CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) -
Standard Exploration Ltd. ("Standard") (TSX VENTURE:SDE) announced on October 22, 2012 that it successfully closed the acquisition of Canadian Energy Exploration Inc. (Canadian Energy). Canadian Energy, now a wholly owned subsidiary of Standard, is committed to fulfilling a flow thru obligation of approximately $1.3 million prior to year end. Canadian Energy has committed to drilling 2 wells, the first well is scheduled to spud before the end of this week and the second well is schedule to spud on or before November 30th ,2012. With cash & working capital of $6.5 million Standard is well positioned to fund the above mentioned activities.
Standard also announces that Mr. Neil Burrows, Chief Financial Officer of the Corporation has tendered his resignation effective December 7, 2012. Mr. Burrows has resigned to accept an opportunity with another oil and gas company. We thank Mr. Burrows for his contribution to the Corporation.
Standard will immediately begin the process of hiring a replacement for Mr. Burrows.