CALGARY, Feb. 19, 2015 /CNW/ - Genalta Power Inc. ("Genalta") is pleased to announce the completion of the first phase of its Three Creeks project, part of the Peace River Power Centre, in conjunction with Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) ("Baytex"). The electrical power generating facility is located near Baytex's Three Creeks Field in the Peace River region of northern Alberta. The new facility is designed to conserve solution gas in the area, while providing a new source of low emissions electricity into Alberta's power grid. This is Genalta's fourth gas conservation project and the second in conjunction with Baytex.
The first two of five generation units have been activated, generating approximately 8MW of power. The project is forecasted to generate a total of 20MW that will be activated this year. Genalta Power will engineer, own, and operate this power generation facility, which will generate electricity for approximately 23,000 Alberta homes using excess gas production associated with Baytex's Three Creeks heavy oil production.
"Our newest facility has been designed with the specific purpose of gas conservation and providing a clean and sustainable source of electricity to the Peace River region" said Paul Miller, Genalta's President. "Baytex has been a committed partner in ensuring a clean and sustainable future for the Peace River region and the Province."
James Bowzer, Baytex's President and Chief Executive Officer said, "Baytex is dedicated to operating in an environmentally responsible manner and this initiative provides a significant increase in gas conservation in the Three Creeks area."
About Genalta Power Incorporated:
Genalta Power is a privately held Canadian corporation in the business of developing, owning and operating independent power plants that produce and sell environmentally-friendly electricity from waste and clean energy sources. Genalta capitalizes on opportunities in the independent power market by actively pursuing the development of dependable, cost-effective and environmentally responsible power generation facilities. Genalta pursues a mix of waste heat recovery, waste fuel gas, waste pressure, biomass and gas to power projects. Visit for www.genaltapower.com more information.
About Baytex Energy Corp:
Baytex Energy Corp. is a dividend-paying oil and gas corporation based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Approximately 82% of Baytex's production is weighted toward crude oil and natural gas liquids. Baytex pays a monthly dividend on its common shares which are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE. As an active, trusted partner, Baytex believes in enhancing the economic and social well-being of the communities where it operates. This includes environmental stewardship, community investment and a commitment to our employees, contractors and neighbors. Visit www.baytexenergy.com for more information.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the Company's current expectations regarding future events, including the future funding timing and requirements and speaks only as of the date of this news release. Forward-looking information involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
SOURCE Genalta Power Inc.
Image with caption: "FIRST THREE OF FIVE GENERATION UNITS FOR GENALTA POWER'S PEACE RIVER POWER CENTRE (CNW Group/Genalta Power Inc.)". Image available at: http://photos.newswire.ca/images/download/20150219_C8788_PHOTO_EN_12275.jpg
Craig Parsons, EVP, Corporate Development, 403.237.9740 ext 227, [email protected]; Brian Ector, Senior Vice President, Capital Markets and Public Affairs, Baytex Energy Corp., 800-524-5521, [email protected]
Share this article