CALGARY, Alberta, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Pat Carlson, Chief Executive Officer of Kiwetinohk Energy Corp, issued a letter to the shareholders. View PDF Version: Kiwetinohk Energy Corp. CEO Letter to Shareholders.
The full letter is available on SEDAR at www.sedar.com.
Shareholder letter highlights
- Kiwetinohk believes that transitioning to energy with lower greenhouse gas emissions requires urgent action by industry and governments.
- Hydrocarbon energy is essential today and will be required for decades but we need to move increasingly to cleaner sources and uses of energy. As a result, Kiwetinohk is focused on traditional oil and gas and the energy transition, creating a differentiated business model.
- Kiwetinohk was conceived to be an energy transition company with a goal of profitably transitioning to lower emissions energy. Kiwetinohk seeks to find and implement a balance: adapting and extending proven technologies for better performance while windowing new power generation, carbon capture and hydrogen production technologies, being ready to deploy them as commercial development opportunities arise.
- Kiwetinohk’s long term goal includes developing a portfolio of renewable and high-efficiency gas-fired power generation projects that will position it as a low-emissions, reliable, dispatchable, low-cost power generator in the Alberta market.
- Kiwetinohk has been active during the COVID-19 pandemic. The Company has consolidated an attractive liquids-rich gas resource base in northwest Alberta, near Fox Creek, and progressed five projects, totaling 1,800 megawatts of power generation in the Alberta Electric System Operator’s grid access and regulatory queue. Details of the Fox Creek asset are in Kiwetinohk’s recent Annual Information Form, available on SEDAR.
- Kiwetinohk’s next steps, toward its long-term goals, planned for 2022, include, subject to commodity prices, the drilling of 11 gross wells and completing, and connecting 10 gross wells for production while continuing work toward Final Investment Decisions on power and hydrogen projects. Kiwetinohk plans to search for better well designs, seeking to improve on the economics year over year as it develops the resource.
- Growing its oil and gas production will give Kiwetinohk the opportunity to integrate gas production in step with future gas-fired power generation (and, possibly, hydrogen production) helping to mitigate business risks associated with volatility of natural gas prices.
- As Kiwetinohk prepares to list on the Toronto Stock Exchange, it is the Company’s view that, as a transition company, vertically integrated from natural gas and carbon capture to clean power and circular economy hubs, it is the energy company needed today for a better tomorrow.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. The use of any of the words "plan", "expect", "may", "will" and "would" 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. Although the Corporation believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements as the Corporation can give no assurance that such expectations will prove to be correct.
Specifically, this press release contains forward-looking statements pertaining to:
- the Corporation's beliefs and expectations with respect to its business model, energy demands, energy transition, the future of energy and the best strategies for the Corporation to succeed in the power industry moving forward;
- the Corporation's ability to capitalize on certain energy transition opportunities through the use of both proven and new technologies;
- the Corporation's plans for the development of solar, wind and high-efficiency, integrated gas-fired power projects;
- the impact of current market conditions and commodity prices on the Corporation;
- the Corporation's plan to drill gross wells and complete, tie-in and put the wells on production in the Fox Creek region in 2022;
- the Corporation's plan to improve on base economics year over year;
- the Corporation's ability to use certain strategies to avoid business risks associated with the volatility of gas prices; and
- the Corporation’s plans to list the Corporation on the Toronto Stock Exchange.
The reserves information contained in this press release has been prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101”). Complete NI 51-101 reserves disclosure is included in the Corporation’s annual information form (“AIF”) published on the Corporation's profile on System for Electronic Press release Analysis and Retrieval (“SEDAR”) at www.sedar.com.
Developing forward-looking statements involves reliance on a number of assumptions. In addition, forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the Corporation and described in the forward-looking statements. For details on these assumptions, risks and uncertainties, please refer to the Corporation's AIF published on the Corporation's profile on SEDAR at www.sedar.com, in particular under "Risk Factors".
The forward-looking statements and information contained in this press release speak only as of the date of this press release and the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, except as expressly required by applicable securities laws.
About Kiwetinohk
Kiwetinohk is engaged in the business of developing an integrated energy transition company focused on production of low carbon energy through the alignment of hydrocarbon production with natural gas-fired (with carbon capture) and renewable power generation solutions.
Kiwetinohk is a reporting issuer and additional information is available on Kiwetinohk’s SEDAR profile at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
KIWETINOHK ENERGY CORP.
Suite 1900, 250 - 2 Street S.W.
Calgary, Alberta T2P 0C1
Telephone: (587) 392-4424 Facsimile: (587) 392-4425
PATRICK CARLSON
Chief Executive Officer
(403) 819-5090
JAKUB BROGOWSKI
Chief Financial Officer
(587) 999-3905
