"Koch Brothers Cashing In 220,000 Acres of Tar Sands Holdings"

"Recent action by Koch Oil Sands pulls the curtain back further on the Koch family's deep but quiet involvement in Canada's oil sands industry."

"A Canadian division of Koch Industries is reviewing a range of offers to buy up to 220,000 net acres of its many undeveloped oil sands properties within Alberta's vast reserves of oil sands.

The company, Calgary-based Koch Oil Sands Operating ULC, said in June it was looking for strategic investors to help accelerate production on six properties held by the limited partnership Koch Exploration Canada. The company later said it would entertain offers to acquire the entire Koch Exploration partnership or to buy any of the projects.

The Koch projects will extract bitumen using a non-mining technique called steam-assisted gravity drainage (SAGD), and are in various stages of development. The projects could ultimately yield an estimated 2.9 billion barrels of 'recoverable' resources and could position the buyer 'to be a top tier Canadian bitumen producer,' according to an online description of the offering."

Elizabeth Douglass reports for InsideClimate News September 20, 2012.
 

Source: InsideClimate News, 09/21/2012