VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2008) - Canada Energy Partners Inc. (TSX VENTURE:CE) ("Canada Energy") announces Montney and Doig Formations exploration budget for its previously announced joint venture with Crew Energy Inc. ("Crew Energy"). Pursuant to the budget, Crew Energy will complete, at its sole expense, the following:
Four Peace River commitment wells
One Moberly area commitment well
|$3 million to $5 million|
$14.5 million to $16.5 million
$2.5 million to $3.5 million
|Total committed exploration
||$20 million to $25 million|
The Montney and Doig Formations exploration program will cover 55 sections (approximately 35,500 acres) of lands held by Canada Energy in northeast British Columbia. Crew Energy will start the exploration immediately and will operate the project to earn a 50% working interest in the subject lands upon the completion of the exploration program. Canada Energy will own the remaining 50% working interest.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.
Canada Energy Partners Inc.
Fax: (604) 488-0319