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Information Releases

May 20, 2014

Laricina Energy Reports First Quarter 2014 Results


Activity during the start of the year was focused on our two major projects – Germain and Saleski. At Germain, we are progressing our understanding of the Grand Rapids Formation at the Commercial Demonstration Project (CDP), and at Saleski, we have advanced the commercial development strategy for Phase 1 based on repeated positive performance at the pilot.

First Quarter 2014 Highlights

  • At Germain:
    • Converted one well-pair from steam circulation to production and converted two more well-pairs subsequent to the end of the quarter;
    • Acquired 1.6 square-km of 4-D seismic at the CDP;
    • Construction continued on the diluent recovery unit in preparation of solvent injection into the reservoir at the CDP; and
    • Received the Environmental Completeness Report on the regulatory application for the Germain expansion to 155,000 barrels-per-day.
  • At Saleski:
    • Began production from 1C sidetrack (1C-s) well resulting in four wells on production cycle during the quarter;
    • Drilled new well in the Grosmont D;
    • Acquired 1.1 square-km of 4-D seismic at the pilot; and
    • Continued Saleski Phase 1’s Once-Through Steam Generators (OTSG’s) fabrication on schedule.
  • Corporate:
    • Issued $150.0 million in 11.5 percent senior secured notes with a four year term to CPPIB Credit Investments Inc. (CII), a wholly-owned subsidiary of CPP Investment Board (CPPIB); and
    • Incurred capital expenditures of $16.6 million with quarter-end working capital of $252.2 million.

 

Click here to read complete report. (PDF)

 

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. Laricina has identified five core areas with commercial production potential in excess of 600,000 gross barrels of bitumen per day from a large concentrated resource base with 387 million barrels of probable reserves and 4.6 billion barrels of contingent plus prospective resources (best estimate) as determined by Laricina’s independent reservoir engineers. 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 Energy Resources Conservation Board and Alberta Environment. Forwardlooking 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 2 required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.


For further information please contact:

Heidi Christensen Brown
Senior Analyst, Investor Relations
403.817.0555

Laricina Energy Ltd. 
East Tower, 5th Ave Place 
800, 425 1st Street SW
Calgary, AB. T2P 3L8

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