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ALTEX ENERGY ANNOUNCES NEW OIL PIPELINE SYSTEM FROM ALBERTA TO U.S. GULF COAST
CALGARY, ALBERTA, October 14, 2005 - Jack Crawford,
President and CEO of Altex Energy Ltd. (Altex) is pleased to announce that
Altex intends to design, construct, own and operate the Altex Pipeline System.
The Altex Pipeline System will be a new, direct-route, stand-alone oil pipeline
system from northern Alberta to the U.S. Gulf Coast that will provide a
competitive alternative to existing and planned North American oil pipeline
systems. Altex is a recently formed, private Canadian energy infrastructure
development company.
The Altex Pipeline System will be designed to complement and enhance the value
of the scheduled massive investments in Alberta's
growing oil production infrastructure. It will link the resultant increased oil
production to attractive markets in the U.S. Gulf Coast, the largest oil refining
market in North America. The Altex Pipeline System will be an important
component of North America's future energy security.
Altex is working with potential shippers to integrate their individual project
requirements, including oil production profiles and technologies, with
Altex's advanced-technology pipeline system.
Preliminary engineering, environmental and other design and planning activities
are now underway. The detailed design for the Altex Pipeline System, including
initial throughput capacity, precise route, receipt and delivery point
configurations, and schedule, will be developed in conjunction with the
specific needs of Altex's contracted shippers
to ensure the lowest possible cost.
Transportation agreements will ultimately support applications for the required
certificates from the National Energy Board (NEB) in Canada and from the
appropriate U.S. federal and state regulatory authorities. In each country,
other federal, state/provincial, regional and local approvals will be required
before construction can begin.
The Altex Pipeline System concept is being advanced by a management team with a
proven track record of conceptualizing, developing, marketing,
financing, constructing, commissioning and operating a new stand-alone North
American pipeline project of this magnitude. The Altex management team held
vital senior founding roles with the successfully completed 3,700 kilometre,
$5.0 billion Alliance Pipeline Project, which
itself was a new, market-access, competitive entrant to the North American
pipeline landscape. Key members of the Altex management team were instrumental
in the conception of the Alliance Project and retained major strategic and
management roles through construction and operation.
KERN Energy Partners I Fund (KEP) is a founding shareholder of Altex. KEP is an
independent Calgary-based private equity fund that makes investments in early
stage and emerging energy companies, with a focus on Canadian energy sector
resource development. KEP has $230 million of committed capital from a group of
limited partners that includes leading North American pension funds, university
endowments, institutions and family offices. KEP has an active co-investment
program with its limited partners.
Contact:
Jack Crawford, President and CEO
Altex Energy Ltd.
403.508.7520
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