CANADA ENERGY PARTNERS ANNOUNCES SUCCESSFUL COMPLETION OF PRODUCTION DRILLING ON ITS PEACE RIVER CBM PROJECT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2008) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) is pleased to announce the successful completion of 5 CBM (coalbed methane) wells drilled during the summer of 2008 on its Peace River CBM Project. All 5 wells have been drilled, fracture stimulated and shut-in pending the installation of surface and processing equipment. Also completed are gathering lines to 8 wells (including 3 previously shut-in wells) and a pipeline to the Spectra Energy transcontinental pipeline which runs through the Company's property. Delivery of the gas treating plant and compressor station are expected later this month. The Company owns 50% working interest in the 50,788-acre Peace River CBM Project located in northeastern British Columbia. Natural gas sales from 8 wells are expected to commence this quarter.
Canada Energy Partners is an active oil and gas exploration and development company. The Company has a large concentrated land position in a high-impact, multi-zone, natural gas-bearing area of northeastern British Columbia. The Company is in a strong financial position with approximately $22 million cash in the treasury and a large financial commitment from its joint venture partners to drill four additional Montney exploration wells, four Montney option wells and 3D seismic on Canada Energy's lands at no cost to the Company.
On behalf of the Board of Directors of Canada Energy Partners Inc.
John Proust, Director
Forward Looking Statements: This press release contains forward looking statements relating to expected or anticipated 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 companies' 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 companies that actual results achieved during the forecast period will be the same in whole or in part as that forecast.
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.
Canada Energy Partners Inc.
(604) 909-1154 or Direct: (604) 895-7445
Fax: (604) 488-0319
Canada Energy Partners Inc.
President and Chief Executive Officer
Direct: (225) 928-9980