CANADA ENERGY PARTNERS TO FRAC ITS FIRST HORIZONTAL MONTNEY WELL
February 18, 2010
VANCOUVER, BRITISH COLUMBIA - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE: CE) is pleased to announce the Farmee on the Peace River (Portage) Exploration Block and the Company, due to the drilling results of the Portage c-20-E (“Well”) pilot hole and subsequent horizontal side track in the Triassic Montney formation, have modified the terms of the Farmin Agreement from a vertical well program to a horizontal well program. In addition, based on the rock analysis associated with the core extracted from the Well, the completion and multi-stage fracture stimulation will proceed prior to spring road bans. The completion will test the 1000 meters of consistent Montney reservoir encountered in the lateral section which exhibited encouraging natural gas responses throughout.
Also, as a result of the amended Farmin Agreement, the next earning well is to be commenced by mid-July 2010.
The modification of the Agreement will allow the Project to be evaluated in the most efficient manner correlative with the reservoir characteristics of the Montney formation and will make this program operationally consistent with other Montney activity in the fairway within the Province of 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.
CANADA ENERGY PARTNERS INC.
1500 – 885 West Georgia St.
Vancouver, BC V6C 3E8
Main Phone: (604) 909-1154
Facsimile: (604) 488-0319
Attention: John Proust, Chairman
Email: [email protected]
Direct Phone: (604) 696-9020
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.
Forward Looking Statements: This news release contains forward looking statements relating to expected or anticipated flow rates, timing for drilling and completion operations, 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.