TORONTO, ONTARIO--(Marketwired - Oct. 28, 2016) - Changfeng Energy Inc., (TSX VENTURE:CFY) ('Changfeng' or the 'Company'), a natural gas utility in China, is pleased to announce that the Company has entered into a natural gas purchase and sale agreement with Hainan Fuel Chemical Co., Ltd., a subsidiary of China National Offshore Oil Corporation ('CNOOC') to purchase 9.0 million cubic metres of natural gas during the remainder of 2016 (the 'Additional Gas Quota').
Any unused gas supply of the Additional Gas Quota is non-cumulative and not eligible to be carried forward to 2017. The Company will be billed exclusively on the actual volume of natural gas received until December 31, 2016. The Additional Gas Quota will enable the Company to better supply its operation in Sanya region and to enhance its gross margin by reducing purchases of relatively expensive CNG and LNG.
About Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located throughout the People's Republic of China. The Company services industrial, commercial and residential customers, providing them with natural gas for heating purposes and fuel for transportation. The Company has developed a significant natural gas pipeline network as well as urban gas delivery networks, stations, substations and gas pressure regulating stations in Sanya City & Haitang Bay. Through its network of pipelines, the Company provides safe and reliable delivery of natural gas to both homes and businesses. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Venture Exchange under the trading symbol 'CFY'. For more information, please visit the Company website at www.changfengenergy.com
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.