C1 Energy Ltd.

C1 Energy Ltd.

May 29, 2006 09:15 ET

C1 Energy Updates Website Presentation

CALGARY, ALBERTA--(CCNMatthews - May 29, 2006) - C1 Energy Ltd. ("C1") (TSX:CTT) announces that it has provided an updated corporate presentation on its website, www.c1energy.ca. This presentation reflects our first quarter 2006 operating results and updated property descriptions.

C1 currently has a large inventory of drilling locations on an undeveloped land base of approximately 136,000 acres, net to C1. C1 has exclusive access to an additional 168,000 acres of undeveloped land bringing the company's total undeveloped land inventory to over 300,000 acres. C1 currently has approximately 33 million common shares outstanding.

Disclosure provided herein in respect of barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Certain information set forth in this press release contains forward-looking statements. All statements other than historical fact contained herein are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, production rates and plans and objectives of or involving C1 Energy Ltd. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond C1's control, including the impact of general economic conditions, industry conditions, governmental regulation, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. C1's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that C1 will derive therefrom. C1 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • C1 Energy Ltd.
    Hugh Pattillo
    President & CEO
    (403) 232-1115 ext 107
    C1 Energy Ltd.
    500, 521-3rd Avenue S.W.
    Calgary, AB T2P 3T3 Canada
    (403) 232-1115
    (403) 232-1130 (FAX)
    Website: www.c1energy.ca