Carmen Energy Inc. announces amendment to Hamburg farmin agreement
December 09 2011 - 5:31AM
PR Newswire (Canada)
CALGARY, Dec. 9, 2011 /CNW/ - Carmen Energy Inc. ("Carmen" or the
"Corporation") is pleased to announce that it has executed an
amending agreement with the farmors to amend the terms of a farmin
agreement relating to the Hamburg lands (previously disclosed in a
press release of the Corporation dated July 19, 2011) increasing
the potential working interest to Carmen and eliminating the
convertible term of the overriding royalty (the "Amended Farmin").
Pursuant to the Amended Farmin, Carmen now has the right to earn a
100% working interest in four sections of land in the Hamburg area
of Alberta. To earn this working interest in the first two sections
of land, Carmen is required to contribute 100% of the costs to
drill to the contract depth, abandon, cap or complete, equip and
tie-in the first option well. The Amended Farmin provides
that the first option well is to be spudded on or before February
15, 2012. The working interest is subject to a non-convertible
overriding royalty calculated on 100% of production of 1/15 (min.
5/10% and max 15/20%) on crude and 15/20% on all other petroleum
substances. Subsequent to fulfilling its obligations for the first
option well, Carmen shall have the right under the Amended Farmin
to elect, within 90 days from the rig release of the first option
well, to drill the second option well to earn a 100% working
interest in the remaining two sections of land. The Amended Farmin
provides that the second option well must be spudded within 9
months of Carmen's election to drill same. The earning
provisions of the second option block are the same as for the first
option well and Carmen's working interest in all four sections of
Hamburg land shall be subject to the overriding royalty discussed
above. 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, the Viking-Kinsella
properties in Alberta and the Hamburg properties in northern
western Alberta. ON BEHALF OF THE BOARD OF DIRECTORS Mr. Brian
Doherty, President, CEO and Director Contact:
brian.doherty@carmenenergy.ca; (403) 537-5590 Advisory Regarding
Forward-Looking Information and Statements This press release
contains forward-looking statements and forward-looking information
within the meaning of applicable securities laws. The use of any of
the words "will", "expects", "believe", "plans", "potential" and
similar expressions are intended to identify forward-looking
statements or information. More particularly and without
limitation, this press release contains statements relating to
drilling commitments of the Corporation and the timing thereof, the
potential working interest of the Corporation under the Amended
Farmin and the option of the Corporation to drill the second option
well. Readers should be cautioned that the forgoing list of
forward-looking statements and information contained herein should
not be considered exhaustive. The forward-looking statements and
information in this press release are based on certain key
expectations and assumptions made by Carmen. Although Carmen
believes that the expectations and assumptions on which such
forward looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because Carmen can give
no assurance that they will prove to be correct. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the risks associated with
the oil and gas industry in general such as operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve and resource estimates;
the uncertainty of estimates and projections relating to reserves,
resources, production, costs and expenses; health, safety and
environmental risks; commodity price and exchange rate
fluctuations; marketing and transportation; loss of markets;
environmental risks; competition; incorrect assessment of the value
of acquisitions; failure to realize the anticipated benefits of
acquisitions including the Acquisitions; ability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations. Management has included the above
summary of assumptions and risks related to forward-looking
information provided in this press release in order to provide
securityholders with a more complete perspective on Carmen's future
operations and such information may not be appropriate for other
purposes. The forward-looking statements and information contained
in this press release are made as of the date hereof and Carmen
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. 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: Mr. Brian Doherty, President, CEO and DirectorContact:
brian.doherty@carmenenergy.ca; (403) 537-5590
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