Listing: TSX Venture Exchange ("EEI.V")
Issued Common Shares: 60,208,086
TORONTO, Feb. 24 /CNW/ - Echo Energy Canada Inc. (the "Company") is
pleased to announce that it has engaged GLJ Petroleum Consultants Ltd., an
internationally recognized leader in oil and gas asset evaluations, to conduct
an evaluation of Echo Energy Canada Inc.'s oil and gas properties for year-end
2008 for its corporate reporting purposes.
Its team of experts will be able to provide an independent Reserves
evaluation of the Company's gas holdings based on a thorough analysis of
reservoir properties, production history, pressure history and reservoir drive
mechanisms, using analytical engineering and geological techniques. It will be
applying its full knowledge of geological and petroleum engineering
disciplines. This report will be available to the Reserves Committee of the
Board of Directors of the Company at the end of March 2009. This engagement
report will be completed pursuant to the recommendations of National
Instrument 51-101 ("NI51-101").
This report from GLJ Petroleum Consultants Ltd. will enable the Company
to fully appreciate its gross and net proved and probable reserves
attributable to the property interests utilizing GLJ's customary methods and
procedures and in accordance with standard industry practices and to estimate
the future net revenue to be realized with respect to such reserves.
The estimated reserves and future net revenues shall be determined in
accordance with the requirements of NI 51-101 and the Canadian Oil and Gas
Evaluation Handbook ("COGEH"), using both constant and forecast price and
costs assumptions and shall be presented as required by Form 51-101F2.
In the scoping documentation, GLJ indicates that it will take into
account the following factors in arriving at such estimates: a) Burdens
applicable to the property interest, including landowners, net profits
interests, carried interests and other similar burdens; b) Estimated Gross,
Company Gross and Company Net recoverable reserves; c) Estimated development
and operating costs; d) Estimated future capital investments; e) Estimated
future product prices; and f) Estimated future well abandonment costs.
Further to the Engagement of GLJ, Echo Energy Canada Inc. is also pleased
to announce that it has engaged Robert Chenery, a professional engineer with
an MBA, to act as an independent advisor to the Reserve Committee. Mr. Chenery
has worked in the petroleum and natural gas industry for more than 40 years.
This experience has primarily focused on reservoir analysis and evaluation
throughout North America and several international locations.
Mr Chenery is also a member of the Association of Professional Engineers,
Geologists and Geophysicists of Alberta (APEGGA). He began his career in the
oil and gas industry with Elf Aquitaine Group, rising to a senior management
position. Thereafter, he co-founded a consulting firm that functioned in an
oil and gas advisory role to bankers and institutional investors throughout
North America. For the past three years, Mr. Chenery has been an advisor to
the investment banking business.
About Echo Energy
Echo Energy is a publicly traded energy company with revenue producing
natural gas production operations near Port Burwell Ontario, Canada on the
shores of Lake Erie.
Statements in this news release that are not historical facts, including
statements about plans and expectations regarding properties, reserves,
transactions and opportunities, capital resources and future financial results
are forward-looking. Forward-looking statements involve risks and
uncertainties, which may cause the Company's actual results in future periods
to differ materially from those expressed. These uncertainties and risks
include changing gas and commodity prices and currency exchange rates, demand
for gas, lack of success of future exploration and development, competition
and other factors discussed from time to time in the company's filings with
the Ontario Securities Commission.
Neither the TSX Venture Exchange nor any securities regulatory authority
has approved or disapproved of this news release.
For further information:
For further information: Charles Edey, President, at 1-877-396-3540,