Cavalier Energy says it wants to finalize plans for an in situ oil sands project south of Fort McMurray in the first half of this year.
The company tells the Calgary Herald that even though it purchased the Eagles Nest oilsands lease from the court-protected Oilsands Quest company for seven million dollars last week, its first priority is still the Hoole lease south of the city.
Last year the company estimated there were between 550 to 950 million barrels of bitumen in that lease.
The purchase from Oilsands Quest gave Cavalier about 71,000 hectares north and west of Fort McMurray for future projects.
It says Eagles Nest could be made a standalone project in future.
