Alberta Oilsands Inc. (AOS.V) reported a third quarter net loss of C$486 thousand or C$0.01 per share, compared to a loss of C$800 thousand or C$0.01 per share in the same period last year.
Petroleum and natural gas sales rose to C$894 thousand from C$666 thousand in the previous year period.
The company expects to spend about C$3.25 million in the fourth quarter of 2009 to complete the final steps for its Clearwater West pilot project application and to drill exploratory wells to fulfill its flow-through share obligations for the year.
The submission of the company's Clearwater West pilot project application would mark the beginning of a critical growth phase for Alberta Oilsands. If the company's application meets all the regulatory requirements, Alberta Oilsands expects to receive project approval within one year of submitting its application.
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