OKLAHOMA CITY, Aug. 10, 2007 (PRIME NEWSWIRE) -- Grizzly Oil Sands ULC is pleased to announce that Jay Thomas, Grizzly Chief Executive Officer, will present at the Pareto Securities' 14th Annual Oil and Offshore Conference to be held in Oslo, Norway at the Holmenkollen Park Hotel on August 29-30, 2007. Also representing Grizzly at the conference will be Jamie Rubin of Wexford Capital. A copy of the presentation will be available on the company's website at www.grizzlyoilsands.com on August 30th.
Grizzly Considering Strategic Alternatives
In the winter of 2006-07 Grizzly Oil Sands spent CDN 21.9 MM to drill 62 delineation wells. Grizzly is now considering raising capital from third parties. The use of proceeds would be to finance Grizzly's 2007-08 winter drilling program where it plans to spend CDN 35 MM to drill 100-120 delineation wells and potentially shoot seismic. It also plans to begin the process of developing its first 10,000 bbl/d SAGD (Steam Assisted Gravity Drainage) facility at its Algar Lake project.
Grizzly Oil Sands is an independent oil exploration and production company focused on oil sands assets in the Athabasca and Peace River regions of Alberta's oil sands. Grizzly currently has leaseholds totaling 451,000 net acres. Grizzly Oil Sands ULC, is a private company with joint ownership of 75% by affiliates of Wexford Capital, LLC, a Greenwich based investment manager, and 25% by Gulfport Energy, an Oklahoma City-based independent oil and natural gas exploration and production company.