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December 17, 2012
16:51 EDTGPORGulfport Energy provides operational update
Grizzly Oil Sands ULC, a company in which Gulfport (GPOR) holds an approximate 25% interest, announced that it has submitted a resource application to the Alberta Energy Resources Conservation Board for the development of a 12,000 barrel per day oil sands project at Thickwood. Grizzly's Thickwood Thermal project is expected to produce 12,000 bpd of bitumen for up to 40 years utilizing both steam-assisted gravity drainage and cyclic steam stimulation recovery technologies. The project will consist of: a plant site consisting of two 6,000 bpd central processing facilities; four SAGD well pads (split pads) and up to 33 CSS well pads; and associated facilities and infrastructure. Following approval, which is expected within 12-18 months of application submission, Grizzly anticipates the period leading up to first production to be approximately 18 months.
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