Contact Exploration Announces Kakwa Operations Update and Filing of
Results for the Quarter Ended September 30, 2012
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
CALGARY,
Nov. 28, 2012 /CNW/ - Contact
Exploration Inc. ("Contact" or the "Company") (TSXV: CEX) is
pleased to announce that all third party agreements required to
enable the Company to commence production of natural gas and
condensate from the Company's 13-17-63-5W6 well are now in place,
such that production from this well is expected to begin in early
December 2012. The sale of the
production from this initial well at Kakwa is expected to have a
material positive impact on the Company's monthly cash flow from
operating activities.
Contact is also pleased to report that it has
filed its unaudited Condensed Interim Consolidated Financial
Statements for the three and six month periods ended September 30, 2012, and the related Management's
Discussion and Analysis, on www.sedar.com.
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas
company which has a long-term history of operating in Atlantic Canada and has recently demonstrated
success in Alberta's liquids-rich
Montney Formation tight gas play. For more information, please see
the Company's website: www.contactexp.com
ADVISORY ON FORWARD-LOOKING STATEMENTS: This press release
contains certain forward-looking information and statements within
the meaning of applicable securities laws. The use of any of the
words "expect", "continue", "estimate", "may", "will", "should",
"believe", "plans", "cautions" and similar expressions are intended
to identify forward-looking information or statements. In
particular, but without limiting the forgoing, this press release
contains statements concerning the timing of commencement of
initial production from the Company's 13-17-63-5W6 well and the
financial impact on the Company from the sale of such production,
among others.
Forward-looking statements or information are
based on a number of material factors, expectations or assumptions
of Contact which have been used to develop such statements and
information but which may prove to be incorrect. Although Contact
believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on
them because Contact can give no assurance that they will prove to
be correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. In particular, in addition to other
factors and assumptions which may be identified herein, no
assurances can be given respecting the timing for the commencement
of production from the 13-17-63-5W6 well; that Contact will
continue to conduct its operations in a manner consistent with past
operations; results from drilling and development activities will
be consistent with past operations; the general stability of the
economic and political environment in which Contact operates; field
production rates and decline rates; the general continuance of
current industry conditions; the timing and cost of pipeline,
storage and facility construction and expansion and the ability of
Contact to secure adequate product transportation; future commodity
prices; currency, exchange and interest rates; regulatory framework
regarding royalties, taxes and environmental matters in the
jurisdictions in which Contact operates; and the ability of Contact
to successfully market its oil and natural gas products.
Further, events or circumstances may cause
actual results to differ materially from those predicted as a
result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including, without limitation: changes in commodity prices; changes
in the demand for or supply of the Company's products;
unanticipated operating results or production declines; changes in
tax or environmental laws, royalty rates or other regulatory
matters; changes in development plans of Contact or by third party
operators of Contact's properties, increased debt levels or debt
service requirements; inaccurate estimation of Contact's oil and
gas reserve and resource volumes; limited, unfavourable or a lack
of access to capital markets; increased costs; a lack of adequate
insurance coverage; the impact of competitors; and certain other
risks detailed from time-to-time in Contact's public disclosure
documents. Additional information regarding some of these
risk factors may be found under "Risk Factors" in the Company's
Management Discussion and Analysis prepared for the year ended
March 31, 2012. The reader is
cautioned not to place undue reliance on this forward-looking
information. The forward-looking statements contained in this press
release are made as of the date hereof and Contact undertakes no
obligations to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither 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.
SOURCE Contact Exploration Inc.