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 Hangingstone SAGD Project lies within the Athabasca Oil Sands area of northeastern Alberta. The McMurray Formation, an early Cretaceous succession (about 110-120 million years old) of fluvial to tidal sands and shales contains the significant bitumen reserves that make up the Athabasca Oil Sands area.