CALGARY, April 8 /CNW/ - TSX Symbol: HNL - Horizon North Logistics Inc.
("Horizon" or the "Company") announced today that it has completed
negotiations pertaining to its BlackSand Executive Lodge contract with Suncor
Energy Inc. ("Suncor"). Modifying an existing BlackSand Executive Lodge
contract, the new agreement better matches Suncor's short and medium term camp
accommodation needs in light of a reduced capital spending program due to
current economic conditions. Under the original contract, Suncor was to
utilize 626 rooms at the BlackSand Executive Lodge through September 15, 2011.
With the revised agreement effective April 1, 2009, Suncor will utilize 200
rooms at the BlackSand Executive Lodge through December 31, 2013 and 300 rooms
at the BlackSand Craft Camp through December 31, 2011.
"The revised contract terms give recognition to the changing economics of
oilsands projects and current weak capital market conditions, and the
adjustments Suncor has had to make to their plans as a result. At the same
time, it provides Horizon with a strong anchor tenant for its 1,300 combined
beds of executive lodge and craft camp accommodation at its BlackSand site
north of Fort McMurray for an extended period, providing an operating base to
effectively market the remaining rooms", said Ric Peterson, Chairman,
President and Chief Executive Officer of the Company.
Forward Looking Information
Certain statements contained in this Press Release, including statements
related to the marketability of camp accommodation units and statements that
contain words such as "will", "should", "believe", "expect" and similar
expressions of interest and statements relating to matters that are not
historical facts and constitute "forward-looking information" within the
meaning of applicable Canadian securities legislation.
These statements are based on certain assumptions and analysis made by
the Company in light of its experience and its perception of expected future
developments as well as other factors it believes are appropriate in the
circumstances. However, whether actual results, performance or achievements
will conform to the Company's expectations and predictions is subject to a
number of known and unknown risks and uncertainties which could cause actual
results to differ materially from the Company's expectations. Consequently,
all of the forward-looking information and statements made in this press
release are qualified by these developments anticipated by the Company will be
realized or, even if substantially realized, that they will have the expected
consequence to or effects on the Company or its business or operations.
For further information:
For further information: Ric Peterson, Chairman, President and Chief
Executive Officer or Bob German, Vice President Finance and Chief Financial
Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone:
(403) 517-4654, Fax: (403) 517-4678; website: www.horizonnorth.ca