VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2008) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) is pleased to announce that it has commenced drilling the first well on lands under a farm-in agreement with a major Canadian oil and gas producer (the "Major") adjacent to its Monias Prospect in northeast British Columbia. The well will be testing multiple conventional and unconventional gas targets in the Cretaceous section and is estimated to reach target depth of 850 metres. The Company has 100% working interest in the well and upon completion will earn 70% working interest in the two sections of the farmed-in lands. All 8 sections under the farm-in agreement are located in close proximity to the Major's existing gas infrastructure and the Company has a gas transportation agreement with the Major.
On behalf of the Board of Directors of Canada Energy Partners Inc.
John Proust, Director
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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Canada Energy Partners Inc.
Fax: (604) 488-0319