CALGARY, March 2 /CNW/ - Flint Energy Services Ltd. ("Flint" or the
"Company") announced today the company has been awarded a contract by Albian
Sands Energy Inc. to fabricate and install a froth treatment unit. The unit is
a key component of Albian Sands Expansion 1, part of the Athabasca Oil Sands
Project (AOSP) Expansion, a fully integrated 100,000 barrel-a-day expansion of
AOSP bitumen mining and upgrading facilities. The contract will be worth up to
$500 million with preliminary work starting in the second quarter of this
The AOSP is a joint venture among Shell Canada (60%), Chevron Canada
Limited (20%) and Western Oil Sands L.P. (20%). Albian Sands Energy Inc.
operates the existing Muskeg River Mine on behalf of the AOSP owners.
Flint's scope of work will involve the shop fabrication of pipe racks and
process equipment modules at Flint's modular fabrication facility in Sherwood
Park. Up to 150 modules will be fabricated in Sherwood Park over a 10 month
period and transported to and assembled at the Muskeg River Mine north of Fort
McMurray. The contract also includes site preparation, foundations,
installation of mechanical piping, process equipment and buildings, as well as
electrical systems and instrumentation.
Bill Lingard, President and Chief Operating Officer says, "Flint is very
pleased to have been selected by Albian Sands to work on this significant oil
sands expansion. Flint is a recognized leader in modular construction for the
oil sands and Shell, the project lead, is an excellent operator to work with.
This is one of several major oil sands projects that we will be involved in
over the next two years".
Flint is a market leader providing an expanding range of integrated
products and services for the oil and gas industry including: production
services; facility infrastructure; oilfield transportation; tubular management
services; process equipment design and manufacturing; and plant maintenance.
Flint provides this unique breadth of products and services through over 60
strategic locations in the oil and gas producing areas of western North
America, from Inuvik in the Northwest Territories to Mission, Texas on the
Mexican border. Flint is a preferred provider of infrastructure construction
management, module fabrication, and maintenance services for upgrading and
production facilities in Alberta's fast growing oil sands sector. Flint Energy
Services Ltd. is a publicly traded company listed on the Toronto Stock
Exchange under the symbol "FES".
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements",
which reflect current expectations of the management of Flint regarding future
events or Flint's future performance. All statements other than statements of
historical fact contained in this news release may be forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in the forward-looking statements.
Flint believes that the expectations reflected in such forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon. The forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The forward-looking
statements are made as of the date of this news release and Flint assumes no
obligation to update or revise them to reflect new events or circumstances,
except as expressly required by applicable securities law. Further information
regarding risks and uncertainties relating to Flint and its securities can be
found in the disclosure documents filed by Flint with the securities
regulatory authorities, available at www.sedar.com.
For further information:
For further information: W.J. (Bill) Lingard, President & Chief
Executive Officer; or Terry Freeman, Chief Financial Officer; or Guy Cocquyt,
Director of Investor Relations, Telephone: (403) 218-7100, Fax: (403)
215-5481, Website: www.flintenergy.com