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Coalspur Reaches Agreement With Tourmaline Oil Corp Ahead Of Alberta Energy Regulator Hearing

Stock quotes in this article: CPT

VANCOUVER, British Columbia, Dec. 9, 2013 (GLOBE NEWSWIRE) -- Coalspur Mines Limited ("Coalspur" or "Company") (ASX:CPL) (TSX:CPT) announced today that it has entered into an agreement with Tourmaline Oil Corp. ("Tourmaline"), one of the remaining two parties granted intervener status by the Alberta Energy Regulator ("AER"). As a result, Tourmaline has withdrawn as an intervener in relation to Coalspur's Vista project and the portion of the AER hearing that commenced on December 9, 2013, was closed shortly after it started, without the submission of any evidence.

Highlights:

  • Coalspur and Tourmaline Oil Corp have concluded an agreement in relation to overlapping mineral development rights involving the Vista project
  • The agreement provides Coalspur with the ability to develop Vista in accordance with its current development plans
  • As part of this agreement, Tourmaline has withdrawn as an intervener in the Alberta Energy Regulator's approval process
  • Only one intervener, Alexis Nakota Sioux Nation, remains involved in the regulatory process for Vista and negotiations to address their concerns are continuing

The agreement addresses Tourmaline's concerns in relation to those of its oil and gas development rights which overlap Coalspur's mineral development rights at Vista.

"The agreement with Tourmaline allows Coalspur to develop Vista in accordance with our mine development plan while also addressing concerns raised by Tourmaline. This additional agreement further demonstrates our strong engagement with all relevant parties, including First Nations who utilize the Hinton region for traditional purposes, in order to ensure support for Vista and achieve regulatory approval," said Gill Winckler, Coalspur President and CEO.

Following the withdrawal of Tourmaline as an intervener in relation to the Vista project, only one intervener remains, namely Alexis Nakota Sioux Nation ("Alexis").

"Following the two agreements with Ermineskin Cree Nation and the Whitefish (Goodfish) Lake First Nation announced by Coalspur last week, Coalspur has concluded five agreements with aboriginal communities relating to Vista. Having achieved these agreements, we are highly confident of being able to address the development issues raised by the remaining First Nation intervener, Alexis, and negotiations to this end continue. In the event that an agreement with Alexis cannot be reached, we will proceed with the AER hearing scheduled for January 13, 2014," said Gill Winckler, Coalspur President and CEO.

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