• 04.10.2006, 19:26:10
  • /
  • OTE0005

BP's Planned Heavy Crude Refinery Raises Prospects for County Line Energy Corp and Other Canadian Producers

Calgary, Canada (ots/PRNewswire) - County Line Energy Corp. (Pink
Sheets: CLYC) President, Harry Bygdnes announced today that the
future market for the heavy crude the company is expected to produce
has improved dramatically with the recent announcement that oil
giant BP (NYSE: BP) plans to invest US$3 Billion in a processing
plant in Indiana to begin refining Canadian heavy crude oil into
gasoline for the US market -

http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7
022964.

"The rest of the world is just starting to realise what pioneers
in the Canadian oil industry have known for some time now. The oil
sands and heavy oil deposits of Alberta, where County Line Energy is
based, holds one of, if not the largest petroleum reserves in the
world. The major investments over the past couple of years by world
leaders like BP, Conoco-Philips and Shell prove that there is an
enormous amount of wealth held within the oilfields of Northwest
Canada and every major player in the petroleum industry is now
scrambling to get a piece of the action. Fortunately, County Line
Energy has already secured the rights to what we hope will prove to
be a major producing oil field in one of the most promising regions
of Alberta. BP's planned refinery is just one more validation that
our targeting of heavy oil properties will be supported by long-term
markets," says Harry Bygdnes, President, County Line Energy Corp.

"The technologies to extract the petroleum from the oil sands and
heavy oil extraction techniques have advanced tremendously over the
past few years. With key components ranging from extraction to
transportation and refining all lining up, E&P companies with
established footholds in the heavy oil production potential like
County Line Energy hold what should be a very bright future,"
continues Bygdnes.

County Line Energy is currently focusing its efforts on several
oil and gas prospects in East Central Alberta in an area of prolific
heavy oil production. The company's initial prospects consist of a
significant heavy oil exploration program near Hayter, Alberta. This
prospect represents a potential multi-well drilling program possibly
totaling 20-25 shallow wells. Well log information and previous 2D
seismic data indicate that a structure containing up to 60,000,000
barrels of heavy oil may exist on the property that County Line
Energy is in the process of developing.

The company is immediately initiating a 119 kilometer 3D seismic
program over this property to determine prospective drilling
locations.

The statements contained in this news release that are not
historical facts may be statements regarding the Company's future
that involve risks and uncertainties which could cause actual
results to differ materially from those currently anticipated. For
example, statements that describe the Company's hopes, plans,
objectives, goals, intentions or expectations are all forward
looking statements. Any such statements made herein about the
Company's future are only made as of the date of this news release.
Numerous factors, many of which are beyond the Company's control, may
affect actual results. The Company undertakes no obligation to
publicly update such forward looking statements to reflect
subsequent events or circumstances.

Rückfragehinweis:
For further information: Harry Bygdnes, President and CEO, County
Line Energy Corp, +1-604-250-1033

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT | PRN

Bei Facebook teilen.
Bei X teilen.
Bei LinkedIn teilen.
Bei Xing teilen.
Bei Bluesky teilen

Stichworte

Channel