Patch International Throws Hat into the Oil Sands Patch with Two New Projects in the Planning Phase

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Researched by Industrial Info Resources (Sugar Land, Texas). Patch International Incorporated (OTC:PTCH)(Calgary, Alberta) is in the early planning and resource evaluation phase on two new oil sands projects located in Alberta, Canada. The two areas Patch is focusing on are core holdings in the Dover and Firebag areas. Patch expects to complete a thirty hole core drilling program by the end of March 2007 as a part of an over all plan to define the two oil sands properties through drilling and 2D seismic studies. The properties that Patch is assessing are located in the vicinity of several existing major oil sands projects such as the Horizon oil sands project owned by Canadian Natural Resources and Petro-Canada’s Dover oil sands project.

Patch estimates probable reserves at the two properties of 448 million barrels of bitumen. This estimate could rapidly change as the current drilling program is evaluated. Patch estimates that both of these properties could support a 25,000 barrel to 40,000 barrel per day bitumen production facility utilizing Steam Assisted Gravity Drainage (SAGD) to unlock the hydrocarbon resource from the ground.

Construction activities on these facilities are still several years away. Patch expects to begin pilot plant studies some time in 2009 with the construction of the main facilities following not long afterward. Completion of these two facilities could come about by 2010 at a projected capital cost of approximately $125 million each. Even with both projects totaling $250 million together, this represents far less than one percent of the total capital expenditures expected to be made in oil sands related projects in Western Canada.

Industrial Info is presently tracking over 190 oil sands related projects in Western Canada totaling over $94 billion in capital spending beginning construction in 2007 and beyond.

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