Calgary, April 25, 2006 – Keyera Facilities Income Fund (TSX:KEY.UN; KEY.DB) announced today that construction of two new gathering pipelines has been completed and both are flowing raw natural gas to Keyera gas processing plants.
In northeastern British Columbia, construction of the Caribou North Gas Gathering System, a 48 kilometre sour natural gas gathering pipeline, was completed in early April, ahead of schedule. The Caribou North Gas Gathering System delivers raw natural gas from a developing area north of the Buckinghorse River to Keyera’s Caribou gas plant for processing, expanding the capture area of the Caribou gas plant by about 1,000 square kilometres. Initial pipeline throughput is from standing natural gas wells in the Trutch area. Additional volumes are expected throughout the year as producers in the area tie in other wells along the pipeline.
In conjunction with this pipeline project, Keyera plans to expand the Caribou gas plant by 25 million cubic feet per day to 65 million cubic feet per day. This expansion is expected to be undertaken later in the second quarter when the plant is taken off-line for its scheduled maintenance turnaround.
In west central Alberta, Keyera has completed construction of the Aurora gathering system, a 20 kilometre raw gas gathering pipeline west of the Gilby gas plant. The pipeline is now operational and a number of producers are delivering gas to the pipeline. The pipeline extends the reach of the Gilby plant and positions Keyera to capitalize on additional drilling activity in the area.
"We are very pleased to have both of these pipeline projects up and running quickly,” said Jim Bertram, Keyera's President and CEO. “These types of projects allow us to expand the capture areas of our plants and are consistent with our strategy of developing projects that create incremental value at existing facilities. The completion of these projects demonstrates our ability to identify opportunities and successfully manage their design and construction.”
About Keyera Facilities Income Fund
Keyera Facilities Income Fund (TSX:KEY.UN; KEY.DB) operates one of the largest natural gas midstream businesses in Canada. Its business consists of natural gas gathering and processing as well as the processing, transportation, storage and marketing of natural gas liquids (NGLs) and crude oil. Keyera's gas processing plants and associated facilities are strategically located in the west central and foothills natural gas production areas of the Western Canadian Sedimentary Basin. Its NGL and crude oil infrastructure includes pipelines, terminals and processing and storage facilities in Edmonton and Fort Saskatchewan, Alberta, a major North American NGL hub. Keyera markets propane, butane, condensate and crude oil to customers in Canada and the United States.
This document contains forward-looking statements that involve known and unknown risks and uncertainties, many of which are beyond Keyera’s control. The forward-looking statements are based on management’s current expectations and assumptions relating to Keyera’s business and the environment in which it operates. As the results or events predicted or implied in these forward-looking statements depend upon future events, actual results or events may differ materially from those predicted. Factors which could cause actual results or events to differ materially include the ability of Keyera to successfully implement strategic initiatives, whether such initiatives yield the expected benefits, operating and other costs, future operating results and the components of those results, fluctuations in the demand for natural gas, NGLs and crude oil, the activities of producers, competitors and others, the weather, overall economic conditions and other known or unknown factors. There can be no assurance that the results or developments anticipated by Keyera will be realized or that they will have the expected consequences for or effects on Keyera. For additional information on these and other factors, see Keyera’s public filings on www.sedar.com. Unless otherwise required by applicable laws, Keyera does not intend to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
For further information about Keyera Facilities Income Fund, please visit our website at www.keyera.com or contact:
John Cobb, Director, Investor Relations
E-mail: ir@keyera.com
Telephone: (403) 205-7670
Toll Free: (888) 699-4853
Facsimile: (403) 205-8303
