North American Energy Partners to Resume Overburden Removal Operations at Canadian Natural

abarrelfullabarrelfull wrote on 24 Dec 2011 14:16
Tags: canada n-america oil-sands

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North American Energy Partners Inc. ("NAEP" or "the Company") (TSX:NOA) (NYSE:NOA) today announced it will resume overburden operations at Canadian Natural Resources Limited's ("Canadian Natural") Horizon Mine on January 2, 2012 under the terms of a recently signed Memorandum of Understanding (the "MOU") between NAEP's wholly-owned subsidiary North American Construction Group Inc. ("NACG") and Canadian Natural.

While a final resolution on the long-term overburden removal and mining services contract with Canadian Natural is still being negotiated, the MOU establishes a framework for a contractual path going forward and provides both the parameters and a process for reaching final agreement by the end of February. The terms of the MOU also enable NAEP to earn profitable revenue on work carried out at the site from January 2, 2012. "This is a positive development in our negotiations and we look forward to being back on site in January," said Rod Ruston, President and CEO of NAEP. "The negotiating teams from both our companies have worked diligently through some complex issues to come to a resolution that accommodates the needs of both Canadian Natural and NAEP".

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