Carmen Energy Inc. announces abandonment of Hamburg area, Alberta well
March 22 2012 - 5:00AM
PR Newswire (Canada)
CALGARY, March 22, 2012 /CNW/ - Carmen Energy Inc. ("Carmen" or the
"Corporation") announces that the Hamburg area, Alberta well
reached the targeted total depth and the operator has initiated
abandonment of the primary target zone, the Slave Point. The well
has been cased to surface to evaluate the potential of up hole
zones. The rig will be moved off the lease prior to spring breakup
and any secondary objective testing will be conducted next winter.
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. 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. 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
ability of the operator to move the rig off the lease prior to
spring breakup, the testing of secondary objectives 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. Carmen Energy Inc CONTACT: Tyler
RicePresident(403) 537-5590
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