CALGARY, May 3, 2013 /CNW/ - Gibson Energy Inc. ("Gibson" or the
"Company"), TSX: GEI, is pleased to announce that it has received
committed customer support for an additional 500,000 bbl crude oil
storage tank at the Company's Hardisty Terminal.
This new tank will be constructed on the Company's eastern Hardisty
lands along with the two 400,000 bbl tanks announced in September, 2012
and the 300,000 bbl tank (now revised to 400,000 bbl) announced last
month. Details are as follows:
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Site preparation and civil work on the eastern Hardisty lands is now
underway.
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Expected in-service dates for the new tanks are:
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Mid 2014 for the first 400,000 bbl tank;
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Late 2014 for the second and third 400,000 bbl tanks; and
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Early 2015 for the 500,000 bbl tank.
"The addition of 1.7 million barrels of new storage capacity announced
in the last seven months reaffirms the attractiveness of our Hardisty
Terminal location for customers as they direct their current and future
production to appropriate markets," said Rick Wise, Gibson's Senior
Vice President Operations. "We continue to have positive discussions
with several customers regarding the further build out of strategic
land positions at our Hardisty and Edmonton Terminals. Therefore, we
expect near-term organic growth to be largely driven by long-term,
fee-based contracted storage tank construction, expanded terminal
services and construction of rail infrastructure to facilitate crude
oil movements."
About Gibson
Gibson is a large, independent midstream energy company in Canada and an
integrated service provider to the oil and gas industry in the United
States. Gibson is engaged in the movement, storage, blending,
processing, marketing and distribution of crude oil, condensate,
natural gas liquids, water, oilfield waste and refined products.
Gibson transports energy products by utilizing its network of
terminals, pipelines, storage tanks, and trucks located throughout
western Canada and through its significant truck transportation and
injection station network in the United States. Gibson also provides
emulsion treating, water disposal and oilfield waste management
services in Canada and the United States and is the second largest
retail propane distribution company in Canada.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
"forward-looking statements"). These statements relate to future events
or the Company's future performance. All statements other than
statements of historical fact are forward-looking statements. The use
of any of the words ''anticipate'', ''plan'', ''contemplate'',
''continue'', ''estimate'', ''expect'', ''intend'', ''propose'',
''might'', ''may'', ''will'', ''shall'', ''project'', ''should'',
''could'', ''would'', ''believe'', ''predict'', ''forecast'',
''pursue'', ''potential'' and ''capable'' and similar expressions are
intended to identify forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those
anticipated in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not be
unduly relied upon. These statements speak only as of the date of this
news release. The Company does not undertake any obligations to
publicly update or revise any forward looking statements except as
required by securities law. Actual results could differ materially
from those anticipated in these forward-looking statements as a result
of numerous risks and uncertainties including, but not limited to, the
risks and uncertainties described in "Forward-Looking Statements" and
"Risk Factors" included in the Company's Annual Information Form dated
March 5, 2013, as filed on SEDAR and available on the Gibson website at
www.gibsons.com.
SOURCE: Gibson Energy Inc.