In 2001, we formed a 50/50 joint venture with OPTI Canada Inc. (OPTI) to develop the Long Lake lease using SAGD for bitumen production and proprietary OrCrude™ technology for our first stage of upgrading. OPTI has the exclusive Canadian license for the OrCrude™ technology. We acquired the exclusive right to use this technology with OPTI within approximately 100 miles of Long Lake, and the right to use the technology independently elsewhere in the world.

SAGD bitumen operations started in mid 2008 and we began producing premium synthetic crude from the upgrader in January 2009. Early in 2009, we acquired an additional 15% interest in the Long Lake Project and the joint venture lands from OPTI, increasing our ownership level to 65%. Following this acquisition, we are now responsible for operating both the SAGD bitumen extraction process and the upgrader for Phase 1 as well as for future phases.

Additional Resources
Visit the Long Lake website for additional information.