The oil sands regions of Northern Alberta contain an estimated 1.7 trillion barrels of oil in place. Of this total, 174 billion barrels are recoverable using current technology. JACOS has rights to leases which are expected to contain approximately 1.5 billion barrels of recoverable bitumen resources.
The Hanginstone SAGD Project lies within the Athabasca Oil Sands area just northeast of Alberta. The McMurray Formation is an early Cretaceous succession, about 110-120 million years old, made up of fluvial to tidal sands and shales. The McMurray Formation is what contains the significant bitumen reserves that make up the Athabasca Oil Sands area.