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Laricina continued to make great progress on advancing the Company on all fronts during the first quarter of 2011. Most importantly we began transitioning from steaming to production testing at the Saleski pilot and recorded first production. At Germain we advanced site preparation, development drilling and detailed engineering for Phase 1. We completed an active winter drilling and geophysical program at Saleski, Germain and Burnt Lakes on time and on budget. We continued to attract the high-quality people needed to advance our growth plans. We also maintained our focus on technology innovation, including completing the initial testing on our electromagnetic heating process and we received our first patent approval.
Laricina also announced today the Company’s 2010 Annual Report , including Management’s Discussion and Analysis and Audited Consolidated Financial Statements, are now available on the company’s website, www.laricinaenergy.com/investors.
Shareholders may request a hard copy of the 2010 Annual Report, including audited financial statements free of charge by contacting Laricina through firstname.lastname@example.org or in writing to the address below.
About Laricina Energy Ltd.
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 500,000 gross barrels of bitumen per day from a large concentrated resource base with approximately 4.6 billion barrels net recoverable bitumen. These assets range from the familiar oil sands in the McMurray Formation to less developed and less mature Grand Rapids as well as the Grosmont and Winterburn carbonate plays, all of which offer significant resource potential.
Laricina is a privately-held, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.
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. 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.
Laricina Energy Ltd.
West Tower, Suncor Energy Centre
4100, 150 6th Ave SW
Calgary, AB. T2P 3Y7