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First steam injection of the Long Lake SAGD operations began in mid-April 2007. First synthetic volumes are projected to commence mid-2008.

Below is our progress update at December 31, 2007

• The SAGD plant is operational with all 10 well pads steaming into both injector and producer wells to efficiently heat the reservoir.

• SAGD production is anticipated to reach 50 percent capacity in mid-year, with SAGD volumes expected to ramp-up through 2008 and reach full design rate of 72,000 bbl/d in 2009. 

• The OrCrude^TM, hydrocracker and utilities plants have been turned over to operations.
   
• First production of PSC^TM is forecast for mid-2008. The Upgrader is expected to reach full production capability of 58,500 bbl/d of PSC^TM and other products about 12 to 18 months after start-up.

Long Lake production forecasts are based on an average long-term SOR of 3.0 to allow for prudent facility and operations planning.