Oil Sands are very different from what would normally be regarded as "heavy oil".
following from Wikipedia:
quote
Generally speaking, oil with an API gravity between 40 and 45° commands the highest prices. Above 45°, the molecular chains become shorter and less valuable to refineries.[4] Crude oil is classified as light, medium, or heavy according to its measured API gravity.
Light crude oil has an API gravity higher than 31.1° (i.e., less than 870 kg/m3)
Medium oil has an API gravity between 22.3 and 31.1° (i.e., 870 to 920 kg/m3)
Heavy crude oil has an API gravity below 22.3° (i.e., 920 to 1000 kg/m3)
Extra heavy oil has an API gravity below 10.0° (i.e., greater than 1000 kg/m3)
However, not all parties use the same grading.[5] The United States Geological Survey uses slightly different ranges.[6]
Crude oil with API gravity less than 10° is referred to as extra heavy oil or bitumen. Bitumen derived from oil sands deposits in Alberta, Canada, has an API gravity of around 8°. It can be diluted with lighter hydrocarbons to produce diluted bitumen, which has an API gravity of less than 22.3°, or further "upgraded" to an API gravity of 31 to 33° as synthetic crude.[7]
unquote
what is the API gravity/grade of Lakes "heavy oil"?
LKO Price at posting:
0.2¢ Sentiment: Hold Disclosure: Held