Oilsands Without Borders

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Oilsands Without Borders

• Why Saskatchewans Petroleum Reserves Could Rival
  OPECs

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Why Were Here NYMEX Crude
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Spare Oil Production Not What It Used to Be
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The Future is Heavy
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But Heavy is Not Friendly
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Canada The Safe Choice
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Development in Athabasca
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Oilsands Quest (AMEX BQI) Pushing the Limits!
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BQI Timeline

• Fall 2004 Acquire 846,800 acres of exploration
  permit lands in NW Sask
• July 2005 Saskatchewan govt stops granting
  oilsands permits
• 2007 BQI will return 340,000 acres to govt,
  retaining 500,000 acres

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Are there really oilsands in Saskatchewan?

• Historic drilling by Shell et. al. found bitumen
  in the 1970s
• Grade, porosity and oil saturation similar to
  Alberta

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The Moment of Truth

• October 2005 Approval for 25 hole exploration
  drilling program
• November 2005 Road-building and camp
  construction
• December 2005 Drilling underway!

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Success!

• Hole 1 18 meters of bitumen at 16
• 19 of 24 holes find bitumen
• Avg. thickness 21 meters, grade 14, depth 185
  meters

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BQI Versus Athabasca
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The Best is Yet to Come?
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• August 2006 Independent assessment puts Firebag
  resource at 525 million barrels bitumen

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Room to Grow

• Current resource covers only 1.5 of BQIs lands

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What Will 2007 Bring?

• Drilling began November 3,
  up to 8 rigs this winter
• Interim results in January
• Summer/Fall 2007 New resource
  estimate
• Strategic partners?

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Project Potential
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The Prize
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The Next Oil Power?
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• Dave Forest
• www.caseyresearch.com
• Oilsands Quest (AMEX BQI)
• www.canwestpetroleum.com