CALGARY, March 14, 2012 /CNW/ - Canadian Energy Exploration Inc. ("Canadian Energy", or the "Company") (TSXV: XPL) is pleased to announce it has received certain lease term extensions from the Petroleum Tenure Branch for the Saskatchewan Ministry of Energy and Resources based on well licence approvals, wildlife and critical vegetation issues, and wet weather conditions that will provide the Company with greater flexibility in allocating capital and discussing future joint venture possibilities.
A summary chart of the Company's lease expiry dates in the Hardy area is provided below.
|Canadian Energy Lands in the Hardy Area:|
|Sections||Old Expiry||New Expiry|
|20.25||December 31, 2011||August 31, 2012|
|3.0||December 31, 2011||June 30, 2012|
|8.0||December 31, 2011||June 30, 2012* (extended by well licencing)|
|6.0||March 31, 2014||No Change; Crown sale lands owned 100%|
|2.75||Undetermined**||**Freehold Lands; 1-year expiry once earned|
|Total = 40 sections owned, earned or under option.|
|* Further extensions may be available based on similar reasons to those shown above.|
The Farmor has been approached to agree to match the government extensions referred to above which will allow the Company to retain the option to continue to drill to earn farmout lands.
All lands will expire as per the listed expiry dates except any terms that are extended by future drilling or production, if any.
Forward Looking Statements:
This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding Canadian Energy's business, such as greater flexibility in allocating capital, drilling new wells, further land extensions related to the drilling of wells, seeking joint ventures, which by their nature are forward-looking statements and which are subject to numerous risks and uncertainties, some of which are beyond Canadian Energy's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Canadian Energy believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Canadian Energy does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
About Canadian Energy Exploration Inc.
Canadian Energy Exploration Inc. is a junior oil and gas company engaged in the exploration for and development and production of natural gas and oil reserves. Canadian Energy has 135,247,235 common shares outstanding.
The Company's common shares are listed to trade on the TSX Venture Exchange under the symbol "XPL".
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 release.
For further information:
Canadian Energy Exploration Inc.
Larry Buzan, President and
Chief Executive Officer
P: (403) 229-2800
Email: [email protected]
Web Site: http://www.cdnenergy.com