Peace River is one of the largest Oilsand locations in Alberta. Recently, a leading third party oil and gas engineering company has confirmed using the conservative NI 51-101 criteria that there is a potential 1.6 billion barrels of petroleum initially in place (PIIP). With projects starting all over the Alberta Oilsands, including in Bluesky and Gething, this estimate exceeds previously thought estimates and will help determine and shape the size and scope of future projects in the area.
Octagon 88 resources, Inc., is the largest publically traded shareholder of CEC North Star, with a 33% stake of all of its shares. With their involvement with CEC North Star they have acquired a great quantity of light and conventional heavy oil assets in the Peace River area of Alberta. CEC North Star has been de-risked which has assisted the company to emerge into a development stage oil and gas company. Current plan of development (POD) is comprised of developing properties to begin production of oil recovery while maintaining positive revenue.