Carmen Energy Inc. announces amending agreement to participation agreement
February 21 2012 - 8:05PM
PR Newswire (Canada)
CALGARY, Feb. 23, 2012 /CNW/ - Carmen Energy Inc. ("Carmen" or the
"Corporation") announces that due to unforeseen cost overruns
associated with its Hamburg area, Alberta well (the "Well"), the
Corporation, in conjunction with its partner, have amended their
participation agreement, previously announced on February 2, 2012.
The revised terms of the participation agreement provide that
Petrus Resources Ltd. ("Petrus") will carry one-hundred percent
(100%) of the costs associated with the Well to completion,
effective 12:00 am Thursday February 16, 2012 and assume
operatorship of the Well. Furthermore, in the event that the
partners proceed to equip and tie-in the well, Carmen will be
responsible for a net ten percent (10%) of the costs, risks,
obligations and liabilities associated therein. Upon Petrus having
complied with the terms and conditions of the amended participation
agreement, Petrus will have earned a net one hundred percent (100%)
interest in the Well and the first option well earning block
reserving unto Carmen a net ten percent (10%) carried working
interest following payout of a net fifty five percent (55%) of all
the costs and expenses associated to the first option well that
occur between 12:00 am Thursday February 16, 2012 and the point at
which Carmen earns its remaining net ten percent (10%) of the Well
by electing to fund ten percent (10%) of the costs to equip and
tie-in the Well. Additionally, Carmen will be entitled to
participate as to a net ten percent (10%) working interest in both
the second option well and second option blocks in the event of
future activity. About Carmen Energy Inc.: Carmen is based in
Calgary, Alberta and a publicly traded oil and gas exploration and
production company. The focus is on exploration and development of
Western Canadian Sedimentary Basin based oil and gas properties.
The current projects are the Jumpbush properties in south eastern
Alberta, the Ferrybank properties in central Alberta, the Sylvan
Lake area properties in Southern Alberta and the Hamburg properties
in northern western Alberta. FORWARD LOOKING INFORMATION Certain
information in this news release is forward-looking within the
meaning of certain securities laws, and is subject to important
risks, uncertainties and assumptions. This forward-looking
information includes, among other things, that Carmen will
participate in equiping and tie-in of the Well and information with
respect to the Corporation's beliefs, plans, expectations,
anticipations, estimates and intentions and the activities of the
Corporation. The words "may", "could", "should", "would",
"suspect", "outlook", "believe", "anticipate", "estimate",
"expect", "intend", "plan", "target" and similar words and
expressions are used to identify forward-looking information. The
forward-looking information in this news release describes the
Corporation's expectations as of the date of this news release. The
results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or
events. Material factors which could cause actual results or
events to differ materially from such forward-looking information
include, among others, the risks associated with the oil and gas
industry in general, risks arising from general economic conditions
and adverse industry events, risks arising from operations
generally, reliance on contractual rights such as licences and
leases in the conduct of its business, the uncertainty of reserve
and resource estimates; the uncertainty of estimates and
projections relating to reserves, resources, production, costs and
expenses; reliance on third parties, reliance on key personnel,
possible failure of the business model or business plan or the
inability to implement the business model or business plan as
planned, competition, environmental matters, and insurance or lack
thereof; ability to access sufficient capital from internal and
external sources; changes in legislation, including but not limited
to tax laws, royalties and environmental regulations. The
Corporation cautions that the foregoing list of material factors is
not exhaustive. When relying on the Corporation's
forward-looking information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. The Corporation has
assumed a certain progression, which may not be realized. It
has also assumed that the material factors referred to in the
previous paragraph will not cause such forward-looking information
to differ materially from actual results or events. However,
the list of these factors is not exhaustive and is subject to
change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors. THE
FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF
THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY
ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME. 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. Carmen Energy Inc
CONTACT: Tyler RicePresident(403) 537-5590
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