CALGARY, ALBERTA--(CCNMatthews - April 27, 2007) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced the successful conclusion of the Open Season for the Spearhead Pipeline ("Spearhead") Expansion. Binding commitments in excess of the available 30,000 barrels per day (bpd) threshold were received. Committed shipper capacity will be allocated on a pro rata basis to an aggregate amount of 30,000 bpd.
Enbridge proposes to add a number of pumping units at existing and new locations between Flanagan, Illinois and Cushing, Oklahoma to increase the annual average capacity of Spearhead Pipeline from 125,000 bpd to 190,000 bpd, with a target completion date of early 2009. Of this 65,000 bpd increase, 30,000 bpd was made available through the open season process to committed expansion shippers. The other 35,000 bpd of additional capacity will be available to spot shippers unless and until existing committed shippers exercise their right to this capacity. The expanded capacity on the Spearhead Pipeline will provide committed shippers increased access to markets as Canadian crude production continues to grow from Alberta's oil sands projects.
"We are very encouraged by the results of this open season and the tremendous support to expand the Spearhead Pipeline only one year after Spearhead began delivering Canadian crude to the Cushing market," said J. Richard Bird, Executive Vice President, Liquids Pipelines for Enbridge.
"This clearly demonstrates the value this pipeline has created for industry. Spearhead, along with a number of other expansion projects Enbridge has underway or proposed, is part of our long-term strategy to offer Canadian and U.S. domestic shippers options to access a number of refinery markets in the Midwest as well as U.S. Gulf and eastern U.S."
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 international operations and 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 5,000 people, primarily in Canada, the U.S. and South America. 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 that 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:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563
Email: jennifer.varey@enbridge.com
or
Larry Springer
Media
(713) 821-2253
Email: larry.springer@enbridge.com
or
Enbridge Inc.
Bob Rahn
Investment Community
(403) 231-7398
Email: bob.rahn@enbridge.com
Website: www.enbridge.com