CANADA ENERGY PARTNERS ANNOUNCES COMPLETION OF DISTRIBUTION
September 4, 2014
VANCOUVER, BRITISH COLUMBIA - Canada Energy Partners Inc. (the "Company") is pleased to announce that further to its press release dated August 13, 2014, it has substantially completed the distribution of $12,022,473 ($0.133 per share) to shareholders who acquired the shares of the Company on or before September 3, 2014.
The Company now has approximately 59,000 net acres (92 net sections) of Shallow Rights lands in northeast British Columbia covering the coal-bearing Gething Formation. In addition, the Company owns 100% of a gas plant, 8 shut-in CBM wells with associated gathering system, an existing water disposal well, and the rights to drill and dispose of water in the deeper formations under 50,660 net acres (79 net sections). The gas plant has sweetening capabilities (the ability to extract and reject inert gases from the natural gas stream) and has potential future utility for the processing of CBM gas and for the processing of third party gas.
The Company’s CBM Project has been delineated by the drilling of 24 wells drilled through the coal-bearing Gething formation since 2002. The Company has issued an updated Form 51-101F “Statement of Reserves Data and Other Oil and Gas Information” as of April 30, 2014. A copy can be found on www.sedar.com. The Company has been aggressively investigating drilling and completion technologies which might enhance the economics of the CBM Project
The Company is also examining possible commercial disposal arrangements with area operators while retaining disposal capacity for the CBM Project. The Company owns disposal rights under 50,660 net acres from which the Company will be attempting to extract commercial value.
The Company has no debt and approximately $575,000 of working capital. In addition, the Company has deposited $2.2 million with the British Columbia Oil & Gas Commission to guarantee fulfillment of the Company’s reclamation liabilities related to its properties. These funds will be released back to the Company incrementally as wells and facilities are plugged.
The Company will continue to pursue opportunities to maximize the value of its assets.
On behalf of the Board of Directors of
Canada Energy Partners Inc.
For more information, please contact:-
CANADA ENERGY PARTNERS INC.
1680-200 Burrard St.
Vancouver, BC V6C 3L6
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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.