CANADA ENERGY PARTNERS ANNOUNCES START OF COMPLETION OPERATIONS ON SECOND HORIZONTAL MONTNEY WELL AT PEACE RIVER
November 9, 2010
VANCOUVER, BRITISH COLUMBIA - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE: CE) is pleased to announce that completion operations have started on the Portage 3-12-82-26, the second horizontal Montney well located on its Peace River Project in northeast British Columbia, approximately 2 miles east of the c-20-e well location.
The Portage 3-12-82-26 was drilled horizontally in the Upper Montney formation with a horizontal displacement of 1,750 meters and a measured lateral length of 1,862 meters within the Montney formation. The Company’s first horizontal Montney well c-20-e had a 1,000-meter horizontal displacement.
The Company has 42 net sections of Montney rights in northeast British Columbia, representing 168 potential net Montney drilling locations.
Canada Energy owns a 50% interest in the Peace River gas plant and connection to the Spectra Energy sales pipeline which would be available to bring this Montney gas to market.
Canada Energy is carried by its joint venture partner through the next approximately $8 million of joint exploration expenditures. Canada Energy will have a 50% working interest in the deep rights at Peace River upon the Joint Venture Partner completion of its earn-in obligations.
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
Direct Phone: (604) 696-9020
Attention: Ben Jones, President and CEO
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.