Crew Energy Inc.

Crew Energy Inc.

May 12, 2008 18:06 ET

Crew Energy Inc. Completes Montney Acquisition

CALGARY, ALBERTA--(Marketwire - May 12, 2008) - Crew Energy Inc. ("Crew") (TSX:CR) announces the closing of its previously announced acquisition of Montney formation rights in NE British Columbia. After closing adjustments, Crew acquired 102.2 net sections for $63.07 million. Crew is planning an active drilling program on the Montney play with current plans to drill up to 14 wells in 2008.

Crew is a publicly traded company with its head office in Calgary and is engaged in the business of exploring for, developing and producing crude oil and natural gas and acquiring crude oil and natural gas properties in western Canada.

ADVISORY: This press release contains forward looking statement including drilling plans and the timing thereof. Although Crew believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Crew can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. There is no assurance that any resources on the Montney lands acquired will be discovered or, if discovered, will be commercially viable to produce. The forward looking statements contained in this press release are made as of the date hereof and Crew undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Crew Energy Inc.
    Dale O. Shwed
    President and Chief Executive Officer
    (403) 231-8850
    (403) 266-6259 (FAX)
    Crew Energy Inc.
    John G. Leach
    Vice President, Finance and Chief Financial Officer
    (403) 231-8859
    (403) 266-6259 (FAX)