VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 10, 2017) - Canada Energy Partners Inc. (TSX VENTURE:CE) (the "Company") is pleased to announce that it has initiated water disposal operations at Peace River pursuant to the prior announcement of November 28, 2016.
Several well integrity tests were required by the regulatory agencies prior to re-activation of water disposal and all tests yielded positive results confirming the mechanical integrity of the wellbore.
Peace River Abandonment
The Company has completed the plugging, abandonment, and reclamation of wells and facilities associated with the CBM Project, except for revegetation of the sites and final regulatory filings.
Cavitation Technology Update
All component parts of the first jetcav tool are complete. The Company is negotiating on an initial test location on a coalbed methane property in the U.S.
The Company has applied for a patent covering its technology.
On behalf of the Board of Directors of Canada Energy Partners Inc.
Benjamin Jones, 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.