CALGARY, Aug. 29 /CNW/ - Synenco Energy Inc., on behalf of the Northern
Lights Partnership (NLP), announced that it has signed a joint venture
agreement to become a participant in the Fort MacKay/Firebag Aerodrome, a
private, full-service airport under construction about 30 kilometres southeast
of NLP's proposed oil sands mine site in northeastern Alberta.
The Fort MacKay/Firebag Aerodrome joint venture consists of Suncor Energy
(owner and operator), Husky Energy (owner) and NLP (owner). NLP plans to use
the facility to transport employees and contractors to its oil sands project
site during construction and operation.
The aerodrome is scheduled to be operational by the end of the 2007
calendar year. It will feature a lighted runway 6,900 feet in length with
instrument landing capability, a terminal building, and a maintenance and
emergency services building. The facility has been designed to simultaneously
accommodate the loading and unloading of two 737-800 aircraft.
The location of the Northern Lights project and its distance from Fort
McMurray means the project will use a fly-in, fly-out transportation model for
"The aerodrome is the most effective and cost-efficient way for Northern
Lights to meet the commuting needs of its people," said Steve Gilliland,
Executive Vice President, Operations. "And, using the aerodrome will reduce
the impacts of our project on the roads and related infrastructure of the
Regional Municipality of Wood Buffalo."
"We believe that participating in the joint venture reduces execution
risk for the Northern Lights project and enhances long-term value, whatever
the results are of Synenco's strategic options review process," said
About Synenco Energy and Northern Lights
Synenco Energy (TSX: SYN) is a Calgary-based oil sands company which,
with a 60-percent interest, is the managing partner of the Northern Lights
Partnership and operator of the Northern Lights oil sands project. Synenco, on
behalf of the NLP, holds five coal lease applications in northeastern Alberta.
In addition, Synenco Energy also holds a 100-percent interest in the
McClelland oil sands lease adjacent to Northern Lights project lands.
SinoCanada Petroleum Corporation, an indirect wholly owned subsidiary of
China-based Sinopec, owns the remaining 40 percent of the Northern Lights
Certain statements set out in this news release constitute
forward-looking statements, including statements respecting future use of the
Fort MacKay/Firebag Aerodrome facility to transport employees and others, the
scheduled date for commencement of operations at the Fort MacKay/Firebag
Aerodrome, the features and capacity of the Fort MacKay/Firebag Aerodrome, the
effect of use of the Fort MacKay/Firebag Aerodrome on public infrastructure
and the effect of the joint venture agreement on the long-term value of the
Northern Lights project and the risk profile of the project. Readers should
refer to the cautionary statement respecting forward-looking information that
appears at the end of this news release.
Cautionary note regarding forward-looking statements
This news release contains forward-looking statements relating to Synenco
Energy and NLP, which are expressly qualified by this cautionary note.
Forward-looking statements are frequently identified by use of words such as
"plan", "expect", "project", "intend", "believe", "estimate" and other similar
words, or statements that certain events or conditions "may" or "will" occur.
All statements suggesting future plans and outcomes are forward-looking
statements. Readers are strongly cautioned that forward-looking statements are
inherently uncertain and based on various estimates and assumptions and are
subject to numerous known and unknown risks and uncertainties. Undue reliance
must not be placed on them and such forward-looking statements should not be
interpreted as guarantees of future outcomes. Actual outcomes may vary
materially from those described in or implied by such forward-looking
statements. Factors that could cause actual results to differ materially from
those expressed or implied include, but are not limited to, changes to
management's transportation strategy.
Forward-looking information respecting future use of the Fort
MacKay/Firebag Aerodrome facility to transport employees and others is based
upon the transportation strategy developed by management (which is subject to
change) and analysis of other options for personnel commuting during
construction and operation phases of the Northern Lights project.
Forward-looking information relating to the commencement of operations at the
Fort MacKay/Firebag Aerodrome facility is based upon information received from
the operator of the Fort MacKay/Firebag Aerodrome joint venture and an
understanding of construction progress. Forward-looking information respecting
the features and capacity of the Fort MacKay/Firebag Aerodrome is based upon
the existing design for the facility and advice received from the operator of
the Fort MacKay/Firebag Aerodrome joint venture. Forward-looking information
respecting the anticipated effect of use of the Fort MacKay/Firebag Aerodrome
facility on public infrastructure is based upon management's estimates of the
reduction in vehicle traffic that would otherwise be required to transport
personnel to and from the Northern Lights project. Forward-looking information
respecting the effect of the joint venture on the long-term value of the
Northern Lights project and the risk profile of the project is based upon
management's assessment of the importance to the project, regardless of the
outcome of the strategic options review process, of effective transportation
of personnel during both the construction and operation phases. Additional
risk factors to which Synenco is exposed in the conduct of its business are
set out in Synenco's annual information form dated March 9, 2007, which has
been filed with various securities regulatory authorities in Canada and can be
found on SEDAR at www.sedar.com.
Forward-looking statements are made as at the date of this news release
and are not guarantees of future outcomes. Synenco Energy expressly disclaims
any obligation to update publicly or revise any of the forward-looking
statements, except as required by law.
For further information:
For further information: Media: Scott Ranson, General Manager, Public
Affairs, Synenco Energy Inc., Telephone: (403) 451-5212, Cellular: (403)
619-5038, firstname.lastname@example.org; Kelli Stevens, Public Affairs Coordinator,
Synenco Energy Inc., Telephone (403) 451-5240, email@example.com;
Investment Community: Idar Eikrem, Executive Vice President and Chief
Financial Officer, Synenco Energy Inc., Telephone: (403) 451-4612,