July 21, 2017 – Vancouver, British Columbia – Canada Energy Partners Inc.’s (TSX-V: CE) (the "Company") has made its final submission required under the appeal procedures to the Oil & Gas Appeal Tribunal of British Columbia (the “Tribunal”). The Tribunal now has all the pleadings, responses, and evidence and will begin deliberating toward a decision. There is no specified time frame for a decision from the Tribunal. All of the Company’s submissions to the Tribunal can be viewed on our website at: www.canadaenergypartners.com.
On June 16, 2017, the Company received a letter from the BC Oil & Gas Commission (the “OGC”) which stated, “I write to advise that the Commission is considering taking action under Section 26(1)(c) of the Oil and Gas Activity Act to cancel the above noted well permit.” The OGC still has this matter under consideration and has not made a decision.
Also on June 16, 2017, the OGC concluded and released the results of its Technical Review of the Company’s water disposal well and the potential of induced seismicity related thereto. The OGC engaged an outside consultant to evaluate the risk of damage to the Peace Canyon Dam (the “PCD”) from induced seismic event related to the Company’s water disposal operations, which concluded in part, “A pulse type motion, as is expected from a low to moderate induced seismic event, is considered to have a reduced probability of causing failure or damage to the PCD….We have not identified any compelling reason for induced seismicity to result in significant damage to, or an outright failure, of the PCD. Based on the recorded history of fracking and injection well induced seismic events in northeast BC, and provided that reinjection conditions remain similar to the practice to date, the probability of significant damage or a failure occurring is within expected norms for life safety, based on the British Columbia Building Code and our present understanding of the stability of the PCD structure.” The Company believes that this study supports the preservation of its disposal well permit and the reinstatement of its water disposal rights.
The Company will announce the Tribunal’s decision and/or the OGC decision as soon as it is received.
On behalf of the Board of Directors of
Canada Energy Partners Inc.
President & CEO
For more information, please contact:-
CANADA ENERGY PARTNERS INC.
650-669 Howe Street
Vancouver, BC V6C 0B4
Main Phone: (778) 725-1489 / Facsimile: (604) 428-1124
Email: [email protected]
Ben Jones, President and CEO
Direct Phone: +1 225.388.9900 ext 101
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This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur, including, without limitation, estimated revenues.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation, regulatory approvals, mechanical integrity of the water disposal well, receptivity of the disposal zone, variability of operating costs, risks associated with oil and gas production and exploration, retention of and ability to attract company personnel, volatility of commodity prices, currency and interest rate fluctuations, environmental risk, inability to access sufficient capital from internal and external sources and changes in legislation, including income tax, environmental and regulatory matters.
This press release, in particular the information in respect of estimated revenues, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management’s reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by law.