CEI Coelacanth Energy Inc

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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