NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
CALGARY, Nov. 28, 2011 /CNW/ - SilverBirch Energy Corporation (TSX-V:
'SBE') ("SilverBirch" or the "Corporation") announced today that the
Regulatory Application and Environmental Impact Assessment for the
Frontier Project (including the Equinox Project) (the "Project"),
located approximately 110 kilometres north of Fort McMurray, has been
The application, submitted to Alberta Environment, the Alberta Energy
Resources Conservation Board and the Canadian Environmental Assessment
Agency, seeks approval for an oil sands mining and bitumen extraction
project that will produce approximately 277 thousand barrels per
calendar day of partially de-asphalted bitumen from a phased surface
mining development. First production is anticipated to start in 2021
and over its life the Project is expected to produce 2.8 billion
barrels of bitumen. The Frontier Project is the last remaining,
undeveloped oil sands mining project to enter the regulatory process.
"SilverBirch considers the filing of the application a significant
milestone in the advancement of the Project towards commercial
production" said Howard Lutley, President and Chief Executive Officer
of SilverBirch. The application addresses a number of concerns that
were expressed by local stakeholders during the extensive consultation
process. The Corporation also notes that the application includes a
development plan that complies with the intent of the latest
requirements for tailings and water management as well as applying best
commercially available emissions management technologies.
The Project is jointly owned by SilverBirch and Teck Resources Limited
("Teck"). Each company holds a 50% interest with Teck as the operator.
Corporate sanction of the Project could occur as early as 2014/2015 with
construction commencing in 2016 and commercial oil production obtained
SilverBirch is under no obligation to provide major project funding at
this time and will not be proceeding with construction until a
partnership agreement and funding solutions are in place. The
Corporation continues to review alternatives to fund its share of the
future Project costs; this may include equity/debt financing, strategic
or financial partnering, a reduction of its interest in the Project, or
sale of the Project.
SilverBirch Energy Corporation is a pre-production oil sands Corporation
headquartered in Calgary, Alberta, Canada. SilverBirch has a portfolio
of mining and in situ oil sands properties, including 50% ownership of
the Frontier and Equinox Projects. To learn more, please visit www.silverbirchenergy.com.
Advisory Regarding Forward-Looking Information
This news release contains forward-looking information and
forward-looking statements within the meaning of applicable Canadian
securities laws (collectively, "forward-looking information"). The
words "expect", "could", "estimate", "anticipate", "plan" and similar
expressions, as well as future or conditional verbs such as "will" and
"may" often identify forward-looking information. Forward-looking
information is only a prediction. Undue reliance should not be placed
on forward-looking information, as there can be no assurance that the
plans, intentions or expectations upon which it is based will occur.
Specific forward-looking information contained in this news release
includes, without limitation, statements regarding: the corporate
sanction, timing and development of the Project; the estimated
operating, capital and total project costs associated with development
of the Project; SilverBirch's plans and expectations regarding the
funding of its share of Project costs; the expected timing of
commencement of construction and commercial oil production and the
level of production and production capacity anticipated; the
continuance of the stakeholder consultation process; and resource
estimates relating to the Project.
The forward-looking information set out in this news release, is based
on certain expectations and assumptions regarding, without limitation:
future crude oil, bitumen, natural gas and SCO prices; geological and
engineering estimates; the geography of the areas in which SilverBirch
will be working; and the sufficiency of budgeted capital expenditures
in carrying out planned activities. These expectations and assumptions
are based on certain factors and events that are not within the control
of SilverBirch 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 or statements. Such
risks, uncertainties and factors include, among others: the early stage
of development of SilverBirch's assets and the nature of the
exploration and development activities on such assets; risks associated
with contingent bitumen resources and mine pit estimates; difficulties
encountered during the exploration for, delineation, development and
production of bitumen; costs associated with exploration for,
delineation, development and production and upgrading bitumen; the need
to obtain required approvals and permits from regulatory authorities;
compliance with and liabilities under environmental laws and
regulations; the volatility of crude oil and natural gas prices and of
the differential between heavy and light crude oil prices; in the
foreign exchange rate amount between the Canadian dollar, the U.S.
dollar and the Euro; general economic conditions; changes in or the
introduction of new government regulations; the uncertain ability of
SilverBirch to attract capital for both debt and equity when necessary.
Additional information and other factors that could affect SilverBirch
are included in the documents on file with applicable securities
regulatory authorities, including SilverBirch's AIF for the year ended
December 31, 2010, and may be accessed through the SEDAR website at www.sedar.com.
The forward-looking information contained in this news release is made
as of the date hereof and SilverBirch does not undertake any obligation
to update publicly or to revise any of the included forward-looking
information to reflect new events or circumstances, except as required
by applicable Canadian securities laws. The forward-looking information
contained herein is expressly qualified by this cautionary statement.
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.
SOURCE SilverBirch Energy Corporation
For further information:
please contact: Howard J. Lutley, President and Chief Executive Officer, at 403-538-7030.