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GEOMET ANNOUNCES PLANNING FOR INITIAL 25 DEVELOPMENT WELLS AT PEACE RIVER PROJECT

July 3, 2007

HOUSTON, TEXAS--(Marketwire - July 3, 2007) - Canada Energy Partners Inc. (TSX VENTURE:CE) -

GeoMet, Inc. (NASDAQ:GMET) ("GeoMet") announced today the decision to advance the Peace River Coalbed Methane Project (the "Project") into the next phase of activity. GeoMet's wholly-owned Canadian operating subsidiary, Hudson's Hope Gas, Ltd., will begin the necessary steps to drill approximately 25 wells. The Project consists of approximately 44,468 gross acres in the Peace River area near Hudson's Hope, British Columbia. GeoMet is the operator and owns a 50% working interest in the Project. Canada Energy Partners Inc. (TSX VENTURE:CE) owns the remaining 50% working interest.

During the last three years, GeoMet has drilled or recompleted seven production test wells, three core holes, drilled one produced water disposal well and conducted gas desorption tests on all targeted coal seams. In addition, Peace River Corporation, the original operator of the Project, had previously drilled five exploratory wells. GeoMet has recently completed an extensive economic evaluation which yielded attractive results based on the test well program and projected development and operating costs.

Preliminary engineering and geological design for the Project have been completed and final design plans, protocols and budget will be completed over the next several months. Hudson's Hope Gas, Ltd. will begin consultations with affected communities and First Nations (Canadian indigenous populations). GeoMet will begin the design of the initial drilling plan which will include at least one produced water disposal well and the necessary project infrastructure and gas treating and sales facilities. Thereafter, GeoMet will finalize permitting and, after final approval by the Company's Board of Directors, initiate construction of drilling locations and infrastructure. Drilling would commence sometime thereafter depending upon seasonal operating restrictions and/or conditions.

On behalf of the Board of Directors of
Canada Energy Partners Inc.

"John Proust"

John Proust, Director
Canada Energy Partners Inc.

Canada Energy Partners Inc.
1500 – 885 West Georgia Street,
Vancouver, BC V6C 3E8 Canada

Forward-looking statements: This document may contain statements about expected or anticipated future events and financial 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 its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Act of 1995.

 


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