Brion Energy welcomes regulatory decision on Dover Project

CALGARY, Aug. 6, 2013 /CNW/ - Brion Energy has received notice from the 
Alberta Energy Regulator (AER) that the panel reviewing the Dover Commercial 
Project approved the Project, subject to the approval by the Lieutenant 
Governor in Council. The AER's approval will be sent to the Government of 
Alberta for its consideration. Brion is confident of its ability to abide by 
the conditions and recommendations of the AER's approval. 
"We thank the regulatory officials for their careful work on this project 
review," said Brion President and Chief Executive Officer Zhiming Li. "This is 
a critical milestone for the Dover Commercial Project. We are pleased to 
receive this fair ruling from the new Alberta Energy Regulator, which was 
determined through a balanced consultation and hearing process. Assuming 
project sanction, we will continue to work closely with the AER as we develop 
this tremendous energy resource for the benefit of Albertans." 
Brion is committed to ensuring the Dover Project delivers both economic and 
social benefit to the local communities and do so in an environmentally 
acceptable manner. The company will continue to work and consult directly with 
all interested Aboriginal Communities and other stakeholders in the region, 
including the Fort McKay First Nation, the closest neighbouring community to 
the Dover Project area, as development on the Project moves forward. 
The in situ Dover Project has the potential to lead to the development and 
production of approximately 4.1 billion barrels of bitumen (management 
estimate). Within Alberta, the Dover Project is expected to generate over 
30,000 person-years of employment during construction and over 9,000 positions 
during its operating life. At full production capacity, the Project is 
expected to create an estimated $5.3 billion of economic activity per year, 
including over $1.5 billion of annual tax and royalty revenues for local, 
provincial and federal authorities. Next steps and a detailed timeline for the 
project are now being developed. 
About Brion Energy
Based in Calgary and operating in the bitumen-rich oil sands near Fort 
McMurray, Alberta, Brion Energy Corporation is a joint venture between 
Athabasca Oil Corp. and Phoenix Energy Holdings Limited. Brion plans to 
produce 400,000 barrels of oil per day from the MacKay River and Dover oil 
sands assets being operated by it by 2025. Brion Energy was formerly known as 
Dover Operating Corp. 
Reader Advisory
This News Release contains forward-looking information that involves various 
risks, uncertainties and other factors. All information other than statements 
of historical fact is forward-looking information. The use of any of the words 
"anticipate," "plan," "continue," "estimate," "expect," "may," "will," 
"project," "should," "believe," "predict," "pursue" and "potential" and 
similar expressions are intended to identify forward-looking information. The 
forward-looking information is not historical fact, but rather is based on 
Brion Energy Corporation's and its shareholders' (collectively "Brion") plans, 
objectives, goals, strategies, estimates, assumptions and projections about 
Brion's industry, business and future financial results. This information 
involves 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 information. No assurance can be given that these 
expectations will prove to be correct and such forward-looking information 
included in this News Release should not be unduly relied upon. This 
information speaks only as of the date of this News Release. In particular, 
this News Release may contain forward-looking information pertaining to the 
following: the expected timing of full regulatory approval of the Dover 
project; Brion's capital expenditure programs; Brion's plans for, and results 
of, exploration and development activities; Brion's estimated future 
commitments, business plans, and sanctioning of projects; Brion's development 
of the Dover project; timing of facilities construction and timing of 
production; the use of in-situ recovery methods such as Steam Assisted Gravity 
Drainage (SAGD) for production of recoverable bitumen; long term production 
goals; timing of submission of regulatory applications; estimated timing of 
first steaming; Brion's internal sanction for development of the Dover 
project; estimated initial and full production of the Dover project; the 
expected total work force required for the construction and operation of the 
Dover project; the expected number of jobs to be created by the Dover project; 
and the expected economic and other benefits to be realized from the Dover 
project. 
With respect to forward-looking information contained in this News Release, 
assumptions have been made regarding, among other things: Brion's ability to 
obtain qualified staff and equipment in a timely and cost-efficient manner; 
the regulatory framework governing royalties, taxes and environmental matters 
in the jurisdictions in which Brion conducts and will conduct its business; 
the applicability of technologies for the recovery and production of the 
reserves and resources within the Dover project; future capital expenditures 
to be made by Brion; future sources of funding for Brion's capital programs; 
geological and engineering estimates; and Brion's ability to obtain financing 
on acceptable terms. 
Actual results could differ materially from those anticipated in this 
forward-looking information as a result of various risk factors, including, 
but not limited to: fluctuations in market prices for crude oil, natural gas 
and bitumen blend; general economic, market and business conditions; 
variations in foreign exchange and interest rates; factors affecting potential 
profitability; factors affecting funding, the priorities of Brion and of its 
current and future joint venture partners; general economic conditions; 
uncertainties inherent in estimating quantities of reserves and resources; 
uncertainties inherent in SAGD; failure to obtain necessary regulatory 
approvals; failure to meet development schedules and potential cost overruns; 
increases in operating costs making projects uneconomic; the effect of diluent 
and natural gas supply constraints and increases in the costs thereof; gas 
over bitumen issues affecting operational results; environmental risks and 
hazards and the cost of compliance with environmental regulations; failure to 
obtain or retain key personnel; the substantial capital requirements for the 
Dover project; the need to obtain regulatory approvals and maintain compliance 
with regulatory requirements; changes to royalty regimes; political risks; 
risks inherent in Brion's operations, including those related to exploration, 
development and production of oil sands reserves and resources, including the 
production of oil sands reserves and resources using SAGD; the potential for 
management estimates and assumptions to be inaccurate; reliance on third party 
infrastructure for project facilities; failure by counterparties to comply 
with contractual arrangements between Brion and such counterparties; the 
potential lack of available drilling equipment and limitations on access to 
the Dover project assets; Aboriginal claims; seasonality; hedging risks; 
insurance risks; claims made in respect of Brion's operations, properties or 
assets; competition for, among other things, capital, the acquisition of 
reserves and resources, export pipeline capacity and skilled personnel; the 
failure of Brion or the holder of certain licenses or leases to meet specific 
requirements of such licenses or leases. The forward-looking statements 
included in this News Release are expressly qualified by this cautionary 
statement. Brion does not undertake any obligation to publicly update or 
revise any forward-looking statements except as required by applicable 
securities laws.
 

SOURCE  Brion Energy Corporation 
Kristi Baron Senior Communications Advisor Brion Energy 
Kristi.Baron@brionenergy.com (403) 817-8822 www.brionenergy.com 
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CO: Brion Energy Corporation
ST: Alberta
NI: OIL  
-0- Aug/07/2013 00:46 GMT
 
 
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