CANADA ENERGY COMMENCES DRILLING SECOND MONTNEY WELL ON PEACE RIVER PROJECT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2009) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) is pleased to announce that drilling has commenced on the second Montney well on its Peace River Project in northeast British Columbia. The location of this well is 4.5 miles north of its first Montney well on the Project. The Company owns a 50% working interest in the Deep Rights, but the Company's Joint Venture Partner is paying 100% of the drilling and completion costs. The drilling should take 4-5 weeks.
Canada Energy is party to a Joint Venture where a Joint Venture Partner pays 100% of drilling and completion costs on the first 4 committed deep wells on the Peace River Project (1 drilled) and 1 option well. The JV Partner is required to drill this well and two additional wells, one of which must be horizontal, before August 1st, 2010. The Company owns an interest in 65 gross sections (42,207 acres) and 35 net sections (22,666 acres) of deep rights in northeast British Columbia.
Canada Energy is an active oil and gas exploration and development company with approximately $7 million of working capital. The Company possesses a large concentrated land position in a high-impact, multi-zone, natural gas-bearing area in northeast British Columbia.
On behalf of the Board of Directors of Canada Energy Partners Inc.
John Proust, Director
CANADA ENERGY PARTNERS INC.
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 company's 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 company that actual results achieved during the forecast period will be the same in whole or in part as that forecast.
The TSX Venture Exchange has neither approved or disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Canada Energy Partners Inc.
Direct Phone: (604) 696-9020
Canada Energy Partners Inc.
1500 - 885 West Georgia St.
Vancouver, BC V6C 3E8
Main Phone: (604) 909-1154
Facsimile: (604) 488-0319