SilverBirch Energy Corporation provides update on regulatory application for the Frontier and Equinox Projects
November 28 2011 - 8:00AM
PR Newswire (Canada)
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES. CALGARY, Nov. 28, 2011 /CNW/ - SilverBirch
Energy Corporation ("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 submitted. 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 in 2020/2021. 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. About SilverBirch 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.
SilverBirch Energy Corporation CONTACT: please contact: Howard J.
Lutley, President and Chief ExecutiveOfficer, at 403-538-7030.
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