All values are in Canadian dollars unless otherwise
indicated.
CALGARY,
Oct. 3, 2011 /PRNewswire/ - Provident
Energy Ltd. (Provident) (TSX-PVE; NYSE-PVX) today announced that it
has completed the previously announced acquisition of a two-thirds
interest in Three Star Trucking Ltd. (Three Star), a Saskatchewan based oilfield hauling company
serving Bakken-area crude oil producers. The acquisition expands
Provident's footprint within the Bakken area, establishing a strong
crude oil presence and providing opportunities to enhance its NGL
and diluents logistics services businesses. In addition, combined
with the construction of the recently announced truck terminal at
Cromer, Manitoba, Provident will
be able to enhance its supply of natural gas liquids into the
Sarnia, Ontario area.
Provident Energy Ltd. is a Calgary-based corporation that owns and
manages a natural gas liquids (NGL) infrastructure and logistics
business. Provident's facilities are strategically located in
Western Canada and in the premium
NGL markets in Eastern Canada and
the U.S. Provident provides monthly cash dividends to its
shareholders and trades on the Toronto Stock Exchange and the New
York Stock Exchange under the symbols PVE and PVX,
respectively.
This document contains certain
forward-looking statements concerning Provident, as well as other
expectations, plans, goals, objectives, information or statements
about future events, conditions, results of operations or
performance that may constitute "forward-looking statements" or
"forward-looking information" under applicable securities
legislation. Such statements or information involve substantial
known and unknown risks and uncertainties, certain of which are
beyond Provident's control, including the impact of general
economic conditions in Canada and
the United States, industry
conditions, changes in laws and regulations including the adoption
of new environmental laws and regulations and changes in how they
are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, pipeline design
and construction, fluctuations in commodity prices, foreign
exchange or interest rates, stock market volatility and obtaining
required approvals of regulatory authorities.
Such forward-looking statements or
information are based on a number of assumptions which may prove to
be incorrect. In addition to other assumptions identified in this
news release, assumptions have been made regarding, among other
things, commodity prices, operating conditions, capital and other
expenditures, and project development activities.
Although Provident believes that the
expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
forward-looking statements because Provident can give no assurance
that such expectations will prove to be correct. Forward-looking
statements or information are based on current expectations,
estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially
from those anticipated by Provident and described in the
forward-looking statements or information.
The forward-looking statements or information
contained in this news release are made as of the date hereof and
Provident undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise unless so required by
applicable securities laws. The forward-looking statements or
information contained in this news release are expressly qualified
by this cautionary statement.
SOURCE Provident Energy Ltd.