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Bitumen is the Black Hidden
Treasure for Patch International Inc. (OTCBB: PTCH) by Greg Moses - AllPennyStocks.com News Reporter
November 06, 2006 (AllPennyStocks.com Media Inc.) -
Bitumen, with its distinctive odor, is neither oil nor tar,
but a semi solid form of oil. Scientifically, it is defined in
the category of organic liquids that are highly viscous,
black, sticky and wholly soluble in carbon disulfide, mostly
made up of highly condensed polycyclic aromatic hydrocarbons.
Bitumen is a "tar like" substance and may be a new term to
some, but it also may be Western Canada's new "Black Gold". It
represents the primary feed stock for petroleum production
throughout the entire Albertan Oil Sands region. Even with the
recent oil price dip, today's oil pricing levels have made the
extraction of oil from the tar sands much more attractive than
in the past.
Canada is now the new frontier in Non-OPEC oil and gas
developments. Canada's oil sands could help meet the global
energy demand over the next 100 years. This area within
Alberta represents the second largest known oil reserve
outside of Saudi Arabia.
One Vancouver, B.C. based junior oil and gas producer is
pursuing an aggressive two prong approach to increase
shareholder value by exploiting both conventional oil and gas
production, while building upon its Alberta oil sands
portfolio. Patch International Inc.
(OTCBB: PTCH) is focused on the resource rich Western
sedimentary basin.
With world energy consumption exploding due to population
growth and industrialization of major countries such as China
and India, the world's exploration and production capabilities
need to expand rapidly as well. Experts predict that Canada
may well soon become the Single largest source of imported
Foreign Oil into the United States. The facts are clear that
the oil sands deposits in Alberta Canada will definitely be a
significant factor for the years ahead.
The Company has a solid business plan as it seeks out
future properties in energy sectors with significant growth
potential. Also key are its oil sands properties and its
growing revenue base from current producing properties.
The Company has a large and diverse array of Oil & Gas
Projects including its participation interest portfolio in 22
oil wells providing PTCH with solid revenue in addition to its
strong cash position. Currently, Patch International is in
various stages of its 2006 and 2007 program in Alberta.
The Company has a large number of revenue producers in its
19 oil wells in Saskatchewan, Canada which helps fuel other
projects underway for the Company. This project located in
Kerrobert, Saskatchewan calls for another 30 wells to be
drilled here making this a long term and ongoing Company
project.
At Lloydminster, Alberta the Company successfully drilled
two oil wells that have recently benn placed into production.
Flow results from these wells are expected shortly.
At the McLeod Project in Alberta, the first well was
successful and is now in full production. Another three
projects in Alberta have total estimated reserves in excess of
800,000 bbls of oil. Drilling on these prospects is
anticipated soon.
At Peace River Arch, the project spans 5 separate sections
totaling 3200 acres in north central Alberta. This area is
historically known for high success. The Project has three
primary zones and ten zones overall targeting both oil and
gas.
In addition, PTCH has oil sands property interests in the
Alberta oil sands via its 75% majority ownership of Patch
Oilsands Limited Partnership. PTCH is currently involved in
eight sections within the 40,000 acre Athabasca oil sands and
is currently negotiating on additional oil sands land
packages.
PTCH recently reported that significant drilling activity
on its new natural gas production property, called the "Eight
Mile" Prospect in British Columbia is ahead of schedule. Patch
International will have a continuous option there following
the drilling of the two commitment wells to earn further
interest in the remaining sections.
"Eight Mile" is a key project for the Company with great
upside opportunity. Patch International has entered into a
Participation Interest covering 35 square miles of land in
northeast BC. The potential at this site is huge with a
potential of up to 6 million cubic feet per day per well.
At its Rich/Rumsey project in Alberta, the Company is
launching a 3D Seismic program. If the seismic results are
positive as anticipated, PTCH could begin drilling operations
prior to year end 2006. With today's advanced seismic
techniques, drilling success rates are greatly increased. Some
firms are now able to achieve 100% exploration success rates
on a given property.
The Company is benefited by a veteran and seasoned
Management Team. John Thornton serves as Director and
President leveraging over 40 years of broad based experience
in North American resource and oil & gas ventures. David
Stadnyk is President, Patch Oilsands and Founder, Patch
International Inc. Michael Vandale, Chairman of Arsenal Energy
Inc. plays a key role in project evaluation and acquisition
for Patch.
The share price recently has been trending upward with good
average daily volume. Recently, Patch International has been
listed on the Frankfurt Exchange in a move to facilitate
investor interest worldwide, all being said, PTCH is
definitely a Company to consider among today's junior oil &
gas firms.
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