Gibson Energy Inc. (“Gibson”) (TSX:GEI) and USD Group LLC (“USDG”,
together with Gibson, the “Companies”) announced today they have
commenced successful operations at the Hardisty Rail Terminal and their
intention to begin soliciting customer commitments for the second phase
of development of the terminal located near Hardisty, Alberta (“Phase
2″). The Companies expect that Phase 2 will double the crude oil loading
capacity at the Hardisty Rail Terminal from two to four 120-railcar unit
trains per day. The first phase of the jointly developed Hardisty Rail
Terminal (“Phase 1″) was successfully commissioned on June 30, 2014,
allowing customers to move crude oil to various end-markets. All
operations have progressed safely and according to expectations.
“After successfully commissioning Phase 1 on time and on budget, we are
pleased to announce our intention to begin industry conversations with
new and existing customers for the development and construction of Phase
2,” said Brent Campbell, Gibson’s Vice President, Commercial Development.
The Companies expect the development time frame for Phase 2 to be
approximately 18 months from a decision to proceed, based on expected
timelines for receipt of specialized equipment.
“We are excited to go into the next stage of development of our Hardisty
Rail Terminal. We believe it provides a flexible and sustainable
industry solution to our customers, allowing their product to
efficiently and effectively reach end-markets. We are also very proud to
have successfully completed Phase 1 of this project–constructing a
terminal of such magnitude on time and on budget is a true testament to
the capabilities of the Gibson and USDG teams,” said Bill Swan, USDG
Vice President, Business Development.
About Gibson
Gibson is a large independent integrated service provider to the oil and
gas industry with operations across major producing regions throughout
North America. Gibson is engaged in the movement, storage, blending,
processing, marketing and distribution of crude oil, condensate, natural
gas liquids (“NGLs”), water, oilfield waste, and refined products. The
Company transports energy products by utilizing its integrated network
of terminals, pipelines, storage tanks, and trucks located throughout
western Canada and through its significant truck transportation and
injection station network in the United States. The Company also
provides emulsion treating, water disposal and oilfield waste management
services in Canada and the United States and is the second largest
retail propane distribution company in Canada.
About USD Group
USDG and its affiliates are engaged in designing, developing, owning,
managing and operating large-scale rail logistics centers and other
midstream infrastructure assets throughout North America. USDG is an
industry leader in the development of unit-train terminals for the
transportation of energy-related products. For more information, please
visit the company’s website at www.usdg.com.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
“forward-looking statements”) including but not limited to statements
concerning the development of Phase 2 of the Hardisty Rail Terminal.
These statements relate to future events or the future performance of
Gibson and USDG. 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
with such risks and uncertainties including, but not limited to, the
completion of the Phase 2 of the Hardisty Rail Terminal, the failure of
Gibson and USDG to obtain the necessary regulatory and third party
approvals required in order to develop Phase 2 of the Hardisty Rail
Terminal and the risks and uncertainties described in “Forward-Looking
Statements” and “Risk Factors” included in Gibson’s Annual Information
Form dated March 4, 2014 as filed on SEDAR and available on Gibson’s
website at www.gibsons.com.
Although Gibson and USDG believe these statements to be reasonable, 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. The forward-looking statements contained in
this news release represent Gibson’s and USDG’s expectations as of the
date hereof, and are subject to change after such date. Gibson and USDG
disclaim any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities regulations.
For Gibson Energy Inc.
Cam Deller
Manager, Investor Relations
(403) 776-3041
cam.deller@gibsons.com
or
For USD Group LLC
Adam Altsuler (Investor Relations)
Vice President, Finance
(281) 291-3995
aaltsuler@us-dev.com
or
Meg Martin (Media Inquiries)
Gooden Group Public Relations
(405) 397-6156
mmartin@goodengroup.com