CANADA ENERGY PARTNERS PROVIDES UPDATE ON SHALLOW RIGHTS EXPLORATION PROGRAMS
June 24, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2009) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) provides an update on its Shallow Rights exploration programs in northeast British Columbia. The exploration programs included the Moosebar Shale horizontal well on the Peace River Project previously announced on February 2nd, 2009 and the CBM horizontal well on the farm-in lands adjacent to its Monias Prospect previously announced on November 4, 2008.
The Company drilled its Portage a-C100-D/94-B-1 well on the Peace River Project as a horizontal exploration well in the Moosebar Shale. The well reached the targeted 1,000 metres of horizontal displacement. The well is currently shut-in pending a future fracture stimulation test.
Canada Energy drilled the A9-23-81-22 CBM well on the farm-in lands adjacent to its Monias Prospect as a horizontal exploration well in the Gething formation. Drilling problems were encountered during the drilling of this well which prevented reaching the targeted horizontal lengths. Nevertheless, the well was completed and production tested from February to mid-May 2009 and further evaluated. The test rates have been deemed uneconomic in the current natural gas pricing environment. The well has been shut-in for possible future utility pending increased gas prices. The well is cased and can be utilized for additional horizontal drilling in the coals in the future. Under the Farm-in Agreement, previously announced on September 18, 2007, the Company has earned a 70% interest in the Shallow Rights in two sections of the farm-in lands and has relinquished its farm-in rights to 6 sections because of the near term drilling requirements and the current gas prices.
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 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.
1500 - 885 West Georgia St.
Vancouver, BC V6C 3E8
Main Phone: (604) 909-1154
Fax: (604) 488-0319
Canada Energy Partners Inc.