Statoil ASA, Stavanger, Norway, (Oslo: STL; NYSE: STO) has closed its acquisition of privately held North American Oil Sands Corp., Calgary, for C$20 per share in a deal valued at approximately C$2.2 billion (US$2 billion). North American's assets include 257,200 acres (1,110 square kilometers) of oil-sands leases in the Athabasca region of Alberta. The company plans to start the Leismer in-situ bitumen extraction project near Conklin in northern Alberta and the Kai Kos Dehseh upgrading facility in northeastern Alberta by 2011. First production is expected by early 2010 and will have a capacity of 10,000 barrels of bitumen per day. When the project is completed, North American expects it to produce more than 200,000 barrels per day of bitumen using steam-assisted gravity-drainage technology. Recoverable reserves are approximately 2.2 billion barrels from leaseholds.
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