Canada Energy Partners Announces Successful Completion of Drilling
September 07 2010 - 8:30AM
Marketwired
Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX
VENTURE: CE) is pleased to announce the completion of drilling
operations on its second horizontal Montney well located on its
Peace River Project in northeast British Columbia.
The Portage 3-12-82-26 was drilled horizontally in the Upper
Montney formation with a horizontal displacement of 1,750 meters
and a measured lateral length of 1,862 meters within the Montney
formation. The Operator was only required to drill 1,400-meter
lateral under the farm-in agreement. This compares to a 1,000-meter
lateral drilled in the first horizontal well on the Peace River
Project (see the Company's news release dated July 6, 2010). The
well has been cased pending a completion test which is expected to
occur during October. The Operator has planned a 9-stage frac job,
compared to a 4-stage frac on the first horizontal well (c-20-E) at
Peace River. The c-20-E tested at 1.7 to 2.7 million cubic feet per
day (mcf/day) with 579-1450 psi flowing casing pressure over an
eleven day test or 420 mcf/d per frac treatment.
Activity at Farrell, immediately north of the Company's Peace
River Project, continues at a high level. Talisman has 4 drilling
rigs operating at Farrell and are expanding their gas plant,
Canbriam/Canadian Spirit have 2 drilling rigs running at Farrell
and recently announced test rates from their first Lower Montney
well of approximately 1 million cubic feet per frac stage. On
August 5th, Terra Energy announced a test rate of 13.2 million
cubic feet per day on their Farrell 10-22-83-25 well from a 41.5
hour test with an 1800-meter lateral and a 9-stage frac.
The Company owns a 50% interest in a gas plant and pipeline
connection approximately 7 miles southwest of the 3-12 well which
can be utilized to market gas from these first two horizontal
wells. Initial engineering estimates for that connection have been
completed.
The Company has 42 net sections of Montney rights in northeast
British Columbia, representing 168 potential net Montney drilling
locations.
Canada Energy is an active oil and gas exploration and
development company with approximately $3.8 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
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 Phone: (604) 696-9020 Canada Energy Partners Inc. Ben Jones
President and CEO Direct Phone: (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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