CALGARY, ALBERTA--(Marketwire - Nov. 21, 2012) - Standard Exploration Ltd. ("Standard") (TSX VENTURE:SDE) announced on November 15, 2012 that it committed to drilling 2 wells prior to year end. The first well, an exploration well was drilled, abandoned and rig released on November 20, 2012. The well targeting the Mannville zone encountered the reservoir but was tight and not viable for commercial production. Total cost for the operation was approximately $350,000 of qualified Canadian Exploration Expenditures ("CEE') of which will be applied to the flow through commitment inherited with the Canadian Energy Exploration Inc. transaction.
Canadian Energy Exploration Inc., a wholly owned subsidiary of Standard Exploration, met the requirements within the flow through share regulations of the Canada Revenue Agency whereby small corporations can renounce up to $1,000,000 of Canadian Development Expenditures ("CDE") as CEE in a given calendar year to the participants of the flow through share offering.
The Corporation is a Canadian based oil and gas corporation with operations in Alberta, Canada and is traded on TSX Venture Exchange. The Corporation's public filings may be found at www.sedar.com.
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