Canadian Energy Exploration Inc.
TSX VENTURE : XPL

November 30, 2010 10:11 ET

Canadian Energy Exploration Inc. Third Quarter Highlights 2010 and Update

CALGARY, ALBERTA--(Marketwire - Nov. 30, 2010) - Canadian Energy Exploration Inc. ("Canadian Energy" or the "Company") (TSX VENTURE:XPL) announces financial and operating results for the third quarter ended September 30, 2010 and an update of current activities. The reviewed but unaudited financial statements as at and for the third quarter ended September 30, 2010, together with the notes thereto; and management's discussion and analysis of financial condition and results of operations as at and for the third quarter ended September 30, 2010 can be accessed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com

Third Quarter Highlights

  • Average gas production during the third quarter 2010 was slightly higherat 21 Boe per day; inclusive of an average LPG production during the third quarter 2010 of1.0 Boe per day.

  • Petroleum and natural gas sales gross revenue was $40,148, and net loss was $500,534.

  • Alberta and Saskatchewan Crown land sale acquisitions totalled 321.50 hectares (803.75 acres) for $99,082.

Operational Update

  • In addition to our new President and Chief Executive Officer, and Vice President, Exploration, we hired 6 consultants focused on pursuing our light oil plays in both Alberta and Saskatchewan.

  • The Company raised $7,000,000 in gross proceeds from a private placement which closed November 23, 2010.

  • The Company is operationally focused in SE Saskatchewan and has spudded its first exploratory well there as part of a three well exploratory commitment seeking light, sweet oil through conventional vertical drilling applications.

Canadian Energy is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in Western Canada. Canadian Energy has 70,976,731 common shares outstanding (basic) and 77,386,731 on a fully diluted basis as at today's date.

In this Press Release the calculation of barrels of oil equivalent (Boe) is calculated at a conversion rate of six thousand cubic feet (Mcf) of natural gas for one barrel (Bbl) of oil based on an energy equivalency conversion method. Boe's may be misleading particularly if used in isolation. A Boe conversion ratio of 6 Mcf: 1Bbl is based on an energy equivalency conversion method primarily applicable to the burner tip and does not represent a value equivalency at the wellhead.

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 the review of strategic alternatives and establishing a portfolio base, 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. 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.

Contact Information

  • Canadian Energy Exploration Inc.
    Larry Buzan
    President and Chief Executive Officer
    (403) 229-2800
    buzan@cdnenergy.com
    or
    Canadian Energy Exploration Inc.
    Scott Koyich
    Investor Relations
    (403) 215-5979
    Skoyich@dskconsulting.ca