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Firebag River - A Red-Hot Canadian Frac Sand Deposit?
- Athabasca Minerals is currently awaiting final permits for the Firebag River frac sand project, north of Fort McMurray, Alberta; a potentially highly strategic project with access to road and rail.
- Over an area covering 500 acres, the unconsolidated sand layer at Firebag has been auger-tested down to 50 feet, and has only 2-3 inches of overburden on top.
- Independent testing by Oklahoma-based Stimlab indicates that Firebag sand meets or exceeds API/ISO specifications for use as a proppant in hydraulic fracturing operations, and compares favorably with industry-standard sands.
- The deposit is roughly 1200 miles (almost 2000 kilometers) closer to key Canadian markets than competing Midwestern U.S. sources, potentially offering a $36-$48/tonne transportation cost advantage.
- This unknown and profitable aggregate producer may be positioned to become a key supplier of frac sand in the rapidly-growing Canadian market, with upside of ~200% from current levels.
Canacol Energy: Successful Shale Oil Test Underscores Compelling Value Proposition
- Canacol has tested up to 590 bopd from the high-impact MA-1 La Luna shale-oil well where the company is partnered with ExxonMobil.
- Importantly, the quoted flow rates are under natural flow conditions without pump assistance. The MA-1 was a vertical well and was not fracture stimulated.
- The company has 545,000 net acres of exposure to the play; Shell and Conoco are partners on two of Canacol's adjacent blocks.
- Canacol is trading at ~60% of my extrapolated NAV, adjusted for new discoveries, and provides leverage to material upside optionality even assuming zero oil-shale value. The risk-reward appears excellent.
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