VANCOUVER, Aug. 22, 2017 /CNW/ - Canada Energy Partners Inc.'s (TSX-V: CE) (the "Company") has successfully surface tested its prototype jetcav mining tool (the "JetCav tool"). The JetCav tool effectively granulated 5 out of 6 the kimberlite targets from a Canadian diamond mine. The kimberlite targets are one of the hardest of the minerals prospective to the JetCav tool. The Company is pleased with the results and intends to apply the tool to an actual mineral deposit as soon as possible.
An explanatory video showing the actual test results can be viewed on the Company's website at www.canadaenergypartners.com.
The Company received a decision from the Oil & Gas Appeal Tribunal ("OGAT") on August 21, 2017 dismissing the Company's appeal. The Oil & Gas Commission ("OGC") is still deliberating, after the previously concluded Technical Review, whether to cancel the Company's water disposal well permit or conversely to withdraw the Suspension Order. If the OGC withdrew the Suspension Order, the Company would be allowed to resume water disposal operations. The OGAT stated in their decision that should the OGC cancel the Company's water disposal well permit that would be an appealable decision.
The OGAT decision and all of the prior Company's submissions to the Tribunal can be viewed on our website at: www.canadaenergypartners.com.
On behalf of the Board of Directors of
Canada Energy Partners Inc.
President & CEO
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]; Ben Jones, President and CEO, Direct Phone: +1 225.388.9900 ext 101, www.canadaenergypartners.com