Surmont Energy Ltd

April 26, 2012 09:00 ET

Surmont Energy Selects SAGD Engineering Firm

CALGARY, ALBERTA--(Marketwire - April 26, 2012) - Calgary-based private company Surmont Energy Ltd. ("Surmont") announces that it has engaged SCOVAN Engineering Inc., a Calgary based engineering, procurement, and construction management company, to provide the engineering design that is intended to lead to submission later this year of regulatory applications for its 10,000 to 12,000 bopd Phase 1 SAGD oilsands project. This project is the first of a multi-phased program planned by Surmont.

Surmont and Bounty Developments Ltd. are working together to develop an exploration plan for the rest of the lands in upcoming seasons, with the objective of developing additional project phases to increase overall reserves and peak production rates to a multiple of Phase 1 values.

About Surmont Energy Ltd.

Surmont Energy Ltd. is a privately held oilsands company founded in October 2011 and headquartered in Calgary, Alberta. The company focuses on utilizing environmentally responsible technologies to carry out profitable development of oilsands and heavy oil projects in western Canada. Surmont's initial project is located on a 12,000 acre block of oilsands leases in the heart of Alberta's steam-assisted- gravity drainage (SAGD) project region, where the company has been conducting an accelerated exploration program intended to lead to a project application during the latter part of 2012 and first production in 2015.

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. Forward-looking 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 Surmont's experience and current beliefs as well as assumptions made by, and information currently available to, Surmont, 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. Surmont expressly 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 required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.

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