CALGARY, ALBERTA--(Marketwire - June 22, 2009) - Enbridge Inc. (TSX:ENB)(NYSE:ENB) announced today that it has entered into an agreement with Imperial Oil Resources Ventures Limited and ExxonMobil Canada Properties to provide for the transportation of blended bitumen from the Kearl project in the Athabasca Oil Sands region of northern Alberta to the Edmonton, Alberta area.
"Enbridge is pleased to have been selected by Imperial and ExxonMobil," said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc. "The location of the project is an excellent fit with Enbridge's new and existing pipeline and terminaling facilities and is expected to contribute continued earnings growth in 2012 and beyond."
Mr. Daniel noted that the estimated cost of the pipelines and related facilities is subject to finalization of scope and detailed engineering, and regulatory approvals.
"Through the recent sale of our interest in Ocensa and higher than expected cash flows from operations over the next four years, Enbridge has significant financing capacity for new investments and we believe we can easily accommodate the equity funding requirement for the project from internally generated cash flow," said Mr. Daniel.
About Enbridge
Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 6,000 people, primarily in Canada and the U.S. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
For more information please contact:
Vern Yu
Investment Community
(403) 231-3946
vern.yu@enbridge.com
www.enbridge.com