CALGARY, ALBERTA--(Marketwired - July 15, 2013) - Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") is pleased to announce that it has signed a long-term contract ("Contract") with Statoil Canada Ltd. ("Statoil") to build infrastructure at the Company's Edmonton Terminal.
"This development will be located on the western side of our Edmonton Terminal and is the first step in capitalizing on our 45 acres of undeveloped land," said Stewart Hanlon, Gibson's President and Chief Executive Officer. "With this new infrastructure in place, our Edmonton location will emulate the business model of our Hardisty Terminal providing merchant storage, flexible delivery options and pipeline connectivity to our customers."
As a result of the Contract and subject to pipeline connection agreements, Gibson will construct:
- Pipeline and connection infrastructure to multiple major pipelines in the Edmonton area;
- One 300,000 bbl crude oil storage tank; and
- A new rail loading rack.
This new infrastructure will allow Statoil multiple delivery options for its crude production to points across North America. The in-service date for the new facilities is expected to be in the first half of 2015.
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.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements") including but not limited to statements concerning the development of the infrastructure expansion at Gibson's Edmonton Terminal and the Company's expectations with respect to the business and financial prospects and opportunities that the infrastructure expansion may provide Gibson. These statements relate to future events or the future performance of Gibson. 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 with such risks and uncertainties including, but not limited to, the completion of the infrastructure expansion at Edmonton Terminal, the failure of Gibson to obtain the pipeline connections to third party pipelines in the Edmonton area and the risks and uncertainties described in "Forward-Looking Statements" and "Risk Factors" included in Gibson's Annual Information Form dated March 5, 2013 as filed on SEDAR and available on Gibson's website at www.gibsons.com. Although Gibson believes these statements to be reasonable, 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. The forward-looking statements contained in this news release represent Gibson's expectations as of the date hereof, and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.