CALGARY, ALBERTA--(Marketwire - Feb. 4, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) is pleased to provide an update on the operational activities of the Corporation and announce the appointment of full time Chief Financial Officer and Corporate Secretary.
Cancen is pleased to provide an update on its operations and facilities. Cancen currently has two facilities, Silver Valley and Kinsella, which are operating and generating revenue for the company. Further, the Corporation has two other locations, Chamberlain and Athabasca, which it plans to expand and develop.
Kinsella: Located 48 km northwest of Hardisty, this facility is an operating oil terminal and blending facility. As was announced in the fourth quarter of 2012, Kinsella was acquired from the Astra Energy Canada ("Astra") and Kinsella continues to contribute terminalling and blending revenue as a result of the Astra Midstream contract.
Silver Valley: Located in Gordondale, Alberta approximately 120km northwest from Grand Prairie, this facility had been operating at reduced capacity while well work over and related maintenance was completed through to October 2012. This work is completed and has resulted in a reduction of operating costs of approximately 20% at the facility while further enhancements in January are driving higher throughput of custom treating and produced water disposal. The Corporation intends to continue with planned enhancements through the first half of the year to increase plant capacity.
Chamberlain: Located in Strathcona county, Edmonton is currently not in operation but has a licensed disposal well. Construction at the site, initiated in the third quarter of 2012 and temporarily on hold for project assessment, is expected to resume in 2013. Chamberlain will offer produced water disposal, custom treating and clean oil terminalling.
Athabasca: The Corporation holds a licensed disposal well, located approximately 60 km northeast of Athabasca, Alberta, that the Corporation plans to develop into a future water disposal facility.
Management of the Corporation anticipates that the advancements in the Corporation's operations and near term plans will further the opportunities to build on its strategic relationship with Astra.
"We are excited to be working with the new management group at Cancen and pleased with the positive impact they are having on the business", said Kerry Tychonick, Managing Director of Astra. "We are committed to the relationship with Cancen and supporting the company in its growth plans."
Appointment of Chief Financial Officer
Cancen is pleased to announce the appointment of Mr. Shankar Nandiwada as the Chief Financial Officer and Corporate Secretary of the Corporation effective February 4, 2013. Mr. Nandiwada is a Chartered Accountant with nearly 20 years of public and private company experience as a Controller and Chief Financial Officer in Canada, the US and internationally. His experience includes various levels of public reporting and strategic business planning, budgeting and forecasting. Most recently, Mr. Nandiwada was the CFO for Hammerstone Corporation, a limestone mine located in the Athabasca oil sands region of Alberta. Mr. Nandiwada is a Certified General Accountant ("CGA") from CGA Alberta, Chartered Management Accountant ("CMA") from ICMA England and Charted Accountant ("ACA") from ICA India.
Jeffrey Love will cease to be the Chief Financial Officer of the Corporation effective February 3, 2013 and continue to assist the company in the transition until February 15th. The Board and Management of Cancen would like to thank Mr. Love for his contribution to the organization and wish him well in his future endeavours.
Cancen is an energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin. The services provided by Cancen assist these companies with the treatment and sale of crude oil and the handling of by-products associated with oil and natural gas development and production. The services provided by Cancen include crude oil emulsion treatment, disposal of produced and waste water and terminalling for oil and blending.
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 future operations of the Corporation. 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 Cancen'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.
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.