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CALGARY, April 16 /CNW/ - Value Creation Inc. ("VCI") is pleased to announce that on April 16, 2010, its wholly owned subsidiary BA Energy ("BAE") obtained the sanction order from the Court of Queen's Bench of Alberta, approving its Plan of Arrangements, with approval by its creditors.
BAE has an approved merchant upgrader project of about 260,000bpd capacity, with considerable project work done previously, and can be readily re-started. BAE owns a large block of prime industrial land, in the pivotal crude movement hub of Industrial Heartland NE of Edmonton, strategically located for merchant upgrading & specialized refining, and transportation to N. American and Pan-Pacific region. BAE and VCI also own the mineral rights of large salt deposits, with potentials for large salt-caverns for oil inventory and logistics management.
VCI recently announced its strategic Partnership with BP ("TdGP"), to develop one of its large oilsands lease blocks - Terre de Grace ("TdG") in the Athabasca region.
Recently, VCI has also received final official approval for a 10,000 bpd project at TdG, ready for possible immediate execution of an integrated upstream-upgrading project in TdG.
VCI has retained full ownership of its other significant oilsands leases (including the large Tristar block, south of Fort McMurry).
"We are delighted with our strategic partnership with BP on TdG. With the approved BAE restructuring, we are excited with the potential development of a pre-eminent full-value-chain oilsands enterprise, anchored by the integrated development of our wholly owned resources and HUP, leveraging on our patented proprietary technology. We have a strong and secured platform to put our vision of Value Creation In Motion", observed Dr. Columba Yeung, Founder and Chairman of Value Creation Group.
CAUTION ON FORWARD-LOOKING STATEMENT. This communication is based on information available when the materials were prepared and is provided as a matter of convenience only. VCI makes no warranty or representation, express, implied, statutory or otherwise, as to the accuracy or completeness of the information contained in this communication. VCI disclaims liability for any reliance upon any information or representation contained in this communication, for any omissions from this memo, and for any written or oral communications made by the Company or its representatives in connection with this communication. This communication does not necessarily contain all the information that a recipient may require or desire. Any reliance or use of such information is done at the recipient's sole risk. It is understood that only those representations and warranties which may be contained in a definitive agreement, if and when executed, shall have any legal effect. This communication is not and under no circumstances is to be construed as, an advertisement or offer to sell any securities of VCI. Certain statements contained in this communication are prospective in nature and constitute forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors that could cause VCI's actual results, performance or achievement to differ materially from those expressed in, or implied by, the forward looking statements. Accordingly, no assurance can be given that any of the forward looking statements will transpire or occur, or if any of them do so, what benefits VCI will derive therefrom. VCI disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
SOURCE VALUE CREATION INC.
For further information: For further information: Value Creation Inc, (403) 539-4500