CANADA ENERGY PARTNERS TO FRAC FIRST HORIZONTAL MONTNEY WELL AFTER REMOVAL OF SPRING ROAD BANS
March 5, 2010
VANCOUVER, BRITISH COLUMBIA - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE: CE) announces that the multi-stage frac job on its first horizontal Montney well will be performed after the removal of spring road bans by the British Columbia Ministry of Transportation. The Ministry imposed a full road ban effective March 6, 2010, in the Peace River Project area due to unseasonably warm weather. These road bans have occurred approximately a month earlier than normal. The frac job on the Portage c-20-E was originally planned prior to spring breakup as announced by the Company on February 18th, 2010. The frac job will be executed as soon as possible after the road bans come down in June.
The Operator of the Project had most of the frac equipment moved on location and was days away from executing the job when warm weather invoked the road bans. Interruptions in a fracture treatment can adversely affect the effectiveness and results of a frac treatment.
The Operator is obligated to spud the next horizontal Montney well by July 15, 2010 and pay 100% of the costs. Canada Energy will have a 50% working interest in the Peace River Project upon Farmee fulfilling its’ earn in obligation.
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.