SilverWillow is a pre-production oil sands company focused on the exploration for, and the development of opportunities within the oil sands and heavy oil industry.
The Corporation began operations on April 4, 2012 as a newly formed oil company with assets in Alberta’s Athabasca Oil Sands Area. SilverWillow was formed in connection with a plan of arrangement (the “Arrangement”) involving SilverBirch Energy Corporation, Teck Resources Limited, 8071667 Canada Inc. and SilverWillow.
The Arrangement resulted in SilverWillow receiving a portfolio of oil sands leases comprised of 100% working-interest in 174,720 acres in the Athabasca Oil Sands Area of northeastern Alberta. These leases include leases 418 and 271, covering 23,040 acres of undeveloped lands which have discovered petroleum initially-in-place of 1.80 billion barrels, of which 68.4 million barrels are classified as best estimate contingent resources. The Audet Lands are located 110 kilometres northeast of Fort McMurray, and are approximately 30 kilometres north and north-east of Cenovus Energy Inc.’s proposed Telephone Lake project and Suncor Energy Inc.’s Firebag project, respectively. In addition, SilverWillow holds 94,080 net acres of exploration lands in the Birch Mountains area on the west side of the Athabasca River, and 57,600 net acres of other exploration lands on the east side of the Athabasca River.