CANADA ENERGY ANNOUNCES PURCHASE OF OVERRIDING ROYALTY
March 8, 2010
Canada Energy Partners Inc. (“Canada Energy” or the “Company”) (TSX VENTURE: CE) is pleased to announce that it has acquired an aggregate 1.5% overriding royalty interest on certain portions of the Company’s land base in northeast British Columbia from two arm’s-length parties (the “Vendors”) in consideration for the issuance of 800,000 common shares of the Company to the Vendors. The shares are subject to regulatory holding period of four months. The overriding royalty covered the majority of the Company’s deep and shallow rights and was originally granted by the Company’s predecessor to two founding geologists. The Company believes that in light of recent activities on the Company’s Peace River Project and surrounding areas, this acquisition is strategic as an addition to its core land base and will be accretive to shareholder value.
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 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 companies' 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 companies that actual results achieved during the forecast period will be the same in whole or in part as that forecast.