sharing Agreement ("EPSA") to explore for conventional oil and gas in the Federal Region of Kurdistan in Northern Iraq. Once ratified, this EPSA may provide WesternZagros with an early-entry opportunity into a highly prospective area. For additional information, visit www.westernoilsands.com


This press release may contain forward-looking information, including information relating to reserves and resource estimations, production estimates and Western's future development and expansion plans. Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", or similar words suggesting future outcomes. We caution readers and prospective investors of the Company's securities to not place undue reliance on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by Western. These risks include, but are not limited to, risks associated with the extraction, treatment and upgrading of mineable oil sands deposits; size and scope of expansions; risks surrounding the level and timing of capital expenditures required to fulfill the Project's growth strategy; risks of financing these growth initiatives at commercially attractive levels; risks of being unable to participate in expansion and corresponding loss of voting rights in the AOSP; risks relating to the execution of the Project's optimization strategy; risks involving the uncertainty of estimates involved in the reserve and resource estimation process, uncertainty in the assessment of asset retirement obligations, uncertainty in the estimation of future income taxes, and uncertainty in treatment of capital for royalty purposes; risks surrounding health, safety and environmental matters; risk of commodity price and foreign exchange rate fluctuations; risks and uncertainties associated with securing the necessary regulatory approvals for expansion initiatives; risks surrounding major interruptions in operational performance together with any associated insurance proceedings thereto; and risks associated with identifying, negotiating and completing our other business development activities, both those that relate to oil sands activities and those that do not, either domestically or abroad. Risks associated with our international initiatives include, but are not limited to, political and economic conditions in the countries in which we intend to operate, risks associated with acts of insurgency or terrorism, changes in market conditions, political risks, including changes in law or government policy, the risks associated with negotiating with foreign governments and risks generally associated with international activity.


For further information: James C. Houck, President and Chief Executive Officer, [phone]; David A. Dyck, Senior Vice President Finance and Chief Financial Officer, [phone]; Dorreen Miller, Manager, Investor Relations & Communications, [phone]