CANBaikal Resources Inc.

Title: CANBaikal Resources Inc. Category: Oil & Gas Companies / Consulting & Engineering / Oil & Gas Companies Clicks: 0 Listing added: Jan 22, 2010 PageRank: 4/10 Comments: 0 Tags: Oil Gas Company Tags: Oil Gas Company

CanBaikal Resources Inc. (CanBaikal) is an oil and gas exploration and development company which was formed in 1996 by a group of Canadian oil executives to pursue the opportunities created by privatization of the Russian petroleum industry.

CanBaikal participated in the first open tender for oil and gas properties in which foreign companies could participate on an equal basis with Russian companies. The Company was successful in bidding for the Untygei Block (Block 146), of the Khanty-Mansiysk region in Siberia. Block 146 consists of two oil fields: Kulun and Untygei. CanBaikal was awarded a 25 year exploration and production license in 1997. The 400sq. km block had two temporarily abandoned discovery wells.
Gilbert Laustsen Jung Associates Ltd., an independent engineering company of Calgary, Alberta Canada, estimated the recoverable reserves of the license area at:
Proved reserves - 10.987 million barrels;
Probable plus proved reserves - 20.787 million barrels;
CanBaikal operates in Russia through its branch in Nefteyugansk and its office in Moscow.