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TSXV Trading Symbol: SWE
CALGARY, Nov. 18, 2013 /CNW/ - SilverWillow Energy Corporation
("SilverWillow" or the "Corporation") (TSXV: SWE) has filed its third
quarter financial statements and management's discussion and analysis
("MD&A") for the quarter ended September 30, 2013.
During the third quarter, SilverWillow's engineering consultants
completed the preliminary engineering and cost estimate for Phase 1 of
the proposed Audet steam assisted gravity drainage ("SAGD") project.
The facility is being designed to produce an annual average of 12,000
barrels per calendar day of bitumen at a steam to oil ratio ("SOR") of
up to 2.5:1. The preliminary Class 4 capital cost estimate for the
project totals $550 million, implying a capital intensity of just under
$46,000 per calendar day of bitumen production.
The stated accuracy of this cost estimate is within a range of plus or
minus 30%. This estimate includes site access, construction, drilling,
commissioning, start-up, as well as other capital and operating costs
until first steam is achieved. It excludes capital costs for items
that are expected to be provided by third parties such as co-generation
facilities, fuel gas supply pipeline, diluent and product pipelines,
and operations camp, all of which will be captured in operating costs
following first steam injection.
The commercial facility is designed to produce approximately 104 million
barrels of bitumen over its life. Currently, the Corporation is in the
process of completing the required environmental studies and plans to
submit a regulatory application for Phase 1 of the Audet SAGD project
in the fourth quarter of 2013.
The third quarter financial statements and management's discussion and
analysis are available for viewing on our website at www.swenergy.ca and on SEDAR at www.sedar.com.
About SilverWillow Energy
SilverWillow Energy Corporation is a Calgary, Alberta based
pre-production oil sands company with a portfolio of exploration leases
in Canada's Athabasca oil sands. To learn more, please visit www.swenergy.ca.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Cautionary Statements Regarding Forward-Looking Information
This news release contains "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information is
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar words,
or statements that certain events or conditions "may" or "will" occur.
The forward-looking information in this news release relates, but is
not limited to, statements with respect to the development of a
proposed 12,000 barrel per day SAGD project. In addition information
relating to "resources" is forward-looking information, as it involves
the implied assessment, based on estimates and assumptions, that the
resources described exist in the quantities predicated or estimated,
and can be profitably produced in the future.
The forward-looking information set out in this news release, is based
on certain expectations and assumptions regarding, among other things,
the exploration and development of the Audet Lands; the submission of
the regulatory application for the Audet Lands and the ability of
Corporation to obtain required regulatory approval for the development
of the Audet Lands; the designed production level and SOR for the Audet
SAGD project; and the capital costs for the Audet SAGD project. These
expectations and assumptions are based on certain factors and events
that are not within the control of SilverWillow and there is no
assurance they will prove to be correct.
Forward-looking information is subject to known and unknown risks and
uncertainties and other factors which may cause actual results, levels
of activity and achievements to differ materially from those expressed
or implied in such forward-looking information. Such risks,
uncertainties and factors include, among others, the risk that the
regulatory approvals in respect of the Audet Project will not be
submitted in the timeframe or on the terms expected or at all; risks
relating to the early stage of development of SilverWillow and the
Audet Lands; and the general risks associated with exploring for,
developing and producing bitumen, including many factors beyond the
Corporation's control, and no assurance can be given that the indicated
level of bitumen or the recovery thereof will be realized. In general,
estimates of bitumen are based upon a number of factors and assumptions
made as of the date on which the resource estimates were determined,
such as geological and engineering estimates, which have inherent
uncertainties. Additional risks relating to the business and
operations of SilverWillow and to the resource estimates in respect of
the Audet Lands are set forth in the Corporation's Annual Information
Form and in its most recent Management's Discussion and Analysis, which
are filed under the Corporation's profile on SEDAR at www.sedar.com.
SilverWillow undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The reader is cautioned not
to place undue reliance on forward looking information.
SOURCE: SilverWillow Energy Corporation
For further information:
please contact Howard J. Lutley, President and Chief Executive Officer, at (403) 538-7030.