Veresen Reaches Major Milestone on Jordan Cove Energy Project with Filing of
Formal FERC Application
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
CALGARY, May 22, 2013 /CNW/ - Veresen Inc. ("Veresen" or the "Company") (TSX:
VSN) is pleased to announce today that Jordan Cove Energy Project L.P. has
filed an application with the United States Federal Energy Regulatory
Commission ("FERC") to construct and operate a liquefied natural gas ("LNG")
export facility ("Jordan Cove") on the west coast of the United States within
the international Port of Coos Bay, Oregon.
Filing of the FERC application follows more than a year of engineering and
design activities, public consultation, and working closely with the FERC to
ensure a completed application. Receiving a certificate to allow the
construction and operation of the Jordan Cove LNG facility is expected to take
approximately one year from the date of filing.
"I am very encouraged by the progress we have made on Jordan Cove over the
last several months," said Don Althoff, President and Chief Executive Officer.
"Our advanced regulatory position and recent acquisition of all required
project development lands has us well-positioned to enter into a commercial
off-take arrangement. We continue to evaluate all opportunities with potential
The proposed Jordan Cove project, which has an initial liquefaction design
capacity of 6 million tons per annum, or approximately 1 billion cubic feet
per day, would meet growing demand for LNG by providing direct access to
natural gas reserves in Western Canada and the U.S. Rockies primarily through
existing pipeline and gas gathering networks. Jordan Cove's location provides
a low cost shipping benefit for exporting LNG to energy consuming markets
throughout Asia, South America, Hawaii and Alaska.
An application by Pacific Connector Gas Pipeline, L.P. to construct a
234-mile, 36-inch diameter pipeline will be submitted to FERC in the following
weeks. The Pacific Connector Gas Pipeline will extend from the liquid
trading hub of Malin, Oregon to the Jordan Cove terminal and the South Dunes
Power Plant facilities ("South Dunes"). The South Dunes power facility,
wholly-owned by Veresen, is a proposed natural gas fueled, combined-cycle
power plant with a base-load capacity of 420 MW. Dedicated to the operation
of Jordan Cove, and sited adjacent to the LNG facility, South Dunes is being
permitted with the Oregon Energy Facility Siting Council.
Jordan Cove Energy Project L.P. is a subsidiary of Veresen Inc., and Pacific
Connector Gas Pipeline, L.P. is a limited partnership owned equally by 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 two pipeline systems, the
Alliance Pipeline and the Alberta Ethane Gathering System; a midstream
business which includes ownership interests in a world-class natural gas
liquids extraction facility near Chicago, the Hythe/Steeprock complex, and
other natural gas and NGL processing energy infrastructure; and a power
business with renewable and gas-fired facilities and development projects in
Canada and the United States, and district energy systems in Ontario and
Prince Edward Island. Veresen and each of its pipeline, midstream and power
businesses are also actively developing a number of greenfield projects. In
the normal course of its business, Veresen and each of its businesses
regularly evaluate and pursue acquisition and development opportunities.
Veresen's common shares, Series A Preferred Shares and 5.75% convertible
unsecured subordinated debentures, Series C due July 31, 2017 are listed on
the Toronto Stock Exchange under the symbols "VSN", "VSN.PR.A" and VSN.DB.C",
respectively. For further information, please visit www.vereseninc.com.
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 and operation of the Jordan Cove LNG facility, the Pacific
Connector Gas Pipeline and the South Dunes power facility. 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.
Dorreen Miller Director, Investor Relations Phone: (403) 213-3633
SOURCE: Veresen Inc.
To view this news release in HTML formatting, please use the following URL:
CO: Veresen Inc.
NI: OIL FIELD
-0- May/22/2013 13:00 GMT
Press spacebar to pause and continue. Press esc to stop.