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Huge oil discovery could result in more development

FORT MCMURRAY, Alta. -- The oil boom in the Fort McMurray area is showing no signs of slowing down, as a B.C.-based...


FORT MCMURRAY, Alta. — The oil boom in the Fort McMurray area is showing no signs of slowing down, as a B.C.-based company has made the latest major oil discovery in the region.

The discovery could yield up to one billion barrels of oil, according to Uranium Power.

“What we are looking for is of huge significance,” Steve McGuire, of Uranium Power Corporation, tells local media.

“The project has potential to be a world-class discovery of more than a billion barrels of oil,” adds company shareholder and financial advisor, Tim Brock.

The company is basing these reports on the results of a seismic survey taken about five kilometres outside the city. More than 100 development wells could possibly be drilled, if the survey results are any indication. Uranium Power is holding an open house to discuss the project May 9 at 7:30 p.m. at the C.A. Knight Recreation Centre to discuss further development.


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