/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TSXV Trading Symbol: SWE
CALGARY,
Nov. 18, 2013 /CNW/ - SilverWillow
Energy Corporation ("SilverWillow" or the "Corporation") (TSXV:
SWE) has filed its third quarter financial statements and
management's discussion and analysis ("MD&A") for the quarter
ended September 30, 2013.
During the third quarter, SilverWillow's
engineering consultants completed the preliminary engineering and
cost estimate for Phase 1 of the proposed Audet steam assisted gravity drainage ("SAGD")
project. The facility is being designed to produce an annual
average of 12,000 barrels per calendar day of bitumen at a steam to
oil ratio ("SOR") of up to 2.5:1. The preliminary Class 4
capital cost estimate for the project totals $550 million, implying a capital intensity of
just under $46,000 per calendar day
of bitumen production.
The stated accuracy of this cost estimate is
within a range of plus or minus 30%. This estimate includes
site access, construction, drilling, commissioning, start-up, as
well as other capital and operating costs until first steam is
achieved. It excludes capital costs for items that are
expected to be provided by third parties such as co-generation
facilities, fuel gas supply pipeline, diluent and product
pipelines, and operations camp, all of which will be captured in
operating costs following first steam injection.
The commercial facility is designed to produce
approximately 104 million barrels of bitumen over its life.
Currently, the Corporation is in the process of completing the
required environmental studies and plans to submit a regulatory
application for Phase 1 of the Audet SAGD project in the fourth
quarter of 2013.
The third quarter financial statements and
management's discussion and analysis are available for viewing on
our website at www.swenergy.ca and on SEDAR at www.sedar.com.
About SilverWillow Energy
SilverWillow Energy Corporation is a
Calgary, Alberta based
pre-production oil sands company with a portfolio of exploration
leases in Canada's Athabasca oil sands. To learn more,
please visit www.swenergy.ca.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE
Cautionary Statements Regarding Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable securities
laws. Forward-looking information is frequently characterized
by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur. The
forward-looking information in this news release relates, but is
not limited to, statements with respect to the development of a
proposed 12,000 barrel per day SAGD project. In addition
information relating to "resources" is forward-looking information,
as it involves the implied assessment, based on estimates and
assumptions, that the resources described exist in the quantities
predicated or estimated, and can be profitably produced in the
future.
The forward-looking information set out in
this news release, is based on certain expectations and assumptions
regarding, among other things, the exploration and development of
the Audet Lands; the submission of the regulatory application for
the Audet Lands and the ability of Corporation to obtain required
regulatory approval for the development of the Audet Lands; the
designed production level and SOR for the Audet SAGD project; and the capital costs for
the Audet SAGD project. These expectations and assumptions
are based on certain factors and events that are not within the
control of SilverWillow and there is no assurance they will prove
to be correct.
Forward-looking information is subject to
known and unknown risks and uncertainties and other factors which
may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied in such
forward-looking information. Such risks, uncertainties and
factors include, among others, the risk that the regulatory
approvals in respect of the Audet Project will not be submitted in
the timeframe or on the terms expected or at all; risks relating to
the early stage of development of SilverWillow and the Audet Lands;
and the general risks associated with exploring for, developing and
producing bitumen, including many factors beyond the Corporation's
control, and no assurance can be given that the indicated level of
bitumen or the recovery thereof will be realized. In general,
estimates of bitumen are based upon a number of factors and
assumptions made as of the date on which the resource estimates
were determined, such as geological and engineering estimates,
which have inherent uncertainties. Additional risks relating
to the business and operations of SilverWillow and to the resource
estimates in respect of the Audet Lands are set forth in the
Corporation's Annual Information Form and in its most recent
Management's Discussion and Analysis, which are filed under the
Corporation's profile on SEDAR at www.sedar.com.
SilverWillow undertakes no obligation to
update forward-looking information if circumstances or management's
estimates or opinions should change except as required by
law. The reader is cautioned not to place undue reliance on
forward looking information.
SOURCE SilverWillow Energy Corporation