VANCOUVER, Dec. 6, 2017 /CNW/ - Canada Energy Partners Inc.'s (TSX-V: CE) (the "Company") is pleased to report that it has received a decision from the British Columbia Oil & Gas Commission ("OGC") that will allow resumption of water disposal if certain conditions are met. The additional conditions are: (1) daily disposal volumes are limited to 200 cubic meters per day; (2) installation of seismic detection and accelerometer equipment with regular reporting of gathered data; and (3) a requirement to cease disposal if BC Hydro's safety factor at the Peace Canyon Dam falls below an acceptable level. The Company believes that it can meet these conditions and will proceed to re-establish water disposal operations as soon as practicable.
In early March 2017, BC Hydro, the Crown utility company, notified the OGC that they believed the Company's disposal operation imposed a risk of induced earthquakes that could damage their Peace Canyon Dam. The OGC issued a suspension order March 16, 2017 terminating water disposal operations at the Company's Peace River disposal facility. The Company requested a Technical Review which was conducted from April to July 2017. Concurrent with the Technical Review, the Company appealed the Suspension Order to the Oil & Gas Appeal Tribunal but the appeal was denied in August. The OGC notified the Company on June 16th that it was considering canceling the Company's water disposal well permit. However, based upon an exhaustive review of the technical data, on December 4th, 2017 the OGC decided not to cancel the Company's disposal well permit and to allow resumption of water disposal as long as certain conditions are met.
The OGC decision can be read in its entirety at the Company's website: www.canadaenergypartners.com.
On behalf of the Board of Directors of
Canada Energy Partners Inc.
President & CEO
Ben Jones, President and CEO
Direct Phone: +1 225.388.9900 ext 101
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, including, without limitation, estimated revenues.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation, regulatory approvals, mechanical integrity of the water disposal well, receptivity of the disposal zone, variability of operating costs, risks associated with oil and gas production and exploration, retention of and ability to attract company personnel, volatility of commodity prices, currency and interest rate fluctuations, environmental risk, inability to access sufficient capital from internal and external sources and changes in legislation, including income tax, environmental and regulatory matters.
This press release, in particular the information in respect of estimated revenues, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by law.
SOURCE Canada Energy Partners Inc.
For further information: CANADA ENERGY PARTNERS INC., 650-669 Howe Street, Vancouver, BC V6C 0B4, Main Phone: (778) 725-1489 / Facsimile: (604) 428-1124, Email: [email protected]