ELE Elemental Altus Royalties Corp

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is
pleased to announce that it has completed its drilling programs at Hangingstone
and West Surmont in the Athabasca oil sands region of Alberta. The Company
completed a 35 core well drilling program on March 14, 2008.


An initial analysis of certain core wells has been completed with encouraging
results, moving the Company closer to planning a significant SAGD project. Full
core analysis is ongoing with completion expected prior to May 30, 2008.


At Hangingstone, the Company drilled, cored and logged 26 core wells in the
McMurray Formation. As at March 18, 2008 core data has been integrated with log
data on 17 of the core wells ("the Initial Wells"). Twelve of the Initial Wells
exceeded 15 meters net bitumen thickness. Gross bitumen thickness ranges from
24.5 to 54.0 meters; net bitumen thickness ranged from 15.5 meters to 37.4
meters. Eleven of the Initial Wells exceeded 20 meters net bitumen thickness,
with six of these exceeding 30 meters net bitumen thickness. Net pay thickness
cut-offs used were 27% porosity, 6% weight bitumen and V-shale less than 40%. Of
the remaining five Initial Wells, only one well encountered net bitumen
thickness less than 10 meters.


At West Surmont, the Company has drilled, cored and logged nine core wells in
the McMurray formation. As at March 18, 2008 core data has been integrated with
log data on five of the core wells ("the Surmont Initial Wells'). Two of the
Surmont Initial Wells exceeded 20 meters net bitumen pay thickness. Gross
bitumen thicknesses for these two wells were 41 meters and 47 meters
respectively; Net bitumen thickness was 24.5 meters and 28.8 meters
respectively. Net pay cut-offs used to define net thickness are described above.


David Winter, President and CEO, commented "We are very pleased with our initial
core well results. Operations met the program objectives and well results
exceeded our expectations. The success has underscored the importance of our
seismic program interpretation in identifying areas of thick McMurray Formation
sands. We achieved a success rate in excess of 75% testing the seismic anomalies
at Hangingstone." He further added "With these excellent results we can now look
forward to initiating the planning of a significant SAGD project in the
Hangingstone property."


In the ongoing analysis core data will be integrated with log data to determine
reservoir parameters and net pay thicknesses. The data will then be integrated
with the seismic data into a geological model and an initial reservoir
engineering model to estimate the resource potential of the McMurray Formation.
The Company will complete its analysis of the well data and will report detailed
results around the beginning of June.


Updated resource reports prepared by McDaniel & Associates Consultants Ltd. are
expected around early July 2008.


About Excelsior Energy

Excelsior is active in oil sands exploration and appraisal in the Hangingstone
and West Surmont areas near Fort McMurray, Alberta and will hold a 75% working
interest in 58 contiguous sections on completion of its farm-in obligations. The
Company also holds a 100% working interest in Blocks 16/1a and 16/6c in the UK
North Sea and a minor interest in gas production in Alberta. Excelsior's
strategy is to capture oil and gas appraisal and development opportunities where
the Company can leverage management's diverse international experience and field
development expertise. This includes heavy oil reservoir engineering and
development of complex fields. The scale of the oil sands resource opportunity
in Alberta complements Excelsior's international portfolio and strategy.


Forward-Looking Statements: This news release contains statements about future
events that are forward looking in nature and, as a result, are subject to
certain risks and uncertainties such as changes in plans or the occurrence of
unexpected events. Actual results may differ from the estimates provided by
management. Readers are cautioned not to place undue reliance on these
statements.

Elemental Altus Royalties (TSXV:ELE)
Historical Stock Chart
From May 2024 to Jun 2024

Elemental Altus Royalties (TSXV:ELE)
Historical Stock Chart
From Jun 2023 to Jun 2024