Patch International Inc.

Transaction Type
Sellers
Marketers
Post Date
Estimated Price
0MM
Description

Patch International Inc., Calgary, (OTCBB: PTCH) has retained CIBC World Markets Inc. to seek strategic alternatives, including the possible sale or merger of the company. Patch operates in the Athabasca oilsands region of Alberta with 60 sections gross (48.6 net) of oil-sands leases. Ells River, the primary play, is comprised of 32 sections (25.8 net) with 19 core holes and 64 miles of 2-D seismic. The play is believed to be economic using steamassisted gravity drainage. McDaniel and Associates estimates P50 contingent resource of 139 million barrels of recoverable bitumen and a P10 contingent resource of 203 million. Patch estimates approximately 1.4 billion barrels of bitumen in place and a project potential of 40,000 barrels per day. Patch also holds 10 sections (9.5 net) of oil-sand leases in the Muskwa area near the producing Brintnell and Pelican Lake area with current cold-flow production. Oil in place is estimated to be 109 million barrels. Contact Gerry Stevenson, 403-216- 3013.