Deer Creek Energy Limited acquired Athabasca Oil Sands Lease No. 24 from Talisman Energy Inc., with backing from Lime Rock Partners to enhance its production capabilities in the Canadian oil sands sector.

Target Information

Deer Creek Energy Limited, a privately-owned company based in Calgary, has completed the acquisition of Athabasca Oil Sands Lease No. 24 from Talisman Energy Inc. This lease covers an extensive area of 49,363 acres, containing an estimated 6 billion barrels of oil in place. Importantly, more than 800 million barrels are projected to be recoverable using innovative methods such as low pressure steam-assisted gravity drainage (SAGD) with proprietary MultiDrain well architecture, which is currently patent pending.

The acquisition is a significant step for Deer Creek as it plans to resume MultiDrain SAGD operations at the Joslyn Creek test site this winter. This initiative is part of a comprehensive development strategy aimed at achieving a production target of 30,000 barrels of oil per day by 2003.

Industry Overview in Canada

The Canadian oil sands industry is one of the country's most important economic sectors, characterized by its vast reserves and cutting-edge technologies for extraction and production. The Athabasca oil sands are a