Western Oil Sands

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WESTERN OIL SANDS INC CL A (Toronto:WTO.TO)
Last Trade: 36.09
Trade Time: Jan 23
   Change:§0.00 (0.00%)
Prev Close: 36.09
     Open:     34.49§
      Bid:     36.50§
      Ask:§36.50
1y Target Est: 34.68

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Our Vision - We are value creating developers of oil sands and related energy resources

Our Mission - We create competitive advantage through provision of management, development, operating and financial expertise

Western Oil Sands Inc. holds a 20 percent undivided ownership in a multi-billion dollar Joint Venture that is exploiting a portion of one of the largest reservoirs of crude oil in the world. Shell Canada Limited (Shell) and Chevron Canada Limited (ChevronTexaco) hold the remaining 60 and 20 percent ownership interests in the Joint Venture, respectively. The Project, which includes facilities owned by the Joint Venture and third parties, uses established processes to mine oil sands deposits, extract and transport bitumen, and upgrade the bitumen into synthetic crude oil and vacuum gas oil.

The Joint Venture is developing the western portion of Lease 13, a large oil sands lease in the Athabasca region of northeastern Alberta, Canada, held by the owners and granted by the Government of Alberta. The western portion of Lease 13 contains approximately 1.7 billion barrels of proved and probable reserves and is sufficient for 30 years of non-declining bitumen production at 155,000 barrels per day. We have the right to participate in expansion opportunities, including the remaining underdeveloped areas of Lease 13 and three other nearby oil sands leases owned by Shell, referred to as Leases 88, 89 and 90. Within the next decade we expect our production volumes to exceed 100,000 barrels per day.

Western Oil Sands Inc. shares trade on the Toronto Stock Exchange under the symbol WTO.

 

Western Oil Sands Inc. is a unique organization created for the sole purpose of participating in the Athabasca Oil Sands Project. Western holds a 20 percent interest in the Project.

• Western Oil Sands was selected to be a partner based on our considerable international experience in mining and extraction.
• The Company is composed of former employees of Broken Hill Proprietary Company Limited (BHP), who were involved with the Project's initial feasibility studies.
• When BHP downsized its North American operations, 25 mining professionals from BHP, together with Guy Turcotte, combined their skills and financial resources to form Western.
• Western is providing the Athabasca Oil Sands Project with mining expertise, project management and financial stewardship.

Reserves The Muskeg River Mine is an open-pit operation that mines bitumen within a 121-square-kilometre area on Lease 13. In the first phase of the Project, the west side of Lease 13 is being mined from a reserve base estimated to contain 1.6 billion barrels (proved and probable) of bitumen. Expansion into the east side of Lease 13 and lease 90 would add another 3.2 billion barrels of bitumen resources. Expansion on two nearby leases 88 and 89 would add a further resource base of 3.9 billion barrels. The total available bitumen resource from these leases is 8.7 billion barrels.

Gilbert Laustsen Jung Associates Ltd., an independent engineering firm located in Calgary, evaluates Western's reserves in this table:

	Gross Project Reserves	Ownership Interest Reserves
	(MMbbls)	(MMbbls)
Proved	1,071	222
Probable	485	114
Proved plus probable	1,556	336

Production

First production of bitumen began on December 29, 2002 with the project attaining production rates averaging 85,000 barrels per day in June 2003. Western's share of bitumen production will build to an estimated 31,000 barrels per day, that together with purchased feedstocks will generate an estimated 38,000 barrels per day of synthetic crude oil.

The Project expects to attain design capacity of 155,000 barrels per day.

Learn more about Western's Marketing.

 

 

Western looks to 2006 as the year in which the Company, and its Joint Venture Partners, formally sanction the first of three phases of project expansion. Western is anticipating production from the first expansion phase to come on stream at the end of 2009, with full production commencing in 2010. Ultimately, Western's objective is to achieve production of 100,000 to 120,000 barrels per day net to Company over the next eight to ten years.

Western's projected capital expenditures for 2006 are approximately $233 million. Capital expenditures include $71 million for AOSP operations, including profitability, further debottlenecking production optimization projects and sustaining capital. The AOSP's expansion initiatives account for $137 million of the total budget, in anticipation of a final investment decision on the first 100,000 barrel per day expansion phase in the third quarter of 2006. The largest portion of this budget is for long lead time items and engineering and procurement for the AOSP expansion.

In addition to its continued core focus in the AOSP, Western's growth strategy includes opportunistically expanding its business and leveraging its strengths. Capital spending for new business development initiatives is expected to be $25 million in 2006 and includes identifying and evaluating opportunities with large hydrocarbon resource potential, modest heavy oil research and development activities, and the acquisition of additional resources in the Athabasca oil sands region.

Western plans to finance these capital expenditures with 2006 cash flow from operations and utilization of debt capacity. Existing credit facilities will be used as necessary to manage working capital requirements throughout the year and any excess cash flow will be applied to reduce borrowings under these facilities. Peak spending on AOSP expansion phases is anticipated to occur from 2007 through 2009. Western's previously announced strategic crude oil price hedging program (Risk Management Asset) provides the Company with greater cash flow certainty during these years where its capital expenditures for expansion initiatives are expected to be significant.

Western Oil Sands is a Canadian oil sands corporation which holds a 20 percent undivided interest in the Athabasca Oil Sands Project together with its partners Shell Canada Limited (60 per cent) and Chevron Canada Limited (20 per cent). The Common Shares of Western are listed on the Toronto Stock Exchange under the symbol "WTO". For additional information on Western Oil Sands, please visit www.westernoilsands.com.

This information includes "forward looking statements" based upon current expectations, estimates and projections of future production, project start-ups and future capital spending, that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Corporation. These risks and uncertainties include, but are not limited to, changes in; market conditions, law or government policy, operating conditions and costs, project schedules, operating performance, demand for oil, gas and related products, price and exchange rate fluctuations, commercial negotiations or other technical and economic factors.

For further information: James H. Houck, President and Chief Executive Officer, (403) 233-1700; David A. Dyck, Senior Vice-President, Finance and Chief Financial Officer, (403) 233-1700

WESTERN OIL SANDS INC

WESTERN OIL SANDS, INC. holds a 20% interest in the Athabasca Oil Sands project.

    Industry:Oil and Gas (Oil and Gas Producers)Symbol:WTOExchange(s):Toronto Stock ExchangeANNUAL FINANCIALS   Dec 31, 2004
12 Months
C$ Dec 31, 2003
12 Months
C$ Dec 31, 2002
12 Months
C$ 3Yr.
Growth
% Change Total Revenue ($000): 675,261 316,069 0 N/A Earnings before Interest & Tax ($000): 75,251 54,311 -28,649 N/A Profit/Loss ($000): 19,452 17,133 -9,003 N/A Earnings per Share: 0.12 0.10 -0.07 N/A Total Assets ($000): 1,470,870 1,458,424 1,359,638 19.85 Dividends Per Share 0.00 0.00 0.00   Return on Com. Equity: 3.83 3.67 -2.00   Employees: 33 27 27     Trailing 12 Month Results   12 Months ended
Sep 30, 2005, C$ 12 Months ended
Sep 30, 2004, C$ %Change Total Revenue ($000): 896,097 674,153 32.92 Profit/Loss ($000): 98,015 44,676 119.39 Earnings per Share: 0.62 0.29 113.50 Dividends Per Share 0.00 0.00 Number of Shares: 160,330,583 157,138,785