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Laricina Energy Ltd. (Laricina or the Company) hosted a VIP tour of its Saleski pilot (Saleski Pilot) on June 22, 2011, in celebration of first production.
Laricina President and CEO Glen Schmidt was joined by Alberta’s Energy Minister Ron Liepert and members of his staff, as well as members of local government, Myles Auger and Elder Mike Beaver from Bigstone Cree Nation together with Métis President Dennis Sinclair. The event included an aerial tour of the Athabasca River Grand Rapids outcrop, encompassing the Company’s Germain and Saleski project sites, followed by a site tour of the Saleski Pilot.
Laricina commenced steam injection at the Saleski Pilot on December 23, 2010 and is transitioning from steam to production testing, with first production being recorded on March 14, 2011. The project has been approved for a capacity of 1,800 barrels per day and a subsequent regulatory application for the first Saleski commercial expansion phase of 10,700 barrels per day was filed in December 2010.
“The Saleski Pilot represents not only a new and innovative approach to development but a successful partnership by industry with Government and community,” said Schmidt. “We know that these partnerships afford the best outcomes for development, and the best hope for economic, environmental, and energy security. This tour allowed us to provide our partners with a close up look at our work.”
Laricina believes that Saleski is the world’s first steam-assisted gravity drainage (SAGD) project in the Grosmont carbonate formation, one of Alberta’s largest in situ formations. The project is located within the West Athabasca oil sands region and lies approximately 195 kilometres northeast of Slave Lake, Alberta.
The facility tour highlighted Laricina’s disciplined work and perseverance in pioneering and de-risking the Grosmont.
Laricina’s Saleski property has a long reserve life in excess of 25 years and is estimated to contain 2.7 billion barrels of gross recoverable resources (1) based on the report of independent reservoir evaluators GLJ Petroleum Consultants Ltd. dated December 31, 2010 (the “GLJ Report”). Laricina holds a 60 percent working interest in Saleski and is the project operator.
(1) Recoverable resources include the unrisked arithmetic sum of best estimate contingent and prospective resources and proved plus probable reserves as defined in the GLJ Report.
About Laricina Energy Ltd.
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.
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 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.
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 required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.