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Coalspur Mines Ltd.: Regulatory Hearing Adjourned

Stocks in this article: CPT

Highlights:

  • The Alberta Energy Regulator has adjourned the regulatory hearing into Coalspur's Vista project from November 2013 and has set up two hearings, to be held in December 2013 and January 2014
  • Coalspur will evaluate the impacts of this delay and provide an update to the market once these implications are fully understood

VANCOUVER, British Columbia, Oct. 16, 2013 (GLOBE NEWSWIRE) -- Coalspur Mines Limited ("Coalspur" or "Company") (ASX:CPL) (TSX:CPT) announced today that the Alberta Energy Regulator ("AER") has adjourned the hearing for the Company's Vista project ("Vista") which it had scheduled for November 25, 2013. The hearing will be heard in two parts, in sequence and in different locations. The new hearing dates are December 9 to December 13, 2013 in Calgary, Alberta with respect to the intervener Tourmaline Oil Corp., and January 13 to January 17, 2014 in Hinton, Alberta with respect to the three aboriginal interveners. The AER will be required to give decisions on both hearings separately, and within 90 days of the close of each hearing.

The AER issued a hearing notice on August 15, 2013 and, on October 3, 2013, set the hearing date for November 25, 2013. All four of the interveners subsequently sent submissions to the AER noting that they did not have sufficient preparation time to meet the hearing schedule. Coalspur believes that all parties have had sufficient notice of, and time to prepare for, the hearing on November 25. Irrespective, Coalspur will continue to engage with the interveners in advance of the hearings in pursuit of mutually beneficial agreements, and remains of the view that all relevant issues can be dealt with either before or during the hearings.

The Company is assessing the implications of the seven-week adjournment with its external and internal advisers. Once the implications and available options have been fully evaluated, a further update will be provided. One of the likely implications is that first production from Vista will no longer be possible in 2015.

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