CANADA ENERGY PARTNERS ACQUIRES ADDITIONAL MONTNEY ACREAGE
June 25, 2010
VANCOUVER, BRITISH COLUMBIA - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE: CE) is pleased to announce that, together with its Joint Venture Partner, the Company has purchased 14 gross (7 net) sections of Deep Rights drilling licences/leases in the Peace River Project area located in the Northeast British Columbia in the May and June 2010 lease sales. This comprises a 20% increase in the Company’s Deep Rights land base. The lands purchased are in close proximity to the Company’s first horizontal Montney well, the Portage c-20-E, which is currently being completion tested and lies between the Peace River Project and the Talisman/Canbriam Farrell Project.
Canada Energy is carried by the Joint Venture Partner through the completion of the c-20-E and a further $11 million of joint exploration expenditures. Canada Energy will have a 50% working interest in the deep rights at Peace River Project upon the Joint Venture Partner’s completion of its earn-in obligations.
Canada Energy owns a 50% interest in the Peace River Project gas plant and connection to the Spectra Energy sales pipeline which would be available to bring this Montney gas to market.
The Joint Venture Partner has obtained a drilling permit for the second horizontal Montney well and plans to start drilling prior to July 15th. This well is expected to be completed and tested in early Q4 2010.
Canada Energy is an active oil and gas exploration and development company with approximately $4.2 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
Attention: Ben Jones, President and CEO
Email: [email protected]
Direct Phone: (225) 388-9900
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.