Candax Energy Inc.

Candax Energy Inc.

April 11, 2012 16:00 ET

Candax Announces Progress on Robbana Work-Over

TORONTO, ONTARIO--(Marketwire - April 11, 2012) -


Candax Energy Inc. ("Candax") (TSX:CAX) announces the following update on the Robbana work-over. The Robbana-1 well was shut in on January 13th to initiate civil work in preparation for a work-over in advance of the mobilization of a rig. On February 14th, the rig was mobilized and the work-over commenced. The work-over has now been completed and the rig demobilized. During the work-over, the two formation intervals were successfully re-perforated, there was a tubing change and the activation system was adjusted. Production will now be re-initiated and closely monitored for improvements over the coming weeks. The technical information gathered from the work-over will also be studied to help formulate a plan for the further development of the field.

About Candax

Candax is an international energy company with its head office in Toronto and an office in Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds an interest in an exploration permit in Madagascar.

This news release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and 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. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the ability of Candax to continue to service its debt; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax to fund the capital and operating expenses necessary to achieve the business objectives of Candax, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax should not place undue reliance on these forward-looking statements.

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