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Gibson Energy adding crude storage tankage in Canada

Gibson Energy Inc has received committed customer support for an additional 500,000-barrel crude oil storage tank at the company's Hardisty Terminal.

This new storage tank will be constructed on the Company's eastern Hardisty lands along with the two 400,000-barrel tanks announced in September 2012 and the 300,000 bbl tank (now revised to 400,000 bbl) announced in April.

Details are as follows:

*Site preparation and civil work on the eastern Hardisty lands is now underway.

*Expected in-service dates for the new tanks are: Mid 2014 for the first 400,000-barrel tank; late 2014 for the second and third 400,000-barrel tanks; and early 2015 for the 500,000-barrel tank.

"The addition of 1.7 million barrels of new storage capacity announced in the last seven months reaffirms the attractiveness of our Hardisty Terminal location for customers as they direct their current and future production to appropriate markets," says Rick Wise, Gibson's senior vice-president of operations. "We continue to have positive discussions with several customers regarding the further build out of strategic land positions at our Hardisty and Edmonton Terminals. Therefore, we expect near-term organic growth to be largely driven by long-term, fee-based contracted storage tank construction, expanded terminal services and construction of rail infrastructure to facilitate crude oil movements."

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