posted on
Oct 31, 2008 04:45AM
Welcome to the Connacher Oil and Gas Hub on AGORACOM
Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta
Message: Re: ERCB
BBQDAYS I"LL REPOST THE NEWS RELEASE
I can understand your frustration, however with the world wide economic crises and the recent Federal Election I'm sure the Alberta government has more pressing issues to deal with. It's just a formality and most of the people who matter know Algar has been approved.
Connacher's Algar project advancing to Alberta Cabinet for final approval
CALGARY, Oct. 1 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) reports that it has been advised verbally that the Energy Resources and Conservation Board ("ERCB") is advancing Connacher's June 19, 2007 application for it's second 10,000 bbl/d steam-assisted gravity drainage ("SAGD") project, Algar, at Great Divide to the Cabinet of the Government of Alberta ("Cabinet") for final approval, which is only evidenced by the issuance of an Order-in-Council by Cabinet. At this time the timeline for receipt of the Order-in-Council remains indeterminate but it is anticipated to occur during October 2008. Upon receipt of such approval, Connacher is prepared to immediately commence field construction at Algar and this would enable Connacher to remain on its previously disclosed schedule. As has been previously communicated, funding for Algar was previously arranged by Connacher and the company's objective is to commence production from Algar by approximately year end 2009. Forward-Looking Information: This press release contains "forward-looking information" including: the anticipated approval of the Algar project as evidenced by the issuance of an Order-in-Council from the Cabinet and the proposed timeline for construction of and initial production from Algar. Forward-looking information is frequently characterized by words such as "plan", expect", "project", "intend", "believe", "anticipate", estimate", "may", "will", "could", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of oil sands properties, difficulties or delays during construction and in start-up operations, the uncertainties involved in interpreting drilling results and other geological data, fluctuating oil prices, the possibility of unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors including unforeseen delays. As an oil sands enterprise in the development stage, Connacher faces risks including those associated with exploration, development, construction, start-up, approvals and the continuing ability to access sufficient capital from external sources if required. For a description of the risks and uncertainties facing Connacher and its business and affairs, readers should refer to Connacher's Annual Information Form for the year ended December 31, 2007, which is available at www.sedar.com. Connacher undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. Due to the risks and uncertainties inherent in forward-looking information, the reader is cautioned not to place undue reliance on this forward-looking information.
For further information: Richard A. Gusella, President and Chief Executive Officer OR Grant D. Ukrainetz, Vice President, Corporate Development, Phone: (403) 538-6201, Fax: (403) 538-6225, inquiries@connacheroil.com, Website: www.connacheroil.com
Loading...
Loading...
New Message
Please
login
to post a reply