Pending approval by Alberta regulators, the company expects to begin the third phase construction near the year-end of 2011 and ramp up to producing 35,000 barrels of oil a day once the Jackfish 3 facility is fully operational in 2015.

Like Jackfish 1 & 2, the third phase represents an estimated 300 million barrels of recoverable oil before royalties.

All three phases of Jackfish employ Steam-Assisted Gravity Drainage (SAGD) technology.

In total, the three phases of Jackfish represent approximately 900 million barrels of gross estimated recoverable reserves and more than 100,000 barrels per day of oil production before royalties.

Devon has a 100% working interest in each of the three Jackfish projects.

Devon also said that it will conduct additional delineation drilling and 3D seismic acquisition work on the Kirby-Pike acreage beginning in the fourth quarter of 2010.

Earlier this year, the company had acquired 50% of BP’s interest in the Kirby-Pike oil sands leases.

 

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