# CANASIA ANNOUNCES DECEMBER 31, 2025 CONTINGENT BITUMEN RESOURCES FOR SAWN LAKE, ALBERTA SAGD PROJECT OF ANDORA ENERGY CORPORATION

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299

Original source: https://orestocks.com/company/CEC.V/press-releases/7152885687560109

Publisher: orestocks

Original announcement: 2026-04-30T00:30:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-01T04:06:04.869Z

Atlas analysis updated: 2026-10-01T04:06:04.869Z

- Company: CanAsia Energy Corp.

- Ticker: CEC.V

- Exchange: Unavailable

- Region: Alberta, Canada

- Primary commodity: Bitumen

- Secondary commodities: None reported

- Document categories: Resource update

- Extracted: 2026-10-01 04:06:05 UTC

Narrative sentiment: 0.20 · Bullish

## Minestarters Atlas summary

CanAsia Energy Corp. announced an updated National Instrument 51-101 compliant contingent bitumen resource estimate for its Sawn Lake SAGD project in Alberta, Canada, effective December 31, 2025. The unrisked best estimate contingent resources are 351.9 million barrels, with a risked best estimate of 299.1 million barrels, evaluated by Sproule ERCE. The report highlights significant volumes and positive net present values, but notes that the resources are contingent on factors such as funding, commodity prices, and regulatory approvals.

Reasoning: CanAsia Energy Corp. announced an updated NI 51-101 compliant contingent bitumen resource estimate for its Sawn Lake project, showing substantial volumes and positive NPVs, but the resources remain contingent with identified risks to commerciality.

- Positive factor: Updated NI 51-101 compliant resource estimate by independent qualified evaluator Sproule ERCE provides significant contingent bitumen volumes.

- Positive factor: The report reflects an optimized SAGD wellpair design to reduce the number of required wellpairs for development.

- Positive factor: Key positive factors for development include abundance of well data, successful analog SAGD projects, and a successful pilot project.

- Positive factor: The project forecasts bitumen production from 2027 to 2097, indicating long-term potential.

- Negative factor: Resources are contingent, meaning they are not currently considered commercially recoverable due to various contingencies.

- Negative factor: There is uncertainty regarding the commercial viability of producing any portion of the reported contingent resources.

- Negative factor: Key negative factors identified include access to funding, sensitivity to low commodity pricing, regulatory approval risks, and potential increases in carbon tax, income tax, or royalties.

Facts used in scoring: 8

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces the results of the December 31, 2025 Contingent Bitumen Resources Report, which is an update to the project's resource estimates.

Evidence · text

> CANASIA ANNOUNCES DECEMBER 31, 2025 CONTINGENT BITUMEN RESOURCES FOR SAWN LAKE, ALBERTA SAGD PROJECT OF ANDORA ENERGY CORPORATION

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The resource evaluation was prepared by independent qualified reserves evaluator Sproule International Limited \('Sproule ERCE'\).

Evidence · text

> prepared by independent qualified reserves evaluator Sproule International Limited \("Sproule ERCE"\)

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The resource evaluation is compliant with National Instrument 51-101, which is a high reporting standard for oil and gas resources in Canada, similar in rigor to NI 43-101 for minerals.

Evidence · text

> National Instrument 51-101 compliant resources evaluation

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resources are classified as 'Contingent Resources', which are defined as potentially recoverable but not currently commercially recoverable due to contingencies, aligning with the speculative nature of inferred resources.

Evidence · text

> Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by the application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies.

**All Inferred**

Polarity: negative

Definition: 100% of resource is Inferred category — very early stage, no engineering confidence.

Why it applies: All reported resource categories \(Low, Best, High Estimates\) are classified as 'Contingent Resources', which are mapped to inferred due to their non-commercial status.

Evidence · text

> Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by the application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies.

## Extracted facts

Stored fact records: 8. Some facts used in scoring do not have a stored record.

## Resource Estimates (8)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-0)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:ebbdc8422677113ede36
- Deposit or zone: Contingent - Low Estimate '1C'
- Material type: oil sands

#### Resource Data

- Category: inferred
- Contained Metal: 292.9
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The unrisked low estimate of contingent bitumen resources contributes to the overall project potential, but its contingent nature and lower confidence level warrant caution.

- Positive factor: Part of a significant contingent resource estimate for the project.

- Negative factor: Resources are contingent and not yet commercially recoverable.

- Negative factor: This is the low estimate \('1C'\) of the contingent resources.

Evidence · table

> 292.9

Context: Contingent - Low Estimate "1C"

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-1)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:6fa6e8b5bb10c6ad54fe
- Deposit or zone: Contingent - Best Estimate '2C'
- Material type: oil sands

#### Resource Data

- Category: inferred
- Contained Metal: 351.9
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The unrisked best estimate of contingent bitumen resources is a substantial volume, indicating significant potential, though still subject to commercial viability contingencies.

- Positive factor: Represents the best estimate of significant unrisked contingent bitumen resources for the project.

- Negative factor: Resources are contingent and not yet commercially recoverable.

Evidence · table

> 351.9

Context: Contingent - Best Estimate "2C"

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-2)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:40d4147f499c36f9e417
- Deposit or zone: Contingent - High Estimate '3C'
- Material type: oil sands

#### Resource Data

- Category: inferred
- Contained Metal: 466.2
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The unrisked high estimate of contingent bitumen resources shows considerable upside, but its contingent nature and lower confidence level compared to the best estimate should be noted.

- Positive factor: Represents the high estimate of significant unrisked contingent bitumen resources, indicating upside potential.

- Negative factor: Resources are contingent and not yet commercially recoverable.

- Negative factor: This is the high estimate \('3C'\) of the contingent resources, implying lower certainty than the best estimate.

Evidence · table

> 466.2

Context: Contingent - High Estimate "3C"

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-3)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:ebbdc8422677113ede36
- Deposit or zone: Contingent - Low Estimate '1C'
- Material type: oil sands

#### Resource Data

- Category: inferred
- Contained Metal: 249
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The risked low estimate of contingent bitumen resources provides a conservative view of the project's potential, acknowledging the inherent contingencies and development risks.

- Positive factor: Represents the low estimate of risked contingent bitumen resources, accounting for an 85% chance of development.

- Negative factor: Resources are contingent and not yet commercially recoverable.

- Negative factor: This is the low estimate \('1C'\) of the contingent resources.

Evidence · table

> 249.0

Context: Contingent - Low Estimate "1C"

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-4)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:6fa6e8b5bb10c6ad54fe
- Deposit or zone: Contingent - Best Estimate '2C'
- Material type: oil sands

#### Resource Data

- Category: inferred
- Contained Metal: 299.1
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The risked best estimate of contingent bitumen resources provides a realistic view of the project's potential, incorporating the 85% chance of development while still being subject to contingencies.

- Positive factor: Represents the best estimate of significant risked contingent bitumen resources, accounting for an 85% chance of development.

- Negative factor: Resources are contingent and not yet commercially recoverable.

Evidence · table

> 299.1

Context: Contingent - Best Estimate "2C"

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-5)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:40d4147f499c36f9e417
- Deposit or zone: Contingent - High Estimate '3C'
- Material type: oil sands

#### Resource Data

- Category: inferred
- Contained Metal: 396.3
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The risked high estimate of contingent bitumen resources shows considerable upside potential, even after applying the chance of development, but remains subject to contingencies.

- Positive factor: Represents the high estimate of significant risked contingent bitumen resources, indicating upside potential after accounting for development risk.

- Negative factor: Resources are contingent and not yet commercially recoverable.

- Negative factor: This is the high estimate \('3C'\) of the contingent resources, implying lower certainty than the best estimate.

Evidence · table

> 396.3

Context: Contingent - High Estimate "3C"

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-6)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:cc3903aa5191ae9892a6
- Deposit or zone: Central Block
- Material type: oil sands
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Contained Metal: 277.4
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The Central Block represents a major component of the project's unrisked contingent bitumen resources, with full ownership by Andora, but remains subject to commercial viability.

- Positive factor: The Central Block contributes a significant portion of the unrisked best estimate contingent bitumen resources.

- Positive factor: Andora holds a 100% working interest in this block.

- Negative factor: Resources are contingent and not yet commercially recoverable.

Evidence · table

> 277.4

Context: Central Block \(Andora operated\)

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/canasia-announces-december-31-2025-contingent-bitumen-resources-for-sawn-lake-al--0fcdee04-be7e-4cc5-a694-466432c4b299#fact-resource-facts-7)

Sawn Lake · bitumen

#### Identity

- Project: Sawn Lake
- Commodity: bitumen
- Region: canada\_ab
- Reported Region: Alberta, Canada
- Ticker: CEC.V

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: Yes
- Qualified person names: Sproule International Limited
- Resource group id: resource:ab2e0eae3f6ef75f61a8
- Deposit or zone: South Block
- Material type: oil sands
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Contained Metal: 74.5
- Contained Unit: mmbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-30T00:00:00.000Z

Reasoning: The South Block adds to the project's unrisked contingent bitumen resources, with full ownership by Andora, but is a smaller component and remains contingent.

- Positive factor: The South Block contributes to the overall unrisked best estimate contingent bitumen resources.

- Positive factor: Andora holds a 100% working interest in this block.

- Negative factor: Resources are contingent and not yet commercially recoverable.

Evidence · table

> 74.5

Context: South Block \(Andora operated\)

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.