CEI Coelacanth Energy Inc

CALGARY, Nov. 21, 2011 /CNW/ - Carmen Energy Inc. ("Carmen" or the "Corporation") In light of the Corporation's announcement on November 17(th), 2011, in respect to terminating its obligations under the Letter of Intent with Shorthorn Exploration Ltd. ("Shorthorn") dated September 15, 2011. The Corporation will continue to focus on its current portfolio of prospects in the Hamburg, Jumpbush and Ferrybank areas of Alberta. Additionally, the Corporation intends to fulfill its obligation under the farmin agreement with Shorthorn and evaluate further development drilling opportunities on the earned land. The current drilling portfolio has a capital program in excess of seven million dollars based on current drilling cost estimates. Carmen is concluding evaluations of its current drilling portfolio in advance of finalizing financing efforts to adequately fund its capital program. The Corporation is also pleased to announce the following operational updates: The Sylvan Lake 102/14-7-38-3w5 Leduc well is on production as of November 7, 2011. Plans are being initiated to put this well on artificial lift. Carmen has a 15% working interest in the well. Carmen will continue to evaluate the well as rates stabilize and examine the merit of offset targets, in conjunction with its partners. The Sylvan Lake 12-22-38-4w5 Leduc well is currently being completed and tested. Initial analysis of well logs and samples from the Viking-Kinsella Horizontal Glauconitic location indicate a successful penetration of the Glauconitic formation with the horizontal leg intersecting approximately 900 meters of the Glauconitic zone. Stimulation operations are expected shortly followed by production testing. About Carmen Energy Inc.: Carmen is based in Calgary, Alberta and a publicly traded oil and gas exploration and production company. The focus is on exploration and development of Western Canadian Sedimentary Basin based oil and gas properties. The current projects are the Jumpbush properties in south eastern Alberta, the Ferrybank properties in central Alberta, the Sylvan Lake area properties in Southern Alberta and the Hamburg properties in northern western Alberta. FORWARD LOOKING INFORMATION Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, the earning of the working interest, completions of the Sylvan Lake 12-22-38-4w5 and Viking-Kinsella Horizontal Glauconitic location and information with respect to the Corporation's beliefs, plans, expectations, anticipations, estimates and intentions and the activities of the Corporation.  The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. . The forward-looking information in this news release describes the Corporation's expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events.  Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, the risks associated with the oil and gas industry in general, risks arising from general economic conditions and adverse industry events, risks arising from operations generally, reliance on contractual rights such as licences and leases in the conduct of its business, the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; reliance on third parties, reliance on key personnel, possible failure of the business model or business plan or the inability to implement the business model or business plan as planned, competition, environmental matters, and insurance or lack thereof; failure to realize the anticipated benefits of acquisitions including the Acquisition; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations. The Corporation cautions that the foregoing list of material factors is not exhaustive.  When relying on the Corporation's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.  The Corporation has assumed a certain progression, which may not be realized.  It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events.  However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.  READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.  WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. Carmen Energy Inc CONTACT: Brian DohertyPresident and Chief Executive Officer(403) 537-5590

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