Our Projects
MEG owns a 100% working interest in approximately 537,600 acres (840 square miles) of oil sands leases. At December 31, 2009, GLJ Petroleum Consultants Ltd. (GLJ), an independent reservoir engineering firm, estimated that the MEG oil sands leases it had evaluated contained approximately 1.7 billion barrels of proved and probable bitumen reserves and approximately 3.7 billion barrels of contingent bitumen resources (best estimate).
The Company has identified two commercial SAGD projects, the Christina Lake regional project (“Christina Lake Project”) and a second project located 30 miles north of the Christina Lake Project (“Surmont Project”).
MEG believes, supported by GLJ estimates, that the Christina Lake and Surmont projects combined will support 260,000 bbls/d of sustained bitumen production for over thirty years once all phases of development are complete. In addition, the Company holds leases in the southern Athabasca region that are still in the resource development stage and that provide significant development opportunities (“Growth Properties”).
MEG also holds a 50% interest in a strategic 215 mile dual pipeline system that connects the Christina Lake Project to a large regional upgrading, refining diluents supply and transportation hub in the Edmonton Alberta area (“Access Pipeline”).
Map of Oil Sands Leases