Paramount subsidiary Cavalier Energy provides update on Hoole Project

摘要

Paramount Resources Ltd. reported in January that its wholly owned subsidiary Cavalier Energy Inc. has received an updated independent evaluation of the Grand Rapids formation in its 100 per cent owned in situ oilsands leases in the Hoole area of northeastern Alberta. The evaluation ascribed 93 million barrels of probable reserves with a net present value (discounted at 10 per cent) of $379 million to Cavalier's initial 10,000-barrel-per-day in situ steam assisted gravity drainage oilsands development, covering approximately two sections of the Hoole Lands. Over and above the aforementioned reserves, the evaluation ascribed 719 million barrels of economic contingent resources (best estimate) with a net present value (discounted at 10 per cent) of $1,949 billion to the remaining approximate 54 sections of Cavalier's Hoole Lands.