CALGARY, Nov. 17, 2011 /CNW/ - Carmen Energy Inc. (TSXV: CEI) ("Carmen" or the "Corporation") is, effective immediately, terminating its obligations under the
letter of intent between Carmen and Shorthorn Exploration Ltd.
("Shorthorn") dated September 15, 2011 (the "LOI"). Unfortunately a
mutually acceptable definitive acquisition agreement has not yet been
reached between Carmen and Shorthorn. Carmen will no longer pursue the
acquisition of Shorthorn.
Carmen will retain a 60% working interest in the horizontal Glauconitic
development well in the Viking-Kinsella, Alberta area. Under the terms
of the farmin agreement, Carmen is paying 100% of the costs to drill to
the contract depth, abandonment, capping or completion, equipping and
tie-in to earn a 60% working interest in the well and half-section of
land the well is located on.
About Carmen Energy Inc.: Carmen is based in Calgary, Alberta and a publicly traded oil and gas
exploration and production company. The focus is on exploration and
development of Western Canadian Sedimentary Basin based oil and gas
properties. The current projects are the Jumpbush properties in south
eastern Alberta, the Ferrybank properties in central Alberta, the
Sylvan Lake area properties in Southern Alberta and the Hamburg
properties in northern western Alberta.
FORWARD LOOKING INFORMATION
Certain information in this news release is forward-looking within the
meaning of certain securities laws, and is subject to important risks,
uncertainties and assumptions. This forward-looking information
includes, among other things, the earning of the working interest and
information with respect to the Corporation's beliefs, plans,
expectations, anticipations, estimates and intentions and the
activities of the Corporation after the Transaction. The words "may",
"could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and
similar words and expressions are used to identify forward-looking
information. . The forward-looking information in this news release describes the
Corporation's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events.
Material factors which could cause actual results or events to differ
materially from such forward-looking information include, among others,
the risks associated with the oil and gas industry in general, risks
arising from general economic conditions and adverse industry events,
risks arising from operations generally, reliance on contractual rights
such as licences and leases in the conduct of its business, the
uncertainty of reserve and resource estimates; the uncertainty of
estimates and projections relating to reserves, resources, production,
costs and expenses; reliance on third parties, reliance on key
personnel, possible failure of the business model or business plan or
the inability to implement the business model or business plan as
planned, competition, environmental matters, and insurance or lack
thereof; failure to realize the anticipated benefits of acquisitions
including the Acquisition; ability to access sufficient capital from
internal and external sources; changes in legislation, including but
not limited to tax laws, royalties and environmental regulations.
The Corporation cautions that the foregoing list of material factors is
not exhaustive. When relying on the Corporation's forward-looking
information to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and potential
events. The Corporation has assumed a certain progression, which may
not be realized. It has also assumed that the material factors
referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual results or
events. However, the list of these factors is not exhaustive and is
subject to change and there can be no assurance that such assumptions
will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF the Corporation AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.
READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER
DATE. WHILE the Corporation MAY ELECT TO, IT DOES NOT UNDERTAKE TO
UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
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 press
SOURCE Carmen Energy Inc
For further information:
President and Chief Executive Officer