Cancen Oil Canada Inc
TSX VENTURE : COI

February 03, 2012 11:25 ET

Cancen Announces Asset Purchase from Four Winds Energy Services Ltd.

EDMONTON, ALBERTA--(Marketwire - Feb. 3, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) announces that it has entered into an Asset Purchase Agreement (the "Purchase Agreement") with Four Winds Energy Services Ltd. a private company, of Calgary Alberta. Under the Purchase Agreement, the Corporation purchased the Silver Valley Custom Treating Facility in the Gordondale area of Alberta for a purchase price of $1,800,000.

The assets consist of a Custom Treating Facility with a treater, five (5) 1000 bbl above ground storage tanks and is a candidate for a Class II disposal well. The Silver Valley Custom Treating Facility is approved to accept third-party production fluids (oil/water emulsions) for treatment. Following conversion of the Class II disposal well, the Silver Valley Custom Treating Facility will have the ability to accept third-party produced water for deepwell disposal. The facility is capable of treating 160 m3 of oil/water emulsions per day. The volume capabilities of the Class II disposal well is yet to be determined. A stand-alone blending facility will be designed to handle a minimum of 700 m3 of oil per day.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Corporation's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the closing of the Qualifying Transaction. Such statements and information reflect the current view of the Corporation with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

The Corporation cautions that the foregoing list of material factors is not exhaustive. When relying on the Corporation's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Corporation has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

The securities of the Corporation have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contact Information