Oh Canada! Significant Developments In Canadian Energy - September 2012

Oil Sands News

1. Cenovus has announced that it is producing oil from Phase D of its Christina Lake oil sands operation three months ahead of schedule and within budget. Cenovus commenced initial steam injection during the second quarter of this year, with initial production beginning in July. Upon completion, expected within six to nine months, production from Phase D will be approximately 40,000 bpd, bringing total production capacity at Christina Lake to 98,000 bpd. With subsequent expansions and optimization, it is anticipated that Christina Lake will have an eventual total production capacity nearing 300,000 bpd.

1. The Alberta Energy Resources Conservation Board (ERCB) has provided Osum Oil with notice that it has approved the company's application for the development of a 35,000 bpd 100% owned thermal project near Cold Lake, Alberta. The project will use both steam assisted gravity drainage and cyclic steam stimulation recovery processes, and has been