Altai Resources Inc.

Description

Altai Resources Inc is engaged in the production, exploration and distribution of natural gas and oil. In addition, the resource company also explores for gold properties in Canada.

The company holds 45 per cent working interest in the Cessford oil-producing property covering 240 acres in central Alberta. However, Canadian Natural Resources Limited is the operator and owner.

Altai Resources Inc primarily explores Malartic Township gold property in Quebec and has a 50 per cent interest. The Quebec-based resource company was founded in 1995. Altai Resources Inc is a publicly listed firm whose stocks trade on the Toronto Stock Exchange under the symbol ‘ATI.’

The company’s portfolio of properties are located in Canada, namely Sorel, Cessford oil property, and Malartic gold property.

Sorel property

It is also known as Trois Rivières natural gas property, where Altai holds a 100 per cent interest. The property is spread in 68,483 hectares of land and is located in St Lawrence Lowlands.

In addition, Altai in association with Repsol Canada Energy Partnership, formerly known as Talisman Energy Canada, and holds 15 per cent gross royalty interest in the Talisman Permit. The permit is covered in an area of 12,334 hectares and lies adjacent to Sorel property.

The firm claims that three prospects, namely Potsdam, Chazy and Beekmantown, which underlie within its permits consists of gas reserves. Furthermore, it adds that there were drilling operations in past for exploring oil in these formations. In 1963, the firm claims that the Potsdam prospect recorded 1.6 million cubic feet per day of gas flow.

In 2020, the Canadian resource firm conducted an aeromagnetic survey on the Malartic Township gold property.

In the Cessford property, there are four mines with a mine life of 13-15 years and production capacity of 12.5 barrels of light oil per day, the firm claims.