CALGARY, ALBERTA--(Marketwired - April 13, 2015) - Gibson Energy Inc. ("Gibsons" or the "Company"), (TSX:GEI), is pleased to announce that it has received sufficient committed shipper support to proceed with an additional 900,000 barrels of crude oil storage capacity at the Company's Hardisty Terminal. This will be comprised of a 400,000 barrel storage tank and a 500,000 barrel storage tank. The 500,000 barrel storage tank is backed by a long-term agreement with Teck Resources Limited, a new customer for Gibsons.
"The recent contract with Teck, in support of their Fort Hills project, illustrates the resiliency of our customers' growth plans and highlights the industry leading connectivity and optionality benefits associated with our terminal in the Hardisty area crude oil hub," said Rick Wise, Gibsons' Chief Operating Officer. "Despite today's depressed oil price environment, a robust growth profile remains in place for oil sands related production volumes. We have confidence in our ability to capture the associated demand for terminal services through the diversified offerings we can provide our customers at the Hardisty Terminal."
These latest storage tanks, expected to be in-service by the middle of 2017, are two of nine storage tanks associated with the Company's expansion of its Hardisty Terminal which commenced in 2012. To date, we have commissioned four tanks in this expansion totaling 1.7 million barrels of additional storage capacity. Including the tanks announced today, the remaining five tanks under construction will result in a further 2.0 million barrels of capacity which, upon completion, will increase Gibsons' total crude oil storage capacity at Hardisty to 8.0 million barrels.
Gibsons is a large independent integrated service provider to the oil and gas industry with operations across major producing regions throughout North America. Gibsons is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, water, oilfield waste, and refined products. The Corporation transports energy products by utilizing its integrated 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. The Corporation also provides emulsion treating, water disposal and oilfield waste management services through its network of processing, recovery and disposal in Canada and the United States and is the second largest industrial propane distribution company in Canada. The Corporation's integrated operations allow it to participate across the full midstream energy value chain, from the hydrocarbon producing regions in Canada and the United States, through the Corporation's strategically located terminals in Hardisty and Edmonton, Alberta and injection stations and terminals in the United States, to the end user or refineries of North America.
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 Company's future payment of dividends and the amount thereof and management's expectation with respect to the Company's business and financial prospects and opportunities. 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. In addition, this news release may contain forward-looking statements and forward-looking information attributed to third party industry sources. 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 3, 2015 as filed on SEDAR and available on the Gibsons website at www.gibsons.com.