Canada Energy Partners Acquires Additional Montney Acreage
June 25 2010 - 8:30AM
Marketwired
Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX
VENTURE: CE) is pleased to announce that, together with its Joint
Venture Partner, the Company has purchased 14 gross (7 net)
sections of Deep Rights drilling licences/leases in the Peace River
Project area located in the Northeast British Columbia in the May
and June 2010 lease sales. This comprises a 20% increase in the
Company's Deep Rights land base. The lands purchased are in close
proximity to the Company's first horizontal Montney well, the
Portage c-20-E, which is currently being completion tested and lies
between the Peace River Project and the Talisman/Canbriam Farrell
Project.
Canada Energy is carried by the Joint Venture Partner through
the completion of the c-20-E and a further $11 million of joint
exploration expenditures. Canada Energy will have a 50% working
interest in the deep rights at Peace River Project upon the Joint
Venture Partner's completion of its earn-in obligations.
Canada Energy owns a 50% interest in the Peace River Project gas
plant and connection to the Spectra Energy sales pipeline which
would be available to bring this Montney gas to market.
The Joint Venture Partner has obtained a drilling permit for the
second horizontal Montney well and plans to start drilling prior to
July 15th. This well is expected to be completed and tested in
early Q4 2010.
Canada Energy is an active oil and gas exploration and
development company with approximately $4.2 million of working
capital. The Company possesses a large concentrated land position
in a high-impact, multi-zone, natural gas-bearing area in northeast
British Columbia.
On behalf of the Board of Directors of Canada Energy Partners
Inc.
John Proust, Chairman
CANADA ENERGY PARTNERS INC.
Forward Looking Statements: This news release contains forward
looking statements relating to expected or anticipated flow rates,
timing for drilling and completion operations, future events and
operations, number of wells to be drilled, timing of projects and
anticipated results that are forward looking in nature and, as a
result, are subject to certain risks and uncertainties, such as
general economic, market and business conditions, the regulatory
process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties
resulting from potential delays or changes in plans, the occurrence
of unexpected events, and the company's capability to execute and
implement future plans. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors. There is no
representation by the company that actual results achieved during
the forecast period will be the same in whole or in part as that
forecast.
The TSX Venture Exchange has neither approved or disapproved of
the contents of this press release. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press
release.
Contacts: Canada Energy Partners Inc. John Proust Chairman
Direct: (604) 696-9020 info@canadaenergypartners.com Canada Energy
Partners Inc. Ben Jones President and CEO Direct: (225) 388-9900
info@canadaenergypartners.com www.canadaenergypartners.com Canada
Energy Partners Inc. 1500 - 885 West Georgia St. Vancouver, BC V6C
3E8 Main Phone: (604) 909-1154 Fax: (604) 488-0319
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