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Information Releases

July 25, 2013

Laricina Energy Reports Second Quarter 2013 Results


The first quarter of 2013 set the stage for what was to come, and the second quarter delivered. Laricina achieved first steam at the Germain Commercial Demonstration Project (CDP), a historic moment that marked the start of operations at our first commercial-scale project. We all share in the excitement of this milestone and look forward to first bitumen production later in the fall.

Most recently and subsequent to the quarter, we received regulatory approvals for Saleski Phase 1 from the Alberta Energy Regulator (AER) along with Order in Council from the Government of Alberta. These approvals represent a critical next step for both industry and the province in the development of this massive untapped resource in the Grosmont Formation, Alberta’s second largest oil resource.

In regards to our transportation services, after receiving regulatory approval from the ERCB for the SMP in May, we disposed of the SMP assets to a third party. We are now in discussions with the new owner for transportation services on the SMP and/or other proposed pipelines in the area. For our near-term transportation needs, we continue to truck Saleski pilot sales volumes to regional pipeline and rail terminals. Initial blended bitumen sales volumes from the Germain CDP will also be trucked. To complement our existing trucking strategy, we continue to test shipping volumes by rail.

Laricina’s advancements during the first half of the year have been significant. We have achieved important milestones at both our projects, focusing on what is within our control – namely, managing our business and executing on our projects. We have worked hard to get to this point and to build an in situ oil sands company on the verge of commercial-scale production from the ground up.

Click here to read complete report. (PDF)

 

About Laricina Energy Ltd.

Laricina is a non-public, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.

Laricina’s goal is to create value by developing Canada’s oil sands using innovative in situ technologies. The Company has a diverse portfolio of oil sands assets at varied stages of development, and experienced people with the requisite technical expertise. Laricina has identified five core areas with commercial production potential in excess of 600,000 gross barrels of bitumen per day from a large concentrated resource base with 387 million barrels of probable reserves and 4.6 billion barrels of contingent plus prospective resources (best estimate) as determined by Laricina’s independent reservoir engineers. These assets include oil sands resources in the familiar McMurray Formation, and the developing Grand Rapids, and Grosmont and Winterburn carbonate plays, all of which offer significant production potential.

This information release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law including but not limited to final regulatory approval from the Energy Resources Conservation Board and Alberta Environment. Forwardlooking statements are frequently characterized by words such as “plan”, “expect”, “estimate”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on Laricina’s experience and current beliefs as well as assumptions made by, and information currently available to, Laricina, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Laricina disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as 2 required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.


For further information please contact:

Heidi Christensen Brown
Senior Analyst, Investor Relations
403.817.0555

Laricina Energy Ltd. 
East Tower, 5th Ave Place 
800, 425 1st Street SW
Calgary, AB. T2P 3L8

Where Energy
Meets Innovation

Laricina is advancing in situ technology and innovation, through its forward thinking approach and practices. Our ideas begin with people whose knowledge is based on years of in situ experience, redefining and shaping several of the processes we are implementing today.

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