Chip Lake Road: Maintaining an essential access route
The Alberta-Pacific Forest Industries Inc. (Al-Pac) road is an essential route for the Wabasca community and Laricina’s operations. The road is the main access north into the Chipewyan Lakes community and plays a critical role for many Wabasca community members active in their traditional lands.
Due to increased industry activity in the area and prolonged road use, the Al-Pac route needs to be upgraded and maintained on a regular basis. Laricina acknowledged the importance of maintaining this essential access corridor, both from an operational viewpoint, as well as from a community investment perspective. The Company has entered into an agreement with Al-Pac to upgrade the road and bridges on the first 68 km used to support its development activities and those of other industry operators in the area.
“The upgrade project would not have been possible without Al-Pac’s support and involvement. I am happy with the results of this mutual collaboration and I appreciate their hard work and efforts in helping us drive this project forward,” says Derek Keller, Laricina’s Vice President of Production.
The upgrading project includes reshaping the road base, adding gravel and rebuilding damaged sections. The repairs will help maintain the shape and quality of the Al-Pac road, improving driving conditions and safety. Beginning in September 2011 the Company added two inches of gravel as far as km 68. Laricina’s community engagement team also launched a small poster campaign through the Wabasca office and the local newspaper, reminding residents of winter road safety.
Martin Holst, Manager of Transportation for Municipal District of Opportunity No. 17, commended Laricina’s efforts, saying he received nothing but positive remarks from municipal staff that use the road to provide services to Chipewyan Lake residents. “This section of the Al-Pac road is in the best shape it’s ever been, and we’re grateful for all the hard work put in by Laricina,” says Holst.
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. 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 contact:
Chip Lake Road
Laricina Energy Ltd.
East Tower, 5th Ave Place
800, 425 1st Street SW
Calgary, AB. T2P 3L8