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Laricina Energy Ltd. (“Laricina”) was recognized by the Association of Professional Engineers and Geoscientists of Alberta (APEGA) at the 24th Annual Summit Awards Gala in Edmonton on April 24 receiving the Project Achievement Award.
The APEGA Summit Awards recognize leadership and excellence in the practices of engineering and/or geoscience, and the contributions these professionals make to the community. The Project Achievement Award recognizes a unique project improving conditions for society and substantially conceived and executed by Albertans. The Saleski pilot was recognized as demonstrating engineering and geoscience skills along with representing substantial contribution to technical progress and the betterment of society.
“Our Saleski pilot is expanding the boundaries of oil sands development in Alberta as industry’s first in situ horizontal well heavy-oil project in the Grosmont carbonate formation in west Athabasca,” said Glen Schmidt, President and Chief Executive Officer at Laricina. “Successful commercial development of the Grosmont carbonate formation will position Canada as the world leader in crude oil reserves. Laricina leads the way in the development of this valuable resource. The APEGA Project Achievement Award is a great testament to our team, their perseverance, ingenuity and commitment. We would like to thank APEGA for recognizing the significance of the Saleski pilot and Laricina’s role in reshaping the future of Alberta’s oil sands resource.”
Laricina team at the APEGA 2014 Summit Awards in Edmonton, AB on April 24, 2014
Front row: Steve Brand, Glen Schmidt, Shawna Christensen, Lane Becker
Middle row: Jim Hand, Darcy Riva, Darcy Ries, Deepa Thomas
Back row: Derek Keller, Jesse Novak, Daniel Yang, Sandeep Solanki
View here for more information about the 2014 Summit Awards and a list of other recipients. Laricina’s Saleski pilot has been producing bitumen from the Grosmont since 2011. The pilot is the first stage in a series of developments targeted to achieve peak production of approximately 300,000 gross barrels of oil per day over the next 30 years. Data from the pilot has shaped the operational design and recovery process planned for Saleski Phase 1 and continues to provide critical information for the long-term development of the Grosmont.
Available on the Company’s website, Laricina has provided a virtual tour to allow shareholders and stakeholders to visit the Saleski pilot. The tour gives an overview of where Saleski is located in relation to nearby infrastructure and describes each of the major components of the project in detail.
Please visit: http://www.laricinaenergy.com/saleski-tour.
Laricina has a 60% working interest in Saleski and is the operator. Osum Oil Sands Corp. holds the remaining 40% interest.
About Laricina Energy Ltd.
Laricina is a non-public, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.
Laricina’s goal is to create value by developing Canada’s oil sands using innovative in situ technologies. The Company has a diverse portfolio of oil sands assets at varied stages of development, and experienced people with the requisite technical expertise. Our current focus is on the Company’s two core producing projects – Saleski and Germain. Laricina’s asset base, holds 0.5 billion barrels of probable reserves, 3.9 billion barrels of contingent resources (best estimate) and 0.3 billion barrels of prospective resources (best estimate) as determined by Laricina’s independent reservoir engineers as at December 31, 2013. These assets include oil sands resources in the familiar McMurray Formation, and the developing Grand Rapids, and Grosmont and Winterburn carbonate plays, all of which offer significant production potential.
This information release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law including but not limited to final regulatory approval from the Alberta Energy Regulator and Alberta Environment. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “estimate”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on Laricina’s experience and current beliefs as well as assumptions made by, and information currently available to, Laricina, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Laricina disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.
For further information please visit www.laricinaenergy.com or contact:Heidi Christensen Brown