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UNITED STATES/
TORONTO, June 7, 2022
/CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the
"Corporation" or "CEP") today announced the decision to terminate
negotiations with T5 Limited and Stream Oil SAS regarding the
Owali concession transaction in Gabon. CEP was unable to complete the
necessary due diligence and conclude negotiations with acceptable
terms for the potential transaction during the agreed exclusivity
period.
In parallel, Canada Energy has examined the potential for
natural gas projects in North
America. The market for natural gas, particularly in
Texas, is very robust and is
expected to stay strong for the foreseeable future. The Company has
identified several assets to participate with existing producers in
the region and is currently negotiating partnership terms on
natural gas development opportunities in South Texas. Canada Energy Partners is in the
due diligence phase and is evaluating several opportunities
available in this region that can be acquired in a very short
period.
"We are very focused on favorable terms for CEP's initial
project and we see more opportunity for shareholder returns in
the United States," said Grant
Hall CEO of Canada Energy Partners. "We are currently in the due
diligence phase of the process and we are confident we can conclude
an agreement that will benefit the Company and its
shareholders."
On behalf of the Board of Directors of
Canada Energy Partners Inc.
Grant Hall
President
and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Canada Energy Partners Inc.