NEW YORK, March 11, 2013 /PRNewswire/ -- CN Resources
Inc. (OTCQB: CNRR) ('CN Resources' or the 'Company" or 'CNRR'), a
Nevada Corporation, is pleased to announce that on March 8, 2013, the Company spudded its first of
the two offset oil wells in Alberta,
Canada. CNRR has 50% equity working interest in the two
offset oil wells in 55-20W4 area of Alberta, Canada.
The first well is offsetting a current producing well that has
been producing since September 1995,
and is presently producing approximately 80 bbl per day of light
oil, so far, the existing well has produced approximately 290,000
bbl of light oil.
CN Resources Inc. (OTCQB: CNRR)
CN Resources is a disciplined and managed risk oil and gas
exploration and development company with activities focused on
Western Canada. The Company
believes that the best value creation opportunities for the Company
are in areas where political risks are low, significant oil has
been recovered and plenty oil still in the ground, and substantive
and accretive business opportunities exist.
CN Resources immediate focus is to co-develop producing oil
wells on existing reserves, capture offset opportunities and
maximize re-entry opportunities that are accretive to our
shareholders immediately.
CN Resources strategy is to build oil production and also be
opportunistic on acquisition for development oil lands in
Western Canada to deliver return
to our shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
Oliver Xing,
CA
INVESTOR RELATIONS
E-mail: oliverxing@rogers.com
Tel: 416-562-8120
Forward-looking Statements
This press release contains forward-looking statements (as defined
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth and business
strategy. Words such as "expects," "will," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, changes in the Company's business; competitive
factors in the market(s) in which the Company operates; risks
associated with its operations in the
United States, Canada and
elsewhere; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors – The United
States Securities and Exchange Commission permits resources
companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We may
use certain terms in this press release, such as "probable,"
"possible," "recoverable" or "potential" reserves among others,
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. Investors are urged to consider closely the
disclosure in our filings with the SEC.
SOURCE CN Resources Inc.