Laricina Energy Ltd

Since its founding in late 2005, privately-held Laricina has advanced two grassroots oil sands exploration plays through the technical evaluation steps to the cusp of commercial-scale development. Our Company is focused on creating value through developing a diverse portfolio of oil sands assets that lever technology, in-house expertise and the opportunities offered by pursuing less known, less mature projects. Laricina has demonstrated commercial viability at its two core projects at Saleskiand Germain  with an additional three development areas progressed to early-stage exploration and technical evaluation, plus additional exploration lands.

Laricina is focused exclusively on the development of in situ (underground) bitumen deposits in sand and carbonate formations.

Larix laricina is the Latin name for a species of larch tree known as the tamarack, which is common to Western Canada and tends to grow in adverse climate zones such as the northern boreal forest and the high mountains. The tamarack is a pioneer tree that becomes dominant in its surroundings. Laricina is seeking to emulate the tamarack by identifying opportunities that others have ignored and achieving success where others have been unable to progress.

From inception, Laricina has:

• Raised approximately $1.3 billion in equity in a series of issuances and $150 million in debt;;
• Assembled oil sands leases totalling 77,886 net hectares;
• Confirmed an asset base that holds 0.5 billion net barrels of probable reserves, 3.9 billion net barrels of contingent resources (best estimate) and 0.3 billion net barrels of prospective resources (best estimate) by GLJ Petroleum Consultants Ltd., with more than 12.1 billion barrels in net estimated exploitable net bitumen-in-place;*
• Advanced its Grosmont carbonate project at Saleski confirming commercial application of C-SAGDand initiated engineering and design for Saleski Phase 1; and
• Moved its Germain project forward with the demonstration of commercially viable production well-rates from the Commercial Demonstration Project.

Board of Directors

Our Board of Directors oversees the business affairs of the Company, with the overriding objective of safeguarding and enhancing shareholder value. In broad terms, the stewardship of the Company involves the Board in strategic planning, at key decision points such as internal project and budget approvals, in decisions to raise equity or debt capital, as well as in risk management and mitigation, senior management determination, communications planning and internal control integrity.

The Board believes that effective corporate governance is critical to the continued and long-term success of the Company. The Board is of the view that its general approach to corporate governance is appropriate and consistent with the objectives in the guidelines for improved corporate governance in Canada adopted by securities regulators, notwithstanding that Laricina is not a reporting issuer or a listed company.

• Ian D. Bruce
  Independent Investor
  
• Mustafa Humayun
  Investment Professional, CPPIB Credit Investments Inc.
• S. Barry Jackson
  Chairman, TransCanada Corporation
• Jennifer K. Kennedy
  Partner, Norton Rose Fulbright Canada LLP 
• Adam D. Vigna
  Managing Director, Head of Principal Credit Investments of CPPIB Credit Investments Inc