Veresen Inc.
TSX : VSN

Veresen Inc.

February 06, 2015 15:40 ET

Jordan Cove LNG and Pacific Connector Gas Pipeline Receive Revised Notice of Schedule for Environmental Review

CALGARY, ALBERTA--(Marketwired - Feb. 6, 2015) - Veresen Inc. ("Veresen" or the "Company") (TSX:VSN) announced today that Jordan Cove LNG and Pacific Connector Gas Pipeline have received a revised notice of schedule for environmental review of the project from the Federal Energy Regulatory Commission ("FERC") in the United States. The revised schedule indicates that the final Environmental Impact Statement ("EIS") will now be issued on June 12, 2015. The first notice of schedule identified February 27, 2015 as the final EIS issuance date.

"Given the delay from the FERC in issuing our Draft EIS, we had anticipated that the first schedule was under pressure," said Don Althoff, President and CEO of Veresen. "While we are disappointed in the revised schedule, we are not surprised or concerned, and look forward to receiving our final EIS from the FERC in June."

Given the change in the schedule for issuing the final EIS, Veresen is currently reviewing the project schedule.

Jordan Cove LNG is a wholly-owned subsidiary of Veresen, and Pacific Connector Gas Pipeline is owned equally by a subsidiary of Veresen and a subsidiary of The Williams Companies, Inc.

About Veresen Inc.

Veresen is a publicly-traded dividend paying corporation based in Calgary, Alberta that owns and operates energy infrastructure assets across North America. Veresen is engaged in three principal businesses: a pipeline transportation business comprised of interests in the Alliance Pipeline, the Ruby Pipeline and the Alberta Ethane Gathering System; a midstream business which includes an ownership interest in Aux Sable, a world-class natural gas liquids (NGL) extraction facility near Chicago and other natural gas and NGL processing energy infrastructure, and a proposed partnership interest in Veresen Midstream Limited Partnership which will own midstream assets in western Canada; and a power business comprised of a portfolio of assets in Canada. Veresen is also developing Jordan Cove LNG, a six million tonne per annum natural gas liquefaction facility proposed to be constructed in Coos Bay, Oregon, and the Pacific Connector Gas Pipeline. In the normal course of business, Veresen regularly evaluates and pursues acquisition and development opportunities.

Veresen's Common Shares, Cumulative Redeemable Preferred Shares, Series A and Cumulative Redeemable Preferred Shares, Series C trade on the Toronto Stock Exchange under the symbols "VSN", "VSN.PR.A" and "VSN.PR.C", respectively. For further information, please visit www.vereseninc.com.

Forward-looking Information

Certain information contained herein relating to, but not limited to, Veresen and its businesses and the offering of the notes, constitutes forward-looking information under applicable securities laws. All statements, other than statements of historical fact, which address activities, events or developments that Veresen expects or anticipates may or will occur in the future, are forward-looking information. Forward-looking information typically contains statements with words such as "may", "estimate", "anticipate", "believe", "expect", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or outlook. Forward-looking statements in this news release include, but are not limited to, the timing of, and our ability to successfully obtain regulatory approvals for the construction of the Jordan Cove LNG facility and the Pacific Connector Gas Pipeline. Readers are also cautioned that such additional information is not exhaustive. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are independent and management's future course of action would depend on its assessment of all information at that time. Although Veresen believes that the expectations conveyed by the forward-looking information are reasonable based on information available on the date of preparation, no assurances can be given as to future results, levels of activity and achievements. Undue reliance should not be placed on the information contained herein, as actual results achieved will vary from the information provided herein and the variations may be material. Veresen makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and Veresen does not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.

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