CANADIAN ENERGY EXPLORATION INC. - YEAR END HIGHLIGHTS AND 2010 UPDATE
28 Aprile 2011 - 12:23AM
PR Newswire (Canada)
CALGARY, April 27 /CNW/ -- CALGARY, April 27 /CNW/ - Canadian
Energy Exploration Inc. ("Canadian Energy" or the "Company") (TSX
Venture - "XPL") announces financial and operating results for the
year ended December 31, 2010 and an update of current activities.
The Company's audited consolidated financial statements together
with the auditor's report thereto; and Management's discussion and
analysis of financial condition and results of operations for the
year ended December 31, 2010 can be obtained on System for
Electronic Document Analysis and Retrieval (SEDAR)at www.sedar.com
Year End Highlights: -- On April 26, 2010 Canadian Energy filed its
Annual Information Form for the year ended December 31, 2010 which
contains Form 51-101F1 - Statement of Reserves Data and Other Oil
and Gas Information for its year ended December 31, 2010, Form
51-101F2 - Report of Independent Qualified Reserves Evaluator and
Form 51-101F3 - Report of Management and Directors, all under
National Instrument 51-101. These filings can be accessed
electronically on the SEDAR website: www.sedar.com; -- Average gas
production during 2010 was 100 Mcf per day - a 62% decrease from
the year ended 2009 as a result of the production volume reduction
and water cuts increasing in the Last Quarter of 2010; average NGL
production from 2010 was 2 Boe per day - a 50% decrease from the
year ended 2009 - a result of production volume reduction; and
average oil production from 2010 was 2 Boe per day - a 100%
increase from the year ended 2009 - a result of production volumes
coming on-stream in Q1 2010; -- Petroleum and natural gas sales
revenue fell $57, 419 - a 20.4% decrease from the year ended 2009 -
due to production declines from existing wells. Highlights of
Canadian Energy's 2010 activities and summary of operations for the
year to-date include: -- Current production is averaging
approximately 19 Boe per day; -- The Company has fulfilled its
commitment under a previously announced farmin agreement by
drilling three exploratory earning wells at its Hardy/ Minton
Saskatchewan land block, earning 27 sections (6,993 hectares/
17,483 acres). The Company is currently waiting on post breakup
access to further evaluate these wells; -- The Company acquired 1.5
sections (385.50 hectares/ 964 acres) at Alberta and Saskatchewan
crown land sales in 2010 and acquired another 6 sections (1,554
hectares/ 3,885 acres) at the February 2011 Saskatchewan crown land
sale in the Hardy/Minton area; -- Management is currently working
on certain strategic alternatives including, but not limited to:
recapitalizing the Company through financing arrangements or
merging with other companies, and/or procuring joint venture
partner(s) to assist in the drilling, completions and operations in
the Hardy/ Minton area of Saskatchewan. There is no assurance,
however, that any of these alternatives will materialize or that
additional funding will be available, if and when needed. Canadian
Energy is an oil and gas company engaged in the exploration for,
and the acquisition, development and production of, oil and natural
gas reserves primarily in Western Canada. Canadian Energy has
71,601,731 common shares issued and outstanding. In this News
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: 1Bbl 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 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 planned completion operations, the review
of strategic alternatives and establishing a portfolio base, 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. 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". 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/April2011/27/c7462.html
p bCanadian Energy Exploration Inc. /bbr/ bLarry
Buzan/b, President and Chief Executive Officer, Director br/
(403) 229-2800 br/ Email: a
href="mailto:Buzan@cdnenergy.com"Buzan@cdnenergy.com/a /p
Copyright
Grafico Azioni Canadian Energy Exploration Inc. (TSXV:XPL)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Canadian Energy Exploration Inc. (TSXV:XPL)
Storico
Da Giu 2023 a Giu 2024