Carmen Energy Inc. Announces Corporate Update
November 18 2011 - 7:58AM
PR Newswire (Canada)
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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