Macro Tsimmis

intelligently hedged investment

Oilsands Quest (BQI) update #6

Posted by intelledgement on Mon, 11 Feb 08

Surprise! Turns out there are oil sands in Alberta! Well, of course we knew that, but what we learned today is that some of the oil sands are on land permitted to Oilsands Quest (BQI) for exploration. The company has drilled five holes of an expected up-to-30 that they hope to complete by the end of the Winter drilling season…and they “encountered McMurray formation at depths ranging from 157 to 164 metres (515 to 538 feet). The estimated thickness of the McMurray formation, which includes meaningful bitumen intercepts, ranges from 20 to 46 metres (65 to 150 feet),” according to today’s press release. Yay, us!

Of course the quality of the bitumen deposits remains to be seen; we won’t know that until third-party lab analysis is completed several months down the line. But it’s good news that there will be core samples from the new Alberta acreage adjoining the samples from this winter’s drilling in Saskatchewan.

Our GTC order to buy more BQI at $3.02 has not yet executed. Despite this good news (which was announced prior to the open) the stock traded down as low as $3.18 today, so it could still happen.

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