NEWS RELEASE  |  Calgary, AB | JUNE 2022

 

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CALGARY – Free Rein Resources (Free Rein) and the Indian Resource Council (IRC) have signed an agreement to develop carbon capture, utilization, and storage (CCUS) projects in West Edmonton and Parkland County. Under the terms of the agreement, IRC would be eligible to participate up to a 20 per cent interest in any projects it jointly develops with Free Rein. Projects could include anything from the production of blue hydrogen to enhanced oil recovery, a low carbon-intensive extraction technique that emits 82 per cent less emissions than traditional methods. Additionally, IRC will play an advisory role for community and Indigenous relations for the project.

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Free Rein – a private oil and gas company with operations in the legendary Golden Spike area – submitted an application for an evaluation permit under Alberta’s Carbon Tenure and Sequestration Regulation earlier this month. The goal is to build an open-access carbon hub to serve some of the province’s largest emitters while also allowing Free Rein and its partners to pursue a range of sustainable energy projects.

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“Ensuring Indigenous participation and benefit from our proposed carbon hub is a priority. With its proven track record of investing in forward-looking projects that deliver significant benefits for its members, IRC is a natural fit as a partner. Working together, Free Rein and IRC are going help shrink Alberta’s carbon footprint and grow and diversify the economy,” said Terry McCallum, Free Rein’s Chairman and CEO.

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Headquartered on the Tsuu T’ina Nation, IRC is a member-driven organization of more than 180 bands. Since its founding in 1987, IRC has played a critical role in helping First Nations secure greater financial independence through enhanced management and control of their oil and natural gas resources. Over the years, the organization has advocated for changes to federal policy to increase economic development opportunities for First Nations and their members.

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“CCUS is an exciting emerging industry with tremendous economic and environmental potential,” said IRC President and CEO Stephen Buffalo. “In the more immediate term, IRC’s participation in Free Rein’s proposed carbon hub will deliver significant economic benefits for our members. In the longer term, it will help build our capacity so we can better support First Nations considering investments or participation in CCUS down the road.”

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The Alberta government will announce the results of the carbon hub application process by this fall. Successful proponents will be invited to further evaluate their proposed area of operation. If the evaluation demonstrates that a proposed project can provide permanent storage, the province will then enter into a carbon sequestration agreement with the proponent.

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Media Enquires

Meredith McDonald

403.803.7608

meredith@cdnstrategy.com