Unprecedented Upside. The Canadian Oil Sands rivals Saudi Arabia as the largest oil play in the world with 315 billion barrels of estimated recoverable resources. Grizzly Oil Sands, ULC ("Grizzly") owns approximately 800,221 acres in Alberta oil sands. Gulfport, through its 24.9999% ownership in Grizzly, is a sizeable player in the Canadian Oil Sands with approximately 200,054 acres. Highlighted facts regarding our Canadian Oil Sands assets include:
- Since making the strategic decision to invest Grizzly Oil Sands ULC, Gulfport has acquired one of the largest acreage position of any US independent producer.
- The vast majority of Grizzly's acreage was acquired by the summer of 2007, by which time virtually all prospective acreage had been leased
- Alberta's highly prospective oil sands land base is now essentially leased-up and Grizzly is positioned to take advantage of the lease supply shortfall
- Given that many of the leases offset viable projects, Grizzly's non-concentrated land base increases the likelihood of multiple significant farm out and land swap opportunities
- Various Grizzly leases directly offset: Nexen/OPTI, ConocoPhillips, Imperial Oil / Petro-Canada, Encana, Jacos, Statoil, Chevron / Shell / Marathon, Value Creation, Athabasca Oil Sands and Laricina
- Grizzly is developing its Algar Lake Project with the intent of employing a method of in-situ extraction called Steam Assisted Gravity Drainage (SAGD) to produce the leasehold