Canadian Energy Exploration Inc. Announces Lease Term Extensions and Hardy Area Update
12 12월 2011 - 10:00PM
PR Newswire (Canada)
CALGARY, Dec. 12, 2011 /CNW/ - Canadian Energy Exploration Inc.
("Canadian Energy", or the "Company") is pleased to announce it has
received certain lease 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. A summary chart of the
Company's lease expiry dates in the Hardy area is provided below.
________________________________________ |Canadian Energy Lands in
the Hardy Area:| |________________________________________|
Sections Original Expiry New Expiry 30.25 December 31, 2011 March
31, 2012 12.0 March 31, 2011 March 31, 2012 (extended by drilling)
6.0 March 31, 2016 No Change; Crown sale lands owned 100% 7.5 March
31, 2012 Option Lands - No Change .25 March 31, 2012 No Change -
Earned Lands 2.75 Undetermined* *Freehold Lands; 1-year expiry once
earned Total = 58.75 sections owned, earned or under option. The
Farmor under the previously announced (see October 21, 2010 press
release) Farmin has agreed to match the government extensions
referred to above which will allow the Company to retain the option
to earn the remainder of the farmout lands (21.5 sections) under
the previously agreed upon terms. Should the Company elect to
drill 2 more earning wells on unearned farmout lands, the remainder
of the farmout lands (21.5 sections) can be earned by the Company.
All lands will expire as per the listed expiry dates except any
terms that are extended by future drilling or production, if any.
______________________________________________________________
|Hardy Area Update - Third Party Announces Bakken Production on|
|Offsetting Lands |
|______________________________________________________________|
Recent oil production obtained by other operators from four wells
offsetting the Company's land position in the Hardy area has
resulted in the Company applying for a horizontal Bakken-depth well
at CEEI Hardy HZ 4B12-4-4B5-33-4-21W2. The Company intends to seek
a joint venture participant to drill its newly applied for
horizontal Bakken well at Hardy. The Company has also updated its
corporate presentation which can be viewed on its website at
www.cdnenergy.com. 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 greater
flexibility in allocating capital, elections to drill wells,
applications for drilling new wells, further land extensions
related to the drilling of wells, seeking joint ventures, 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 forward-looking statements
contained in this document are made as of the date of this document
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 document are expressly qualified by
this cautionary statement. 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. Canadian Energy has 135,497,209
common shares outstanding and an aggregate of 16,292,937
unexercised warrants. The Company's common shares are listed to
trade on the TSX Venture Exchange under the symbol "XPL". 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. Canadian Energy Exploration Inc. CONTACT: Canadian Energy
Exploration Inc.Larry Buzan, President and Chief Executive
OfficerP: (403) 229-2800Email: info@cdnenergy.comWeb Site:
http://www.cdnenergy.com
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