Manning Area Properties
TAMM has acquired a 100% working interest in 29 contiguous sections of mineral rights or 18,500 acres in Alberta in the Peace River Oil Sands Area. These mineral rights are considered to be prospective for heavy oil in the Mississippian Debolt, Elkton and other formations.
- "Third party estimates of potentially 1.4 billion Petroleum-initially-in-Place (PIIP) on the properties within the various zones with the majority in two specific zones".
- Work is currently ongoing to further study geology and acquire "trade data" seismic and map the adjoining lands for other potential acquisitions and to optimize the drilling/coring program.
- Current plans would be a 3-5 well drilling and coring program with an additional 20 to 30 km seismic program to supplement the drilling and core data and thus continue to evaluate the potential resource.
- Subsequent plans might be building of sufficient year-round access and infrastructure to support increased development, ongoing drilling and seismic to more fully define the reserve, a test pilot of a one or two well production program - to test for optimum methods of recovery - CCS - either vertical or horizontal or both, SAGD type enhanced recovery, Cold Flow, TIDE or other models.
- Current typical costs for these types of production methods, at the commercial stage are around $25/bbl - thus a good return for initial production aiming at 18% primary recovery and cyclic steam at 30% recovery. As production in this area is still in the early stages, the anticipated recovery rates may increase with experience in working with these potential reservoirs.
- Based on the results of the initial testing - secondary testing might include a full scale pilot of between 5000 to 8000 bbls/d.
Other advantages to the properties
- Good infrastructure of secondary roads and highways, pipelines adjacent to properties.
- NW of Peace River -- well trained work force with lower costs than the Fort McMurray Athabasca oil sands.
Updated Prospective Resource Report and Feasibility Study - Jan 2011 (PDF)
(Report received by TAMM on May 24, 2011 and filed on May 31, 2011)
Chapman Engineering Report (Manning Area) - Nov 2009 (PDF)
Corporate Update (Manning, Alberta) - Nov 2009 (PDF)
This information in this web site contains the terms "prospective resources". The Company advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the resources in this category will ever be converted into reserves. In addition, "prospective resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that any part of an prospective resource will ever be upgraded to a higher category. Under Canadian rules, estimates of prospective resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a "preliminary assessment" as defined under National Instrument 51-101.
CAUTIONARY NOTE TO U.S. INVESTORS - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms on this press release, such as prospective resource or Original Oil in Place, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. You can also obtain this form from the SEC by calling 1-800-SEC-0330.