CANADIAN ENERGY EXPLORATION INC. ANNOUNCES FARMIN AND LEASE TERM EXTENSIONS

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.


 

SOURCE Canadian Energy Exploration Inc.

For further information:

Canadian Energy Exploration Inc. 
Larry Buzan, President and Chief Executive Officer, Director 
(403) 229-2800 
Email: Buzan@cdnenergy.com

Profil de l'entreprise

Canadian Energy Exploration Inc.

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