Press Release
Alberta Oilsands Inc. Advances its Clearwater West SLP-SAGD Project
Application
NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE SERVICES OR FOR DISSEMINATION TO
THE U.S.A.
Calgary, Alberta CANADA, January 07, 2013 /FSC/ - Alberta Oilsands Inc. (AOS
- TSX Venture)("Alberta Oilsands" or the "Company")is pleased to announce that
it has submitted to the Energy Resources Conservation Board (ERCB) its response
to the remaining question in the third Supplemental Information Request (SIR)
and an updated geo-mechanical reservoir model simulation relating to its
Clearwater West SLP-SAGD project ("Clearwater").
Binh Vu, interim President of Alberta Oilsands stated, "The submission of the
remaining responses and an updated geo-mechanical reservoir model simulation to
the ERCB provides strong support for approval of AOS' Clearwater application.
This is a significant step on the path to production at the Company's Clearwater
project."
The Company initially filed an application to the ERCB for a Solvent
Co-Injection Low Pressure Steam Assisted Gravity Drainage (SLP-SAGD) pilot
project at Clearwater with a design production capacity of 4,350 bbl/d of
bitumen through six horizontal SLP-SAGD well pairs. The Company has now
responded to all outstanding SIRs from the ERCB and will continue to work with
the ERCB during the coming months to advance the Clearwater application to the
approval stage. Subject to the ERCB's approval of the Clearwater application and
successful completion of the pilot program, the Company plans to proceed to the
commercial production phase and increase the production capacity at
Clearwater.
The Clearwater project area is now delineated by a total of 60 core holes
over approximately 6 sections. The section that the Clearwater application
encompasses has a core density of 14 core holes per section with 3D seismic
coverage. The Company engaged GLJ Petroleum Consultants to prepare a NI 51-101
compliant resource report on the entire Clearwater project area based on
delineation that included the results of the winter drilling program with an
effective date of December 31, 2011. Gross lease contingent resources of 373
million barrels (MMbbl) were assigned on a best estimate basis. The
contingencies which currently prevent the classification of the contingent
resources as reserves are the pending successful piloting of the SLP-SAGD
technology, further delineation drilling, facility design, regulatory approvals
and firm development plans.
About AOS
Alberta Oilsands Inc. is engaged in the exploration and development of
bitumen in the Athabasca oil sands region of northeast Alberta. Its head office
is located in Calgary, Alberta, Canada and Alberta Oilsands' common shares are
traded on the TSX Venture Exchange under the trading symbol AOS.
For further information please contact:
Binh Vu
Interim CEO & President
(416) 951-8800
bvu@aboilsands.ca
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.
This news release contains forward looking information including expectations
for proceeding with the commercial production phase at Clearwater, increasing
production capacity at Clearwater and estimates of resources at Clearwater.
Forward looking information is based on management's expectations regarding
the successful completion of the pilot program at Clearwater, future growth,
results of operations (including production, operating costs, average realized
bitumen prices), future capital and other expenditures (including the amount,
nature and sources of funding thereof), plans for and results of drilling
activity, environmental matters, business prospects and opportunities, future
royalty rates, commodity prices and foreign exchange rates and future economic
conditions. Forward looking information involves significant known and unknown
risks and uncertainties, which could cause actual results to differ materially
from those anticipated. These risks include, but are not limited to: the risks
associated with the oil and gas industry (e.g., operational risks in
development, exploration, production and start-up activities; delays or changes
in plans with respect to exploration or development projects or capital
expenditures; unanticipated operational upsets; the uncertainty of reserve and
resource estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks), the
risk of commodity price and foreign exchange rate fluctuations and risks and
uncertainties associated with securing and maintaining the necessary regulatory
approvals and financing to proceed with the continued expansion at Clearwater.
Additional risks and uncertainties relating to AOS and its business and affairs
are described in further detail in AOS' Annual Information Form for the year
ended December 31, 2011 which is available at www.sedar.com. Although AOS
believes that the expectations in such forward looking information are
reasonable, there can be no assurance that such expectations shall prove to be
correct. The forward-looking information included in this news release is
expressly qualified in its entirety by this cautionary statement. AOS assumes no
obligation to update or revise any forward-looking information to reflect new
events or circumstances, except as required by law.
This news release includes information pertaining to the resources of the
Corporation as at December 31, 2011 as evaluated by GLJ Petroleum Consultants
Ltd. ("GLJ") in their report for the year ended December 31, 2011. Statements
relating to resources are deemed to be forward looking statements, as they
involve the implied assessment, based on certain estimates and assumptions, that
the resources described exist in the quantities predicted or estimated, and can
be profitably produced in the future. Certain information and assumptions
relating to the resources reported herein are set forth in AOS' annual
information form for the year ended December 31, 2011 which is available at
www.sedar.com. The resource estimates of AOS' properties described herein are
estimates only. The actual resources on AOS' properties may be greater or less
than those calculated. Readers are referred to AOS' annual information form for
the year ended December 31, 2011 for additional information relating to the
risks and levels of uncertainties associated with the recovery of the contingent
resources.
References to "contingent resources" in this news release do not constitute,
and should be distinguished from, references to "reserves". Reserves are
estimated remaining quantities of crude oil and natural gas and related
substances anticipated to be recoverable from known accumulations, as of a given
date, based on the analysis of drilling, geological, geophysical, and
engineering data; the use of established technology; and specified economic
conditions, which are generally accepted as being reasonable. Contingent
Resources are those quantities of petroleum estimated, as of a given date, to be
potentially recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies. There is no certainty
that it will be commercially viable to produce any portion of the resources.
"Best Estimate" is considered to be the best estimate of the quantity that will
actually be recovered. It is equally likely that the actual remaining quantities
recovered will be greater or less than the best estimate. If probabilistic
methods are used, there should be at least a 50 percent probability that the
quantity actually recovered will equal or exceed the best estimate.
In addition, design capacity is not necessarily indicative of the stabilized
production levels that may ultimately be achieved at Clearwater.
To view this press release as a web page, click onto the link
below:
http://www.usetdas.com/pr/albertaoilsands07012013.htm
Source: Alberta Oilsands Inc. (TSX-V AOS) www.aboilsands.ca
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Monday, January 7, 2013
Friday, December 17, 2010
Bulk Coal carrier wins Lloyds award.
SOURCE: Safe Bulkers, Inc.
Dec 17, 2010 09:00 ET
Safe Bulkers, Inc. Awarded "The Best Dry Cargo Company for the Year 2010" at the 7th Annual Lloyds List Greek Shipping Awards
Based on nominations from the wider shipping community that are assessed by a distinguished panel of industry judges, the Lloyds List Greek Shipping Awards highlight some of the year's top performers and finest moments in the industry. Since 2004, the Annual Lloyd's List Greek Shipping Awards have been recognizing the best in the dynamic Greek shipping industry.
In his introductory speech, Nigel Lowry, the Lloyds List Greek Correspondent, remarked that judges noticed not only the successful financial performance of the Company in the New York Stock Exchange, but also its consistent concentration on new quality vessels especially in the Panamax segment, the Company's competitive strength and its ability to take advantage of growth opportunities.
Polys Hajioannou, Chief Executive Officer of the Company, commented, "We are very proud to have received this award recognizing our performance and our consistent efforts to grow the Company through selective high quality newbuild acquisitions and to enhance shareholder value for the long term."
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock is listed on the NYSE, where it trades under the symbol "SB." The Company's current fleet consists of 16 drybulk vessels, all built post-2003, and the Company has contracted to acquire eight additional drybulk newbuild vessels to be delivered at various times through 2013.
Forward-Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in the Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
30-32 Karamanli Avenue
Voula 16673
Athens, Greece
Tel.: +30 (210) 899-4980
Fax: +30 (210) 895-4159
E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:
Ramnique Grewal
Vice President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com
Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
30-32 Karamanli Avenue
Voula 16673
Athens, Greece
Tel.: +30 (210) 899-4980
Fax: +30 (210) 895-4159
E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:
Ramnique Grewal
Vice President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com
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Tuesday, December 14, 2010
United States Federal Reserve confirms sluggish recovery!
Image via WikipediaDecember 14, 2010
Federal Reserve Open Market Committee News Release:
Information received since the Federal Open Market Committee met in November confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment. Household spending is increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have continued to trend downward.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Sandra Pianalto; Sarah Bloom Raskin; Eric S. Rosengren; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
Voting against the policy was Thomas M. Hoenig. In light of the improving economy, Mr. Hoenig was concerned that a continued high level of monetary accommodation would increase the risks of future economic and financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.
Related articles
- Here's The Full Text Of The Fed's Plan For Quantitative Easing 2 (businessinsider.com)
- Parsing the Fed: How the Statement Changed (blogs.wsj.com)
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