VANCOUVER, July 12, 2018 /CNW/ - Canada Energy
Partners Inc. (TSXV: CE) (the "Company") is
pleased to announce that it has signed a non-binding Letter of
Intent for the sale of its Portage a-20-D Water Disposal Well in
northeast British Columbia to an
arm's length undisclosed buyer, for $1,050,000, with $450,000 cash at closing and a $600,000 note bearing 5% interest, payable in
equal monthly payments over 18 months. The disposal rights to 3
sections of land are included in the sale. The Company
retains the disposal rights to 45 sections. The Company
cannot drill another disposal well on its 45 sections for 3 years
from the date of closing.
The sale is subject to execution of a definitive binding
agreement, TSXV acceptance, an acceptable injection test on the
well and other standard environmental and operational due
diligence. Closing is to occur prior to August 27, 2018, unless extended due to
regulatory delays.
On behalf of the Board of Directors of
Canada
Energy Partners Inc.
"Benjamin Jones"
Benjamin
Jones
President & CEO
Ben Jones, President and CEO
Direct Phone: +1 225.388.9900 ext 101
www.canadaenergypartners.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains forward-looking statements within
the meaning of applicable securities laws. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words or statements that certain events or
conditions "may" or "will" occur, including, without limitation,
estimated revenues.
Forward-looking statements 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. These factors include, without
limitation, regulatory approvals, mechanical integrity of the water
disposal well, receptivity of the disposal zone, variability of
operating costs, risks associated with oil and gas production and
exploration, retention of and ability to attract company personnel,
volatility of commodity prices, currency and interest rate
fluctuations, environmental risk, inability to access sufficient
capital from internal and external sources and changes in
legislation, including income tax, environmental and regulatory
matters.
This press release, in particular the information in respect
of estimated revenues, may contain future-oriented financial
information or financial outlook within the meaning of applicable
securities laws. Such future-oriented financial information
or financial outlook has been prepared for the purpose of providing
information about management's reasonable expectations as to the
anticipated results of its proposed business activities.
Readers are cautioned that reliance on such information may not be
appropriate for other purposes.
The forward-looking statements contained in this press
release are made as of the date hereof, and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless so required by law.
SOURCE Canada Energy Partners Inc.
