CALGARY, ALBERTA--(Marketwired - April 30, 2014) - Gibson Energy Inc. ("Gibson" or the "Company"), (TSX:GEI), is pleased to announce that it has received committed support, from a new customer, for two 300,000 barrel crude oil storage tanks at the Company's Hardisty Terminal. The two additional tanks contribute to a total of six new tanks being constructed at Hardisty, increasing total storage capacity under development to 2.3 million barrels.
"The contracting of 2.3 million barrels of new storage capacity since initiating the expansion of the terminal in the third quarter of 2012 highlights the strategic value of our Hardisty land base and reaffirms the growing demand for flexibility in the delivery of crude oil to the most appropriate market," said Rick Wise, Gibson's Chief Operating Officer. "Additionally, we are excited about the near term commissioning of the Unit Train Facility, as it will provide yet another valuable outlet for crude from our Hardisty Terminal. We believe this enhanced optionality for our existing and new customers will lend further support to the continued expansion of our undeveloped land at Hardisty."
The new tanks will be constructed on the Company's eastern Hardisty lands adjacent to the three 400,000 barrel tanks and the 500,000 barrel tank currently under construction. Details are as follows:
- Construction of the first four tanks is progressing according to plan.
- Site preparation and civil work for the two new tanks will commence in the third quarter of 2014.
- Expected in-service dates for the six new tanks are:
- Late 2014 for the first and second 400,000 barrel tanks;
- Early 2015 for third 400,000 barrel tank and the 500,000 barrel tank; and
- Early 2016 for the two 300,000 barrel tanks.
Gibson is a large, independent midstream energy company in Canada and an integrated service provider to the oil and gas industry in the U.S. Gibson is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, NGLs, water, oilfield waste and refined products. The Company transports energy products by using 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 U.S. The Company also provides environmental and production services, including fluid handling, emulsion treating, water disposal and oilfield waste management services in Canada and the U.S., 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"). 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. 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 4, 2014, as filed on SEDAR and available on the Gibson website at www.gibsons.com.