VANCOUVER, July 12, 2018 /CNW/ - Canada Energy Partners Inc. (TSXV: CE) (the "Company") is pleased to announce that it has signed a non-binding Letter of Intent for the sale of its Portage a-20-D Water Disposal Well in northeast British Columbia to an arm's length undisclosed buyer, for $1,050,000, with $450,000 cash at closing and a $600,000 note bearing 5% interest, payable in equal monthly payments over 18 months. The disposal rights to 3 sections of land are included in the sale. The Company retains the disposal rights to 45 sections. The Company cannot drill another disposal well on its 45 sections for 3 years from the date of closing.
The sale is subject to execution of a definitive binding agreement, TSXV acceptance, an acceptable injection test on the well and other standard environmental and operational due diligence. Closing is to occur prior to August 27, 2018, unless extended due to regulatory delays.
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]