News

Surmont Energy Names Former Energy Minister Rick Orman As Acting Chief Executive Officer

CALGARY, ALBERTA — (April 15, 2021) – Surmont Energy Ltd. founder and Board Chairman William (Bill) Cooper today announced that former Alberta energy minister Rick Orman has been named the company’s Acting Chief Executive Officer, effective immediately. Mr. Orman has served on Surmont’s Board since April 2020, and replaces Mark R. Smith who served as Surmont’s Chief Executive Officer since 2011. Mr. Smith is now the Chief Executive Officer of Spoke Resources Ltd., an oil and gas production company in which Surmont holds a substantial ownership interest. Mr. Smith remains a member of Surmont’s Board of Directors. “I am delighted that Rick Orman has agreed to become Acting Chief Executive Officer at this exciting time in Surmont’s new commercialization strategy roll-out. His extensive business experience nationally and internationally, and his understanding of global partnering are particularly relevant for moving our company forward,” said Cooper. Cooper thanked Mark Smith for his many years of dedication and contributions to Surmont. “During his tenure, Surmont secured regulatory approval of the Wildwood Project and entered into strategic partnerships that today have positioned the company to implement its innovative commercialization strategy. We wish him success in his responsibilities with Spoke Resources,” Cooper stated. “Surmont’s Wildwood Project represents a next-generation in-situ oil sands project that offers an economically viable option for monetizing Alberta’s vast in-situ bitumen resources in a manner that substantially addresses national and international concerns surrounding oil sands development,” said Orman. The Wildwood Project will produce asphalt, a commercialization strategy that supports Alberta Innovates’ groundwork in identifying non-combustion end uses for Alberta’s bitumen. “The production from the Wildwood Project will bring opportunities for new industries in Alberta that create products for expanding global markets. Wildwood is an important project that needs to be built, and I am honoured to have a more active role to make that happen,” Orman added.

About Surmont Energy Ltd.

Surmont Energy Ltd. is a private Canadian in-situ oil sands production company with oil sands reserves in the Athabasca region in northern Alberta. The company received regulatory approval in 2016 for its Wildwood Project, located 65 km south of Fort McMurray. Wildwood is a greenfield thermal project, with main regulatory approvals in place for its 12,000 barrels per day first phase. For the past five years Surmont has focused on innovations and improvements that substantially reduce the project’s capital and operating costs, and greatly improve its environmental metrics. Since 2019 Surmont has focused its attention on a transformational commercialization strategy that, when implemented, will produce asphalt through strategic partnerships to fill growing demand in North American and global markets. With headquarters in Calgary, Surmont is currently developing financing based on the Wildwood Project’s enhanced levels of economic and environmental performance. – 30 – For more information, contact rorman@surmontenergy.com or T (403) 681 7016 For more information on Surmont, please visit: www.surmontenergy.com or contact gholden@surmontenergy.com Surmont Energy Ltd. 2230, 801 Sixth Avenue SW Calgary, Alberta CANADA T2P 3W2 For more information on Spoke Resources Ltd., please visit: www.spokeresources.com, or contact Mark Smith T (403) 689 5488

 

Surmont Energy Ltd. Receives Government Approval For Its 12,000 BOPD Wildwood Oilsands Project

CALGARY, ALBERTA — (September 15, 2016) – Calgary-based Surmont Energy Ltd. (“Surmont”, “the Company”) announces that the Lieutenant Governor in Council of the Province of Alberta, Canada, has issued an Order dated September 15, 2016, authorizing the Alberta Energy Regulator (“AER”) to issue approval of the project scheme application for the Company’s 100%-owned 12,000 barrel per day (“b/d”) Wildwood oil sands project. The Order may be viewed on the Queen’s Printer website at:

https://www.qp.alberta.ca/documents/orders/Orders_in_Council/2016/916/2016_248.html 

THE WILDWOOD OIL SANDS PROJECT The Company’s Wildwood oil sands project location is about 65 kilometres south of Ft. McMurray, Alberta, immediately west of ConocoPhillips Canada’s successful Surmont oil sands project. The Wildwood Project is to utilize the proven steam-assisted gravity drainage (“SAGD”) method to recover bitumen, planned currently with 800-metre long horizontal well pairs drilled at depths of around 485 metres. SAGD has been effectively applied at the adjacent ConocoPhillips Surmont oil sands project and allows greatly reduced surface impacts compared to oil sands mining projects. Wildwood’s design incorporates comprehensive measures to minimize environmental impacts, including a low surface footprint, no surface water use, recycling up to 97% of water produced by the bitumen extraction process, utilization of natural gas to fuel steam generation and electricity cogeneration, and progressive surface reclamation throughout the life of the project. The recently received approvals are valid for production of up to 12,000 b/d of bitumen from a northwest portion of Surmont’s Wildwood leases. The Company assesses the Wildwood leases to be capable of future expansions to total production of 30,000 b/d. Future expansions would require additional regulatory approvals.

WILDWOOD OIL SANDS PROJECT APPLICATION HISTORY Surmont submitted its comprehensive Wildwood project applications to the AER in early October 2012, for approvals under the Oil Sands Conservation Act (“OSCA”), and to the Government of Alberta Department of Environment and Sustainable Resource Development for approvals under the Environmental Protection and Enhancement Act (“EPEA”). During the review process, the AER became the regulatory authority for both OSCA and EPEA approvals for this type of project. As part the regulatory review process, Surmont conducted extensive consultation with local stakeholders, including indigenous groups, and plans to continue such consultations with the objective of growing constructive long-term relationships.

NEXT STEPS FOR THE WILDWOOD OIL SANDS PROJECT Receiving the overall scheme approval for the Wildwood Project is an important step in the Company being able to move the Wildwood project toward a positive final investment decision. Significantly declining project costs and the Government of Alberta’s Oil Sands Royalty Regime are positive elements for oil sands projects. As well, oil sands production technologies have evolved rapidly over the period of the Wildwood project’s application review process. Surmont will be incorporating improvements into its Wildwood project plans to confirm the project’s economic attractiveness at or below current oil prices. This work also is intended to optimize designs toward smaller project phases having greatly reduced capital intensity, and to limit greenhouse gas emissions.

ABOUT SURMONT ENERGY LTD.

Surmont Energy Ltd. was founded in 2011 and is headquartered in Calgary, Alberta, Canada. The Company is privately held, mainly by Alberta and other Canadian shareholders.

CAUTIONARY STATEMENTS This information release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “schedule”, “plan”, “expect”, “estimate”, “forecast”, “intend”, “believe”, “anticipate”, “proposed”, “prospective”, “projects” and other similar words, or statements that certain events or conditions “may”, “might”, “will”, “would”, or “could” 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 under suitable conditions 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. All forward-looking statements are expressly qualified by these cautionary statements.

Disclaimer

The Surmont Energy Website contains certain statements, estimates and forecasts with respect to future performance and events. This website and these materials are neither an advertisement or an offer to sell or a solicitation of an offer to buy shares of Surmont Energy Ltd. (“Surmont”) or units or participation in any Surmont drilling program.
All statements other than statements of actual historical fact included on this Website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events and results to differ materially from those expressed in the forward-looking statements.
As a result, there can be no assurance that the forward-looking statements included on the Surmont Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance, results and/or events described in the forward-looking statements on this Website might not occur.
Accordingly, investors should not rely upon forward-looking statements as a prediction of actual results. The Company does not undertake any obligation to update any historical or forward-looking statements, whether as a result of new information, future events or otherwise.