CANADIAN ENERGY EXPLORATION INC. ANNOUNCES FARMIN AND LEASE TERM EXTENSIONS
26 5월 2011 - 11:26PM
PR Newswire (Canada)
CALGARY, May 26, 2011 /CNW/ -- CALGARY, May 26, 2011 /CNW/ -
Canadian Energy Exploration Inc. ("Canadian Energy" or the
"Company") (TSX Venture - "XPL") is pleased to announce it has
received certain term extensions from the Petroleum Tenure Branch
for the Saskatchewan Ministry of Energy and Resources based on well
licence approvals, wildlife and critical vegetation issues, and wet
weather conditions that will provide the Company with greater
flexibility in allocating capital from its recently announced
$6,000,000 private placement (see May 20, 2011 press release). A
summary chart is provided below. Canadian Energy Lands In Hardy
Area: Sections Original Expiry New Expiry 31.25 March 31, 2011 Aug
31, 2011 (16.75 sections "Earned Lands") 3 March 31, 2011 October
31, 2011 9.75 March 31, 2012 No Change 9.75 March 31, 2011 March
31, 2012 ("Earned Lands") 75 March 31, 2012 ("Earned lands") No
Change 2.75 Undetermined* *Freehold Lands; 1-year expiry once
earned (8.75 sections) Expired March 31, 2011 Total 48.50 sections;
27 sections already earned by drilling the 3 commitment wells 6
sections March 31, 2016 Lands Purchased at Land Sales Total CEEI
Lands in Hardy Area 54.50 sections The Farmor under the previously
announced Farmin has agreed to match the government extensions
referred to above to allow the Company to continue to retain the
option to earn the remainder of the lands under the previously
agreed upon terms. As previously announced under the Farmin terms,
should the Company elect to drill 2 more earning wells on unearned
lands, the remainder of the lands (21.5 sections) can be earned.
All lands will expire as per the listed expiry dates except any
terms that are extended by future drilling, if any. About Canadian
Energy Exploration Inc. Canadian Energy Exploration Inc. is a
junior oil and gas company engaged in the exploration for and
development and production of natural gas and oil reserves. The
Company's common shares are listed to trade on the TSX Venture
Exchange under the symbol "XPL". Canadian Energy has
71,601,731 common shares issued and outstanding. Forward Looking
Statements: This press release contains certain statements which
constitute forward-looking statements or information
("forward-looking statements"), including statements regarding
Canadian Energy's business, such as further earning of option lands
and allocation of capital from the recently announced private
placement to future operations, which by their nature are
forward-looking statements and which are subject to numerous risks
and uncertainties, some of which are beyond Canadian Energy's
control, including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental
risks, operational risks in exploration and development,
competition from other industry participants, the lack of
availability of qualified personnel or management, stock market
volatility and the ability to access sufficient capital from
internal and external sources. Although Canadian Energy
believes that the expectations in our forward-looking statements
are reasonable, our forward-looking statements have been based on
factors and assumptions concerning future events which may prove to
be inaccurate. Those factors and assumptions are based upon
currently available information. Such statements are subject
to known and unknown risks, uncertainties and other factors that
could influence actual results or events and cause actual results
or events to differ materially from those stated, anticipated or
implied in the forward looking information. As such, readers
are cautioned not to place undue reliance on the forward looking
information, as no assurance can be provided as to future results,
levels of activity or achievements. The risks, uncertainties,
material assumptions and other factors that could affect actual
results are discussed in our Annual Information Form and other
documents available at www.sedar.com. Furthermore, the
forward-looking statements contained in this release are made as of
the date of this release and, except as required by applicable law,
Canadian Energy does not undertake any obligation to publicly
update or to revise any of the included forward-looking statements,
whether as a result of new information, future events or
otherwise. The forward-looking statements contained in this
release are expressly qualified by this cautionary statement.
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 release. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/26/c7816.html p
bCanadian Energy Expl/bboration Inc. /bbr/ bLarry Buzan/b,
President and Chief Executive Officer, Director br/ (403)
229-2800 br/ Email: a
href="mailto:Buzan@cdnenergy.com"Buzan@cdnener/aa
href="mailto:Buzan@cdnenergy.com"gy.com/a /p
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