Canadian Energy Exploration Inc. Second Quarter Highlights 2011 and Update
29 Agosto 2011 - 8:07PM
PR Newswire (Canada)
CALGARY, Aug. 29, 2011 /CNW/ -- Not for distribution to United
States newswire services or for dissemination in the United States.
CALGARY, Aug. 29, 2011 /CNW/ - Canadian Energy Exploration Inc.
("Canadian Energy" or the "Company") (TSXV: XPL) announces
financial and operating results for the second quarter ended June
30, 2011 and an update of current activities. The unaudited
consolidated financial statements as at and for the second quarter
ended June 30, 2011, together with the notes thereto; and
management's discussion and analysis of financial condition and
results of operations as at and for the second quarter ended June
30, 2011 can be accessed electronically on the System for
Electronic Document Analysis and Retrieval (SEDAR) at
www.sedar.com. Second Quarter Highlights -- Average gas production
during the second quarter 2011 was 41 Mcf per day - a 50% decrease
from second quarter 2010 as a result of production volume
reductions due to shutting in one well and evidence of increasing
water volumes in two others in Provost and Berry Creek Alberta.
Average oil and LPG production during second quarter 2011 was 2 Boe
per day - a 33% decrease from second quarter 2010. -- Petroleum and
natural gas sales revenue was $28,793 - a 51.1% decrease from the
second quarter 2010. Operational Update -- Extremely wet conditions
prevalent throughout the Hardy area of SE Saskatchewan precipitated
a Saskatchewan Energy and Mines decision to continue all crown
lands previously granted an extension to end of June 2011 with
another extension from the previously announced August 31, 2011
expiry date to December 31, 2011. The Farmor under the Seismic
Review and Option Agreement (the "Farmout") dated September 28,
2010 agreed to match this continuation and extend the option and
elections to drill and earn for the Company under the Farmout. --
As previously announced (May 20, 2011, June 15, 2011 and July 4,
2011) we closed an equity financing for aggregate gross proceeds of
$6,127,795.30. -- As previously announced (July 22, 2011) we
appointed a new director, John C. McGilvary. -- As previously
announced on July 20, 2011 we have drilled and cased a fourth well
in the Hardy area in SE Saskatchewan and we have been actively
evaluating all four Company wells. The current status of each of
the Company wells in Hardy is as follows: o 5-27-4-21W2: completed
in the Bakken formation; pumping. o 5-17-5-21W2: completed in the
Bakken formation; pumping. o 16-1-5-21W2: completed in the
Ratcliffe formation; suspended; logged for further evaluation. o
2-18-5-20W2: cased; not completed; logged for further evaluation.
-- We bid at the August 10, 2011 Alberta Crown sale on one parcel
unsuccessfully however the successful bid on these lands directly
adjoining our lands sold for over $5,000 per hectare, substantially
over what we paid earlier for our lands. These Central Alberta
lands are part of a non-core activity following up on internally
generated geological concepts. The Company is also actively
negotiating to acquire further mineral lands through farmin with
major land owners in Central Alberta. 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 oil and natural gas reserves in Western Canada.
The Company's common shares 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. In this Press Release the
calculation of barrels of oil equivalent (Boe) is calculated at a
conversion rate of six thousand cubic feet (Mcf) of natural gas for
one barrel (Bbl) of oil based on an energy equivalency conversion
method. Boes may be misleading particularly if used in isolation. A
Boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy
equivalency conversion method primarily applicable to the burner
tip and does not represent a value equivalency at the wellhead.
Forward-looking statements: This news release contains certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
fact, that address events or developments that Canadian Energy
expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although Canadian Energy believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
success, continued availability of capital and financing and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward looking statements are based on the beliefs, estimates and
opinions of Canadian Energy's management on the date the statements
are made. Canadian Energy undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change, except as
required by law. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/29/c7089.html
p bCanadian Energy Exploration Inc. /bbr/ bLarry Buzan,
President and/b br/ bChief Executive Officer/b /p p P: (403)
229-2800br/ E-mail: a
href="mailto:buzan@cdnenergy.com"buzan@cdnenergy.com/a /p
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