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During the third quarter, Laricina continued its transformation from a pre-production oil sands company to a producer. Having demonstrated production, the Saleski pilot continues to reach various milestones – including producing its 100,000th gross barrel of bitumen – while providing additional information required to advance our commercial development in the Grosmont carbonates. At Germain, we remain on schedule and on budget, and continue to target mid-2013 for the start-up of our commercial demonstration project (CDP) in the Grand Rapids sands formation.
Laricina is leading the development of the Grosmont carbonate formation. This is central to the Company’s development plan, but is also significant to Alberta’s economy and its role in supporting Canada’s sustained economic well-being. The Grosmont carbonate formation is Alberta’s second largest oil-bearing resource, behind the McMurray sands, to date Alberta’s primary source of oil sands development. Achieving increasing production volume at our Saleski pilot is demonstrating the viability of the Grosmont carbonate formation and is, in turn, unlocking its economic value. As we advance our plans toward commercial development, we foresee the Grosmont contributing significant future production to the Company and the industry as a whole.
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.