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NEWS RELEASE  

FOR IMMEDIATE RELEASE 

ALBERTA’S BITUMEN PRODUCTION FORECAST TO CONTINUE TO GROW
Alberta expected to produce over 3 million barrels of oil per day by 2018

Calgary, Alberta (June 10, 2009) The Energy Resources Conservation Board (ERCB) has released its annual report Alberta's Reserves 2008 and Supply/Demand Outlook 2009-2018. Based on the ERCB’s own geological and technical analysis, this report is a source of information on the state of reserves and the supply and demand for Alberta's diverse energy resources: bitumen, crude oil, natural gas, natural gas liquids, coal, and sulphur. It includes estimates of reserves at December 31, 2008 and a 10-year supply/demand forecast for each resource. A supply/demand forecast of electricity in Alberta is also provided. The report also includes historical data for energy resources production.

The report notes that:

• The ERCB expects Alberta’s annual bitumen production to increase to more than one billion barrels (or 3.0 million barrels per day) by 2018.
• Alberta's total remaining established bitumen and conventional oil reserves totaled 171.9 billion barrels, consisting of bitumen (170.4 billion barrels) and conventional oil (1.5 billion barrels).
• In 2008, bitumen production of 477 million barrels averaged 1.31 million barrels per day (a decrease of 1% over 2007), compared to conventional oil production of 184 million barrels, or 502,800 barrels per day (a decrease of 3.8% from 2007).
• Remaining established marketable conventional gas reserves stood at 39 trillion cubic feet.
• Remaining established coalbed methane gas reserves stood at 1 trillion cubic feet.
• Alberta’s remaining established coal reserves are estimated at about 37 billion tons.

The ERCB ensures that the discovery, development, and delivery of Alberta's energy resources take place in a manner that is fair, responsible, and in the public interest.

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Please see backgrounder  for more detailed information. Alberta's Reserves 2008 and Supply/Demand Outlook 2009-2018 is available on the ERCB web site at www.ercb.ca or from ERCB Information Services, Main Floor, 640 - 5 Avenue SW, Calgary, Alberta, T2P 3G4.

For more information, please contact:
Davis Sheremata, ERCB Communications
Phone: 403-605-4216
Email: davis.sheremata@ercb.ca 

NR 2009-15