The Debolt Formation of northwestern Alberta not only acts as a reservoir for petroleum but also has source potential. Twenty-three core samples have been obtained and analyzed and show total organic carbon (TOC) contents up to 9.5% and high extract yields (>150 mg extract/g TOC). The Rock-Eval/TOC and gas chromatography data indicate that the organic matter ranges from predominantly Type III (higher land plant, terrestrial) with mainly gas potential, to mixed Type II/III (Hydrogen Index values up 400 mg hydrocarbon/g TOC) with significant oil source potential. The samples in the study are immature to marginally mature with respect to oil generation, with maturity increasing to the south and west. Many of the Debolt Formation extracts show a strong C-34,, homohopane biomarker prominence and low concentration of tricyclic triterpenoid compounds and thus are similar to, and likely the source of, one of the families of oil reservoired in this unit.