As a result of having filed for creditor protection under the Company Creditor Arrangement Act (CCAA) on July 22, 2008, SemCAMS recently underwent a court supervised sales process. Unfortunately SemCAMS was not able to structure a sale through this recent solicitation endeavour and, instead, will remain a part of the Tulsa-based SemGroup L.P. and form a part of its corporate restructuring process. Given the immediate financial commitments required to allow for the construction of the Project in the fall of 2009, SemCAMS faced the difficult decision of determining a course of action regarding the Redwillow Pipeline Project. In that regard, SemCAMS has made the decision to suspend the Project and to cancel work on the Project until further notice.
SemCAMS continues to believe there is a tremendous amount of value associated with the Redwillow Pipeline Project. SemCAMS appreciates the relationships we have built with individuals and communities along the pipeline route, and we remain committed to the principles of consultation we have followed since the Project began.