CALGARY, Alberta, March 4, 2010 (GLOBE NEWSWIRE) -- Grizzly Oil Sands ULC (Grizzly) today submitted a joint application to the Alberta Energy Resources Conservation Board (ERCB) and Alberta Environment (AENV) for approval to construct and operate an oil sands extraction project with a design capacity of 11,300 barrels per day of bitumen from its oil sands leases in the Algar Lake area, approximately 45 kilometers southwest of Ft. McMurray.
The project will utilize steam assisted gravity drainage (SAGD) as the primary extraction method because it has been demonstrated to be economic and efficient for reserves recovery in similar deposits near to the Algar Lake SAGD Project site.
"This application is the culmination of several years of resource delineation, engineering and environmental assessment work," stated John Pearce, CEO of Grizzly. "We are now embarking upon the detailed engineering and construction planning phase of the Algar Lake SAGD Project and expect to commission the first phase in 2012."
A full copy of the application will be available within 10 days on the Grizzly website, (www.grizzlyoilsands.com)