CEX Contact Exploration Inc.

Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX) is
pleased to announce that it has today filed its audited consolidated condensed
financial statements for the year ended March 31, 2013 and the related
management's discussion and analysis ("MD&A") on the Company's profile on the
System for Electronic Document Analysis and Retrieval ("SEDAR") website at
www.sedar.com.


Year End Summary



----------------------------------------------------------------------------
                                         2013           2012           2011 
                                            $              $              $ 
----------------------------------------------------------------------------
Revenues (net of royalties and                                              
 tax credits)                       6,969,282      3,925,202      1,873,585 
----------------------------------------------------------------------------
Impairment                                  -     (4,126,190)       (26,046)
----------------------------------------------------------------------------
Net income (loss)                   2,091,473     (4,013,722)    (1,259,103)
----------------------------------------------------------------------------
Income (loss) per diluted share         0.010         (0.027)        (0.011)
----------------------------------------------------------------------------
Total assets                       39,856,749     20,079,933     21,351,163 
----------------------------------------------------------------------------



Operations Update

The Company is pleased to report that the first three Contact-operated Kakwa
wells will be onstream by August 1, 2013. Rates from the wells continue to
perform in line with expectations.


Contact's 23.75% non-operated Kakwa well (the "14-2 Well") has been successfully
completed.

The operator is currently production-testing the 14-2 Well. Contact will update
when test results have been confirmed with the operator.


In New Brunswick, Contact continues to prepare for a drilling program to be
coordinated with the $15.4MM commitment from Pieridae Energy Limited
("Pieridae"), the timing of which is yet to be defined. Contact continues to
work closely with Pieridae to source additional upstream gas for the Goldboro
liquids natural gas terminal. Additional details on the arrangement with
Pieridae can be found in Contact's press release from March 4, 2013 and also in
the Company's corporate presentation available on Contact's website.


About Contact Exploration Inc.

Contact Exploration Inc. is a public oil and gas company which has a long-term
history of operating in Atlantic Canada and has recently demonstrated success in
Alberta's liquids-rich Montney Formation tight gas play. For more information,
please see the Company's website: www.contactexp.com


ADVISORY ON FORWARD-LOOKING STATEMENTS: This press release contains certain
forward-looking information and statements within the meaning of applicable
securities laws. The use of any of the words "expect", "continue", "estimate",
"may", "will", "should", "believe", "plans", "cautions" and similar expressions
are intended to identify forward-looking information or statements. In
particular, but without limiting the forgoing, this press release contains
statements concerning the timing for production of the three Contact-operated
wells, the tie in of the 14-2 Well and the expected funding of $15.4MM from
Pieridae. 


Forward-looking statements or information are based on a number of material
factors, expectations or assumptions of Contact which have been used to develop
such statements and information but which may prove to be incorrect. Although
Contact believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on them because
Contact can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. In particular, in addition
to other factors and assumptions which may be identified herein, no assurances
can be given respecting: whether the Company's exploration and development
activities respecting the Deep Basin Montney project or New Brunswick will be
successful or that material volumes of petroleum and natural gas reserves will
be encountered, or if encountered can be produced on a commercial basis; the
ultimate size and scope of any hydrocarbon bearing formations at the Deep Basin
Montney or New Brunswick projects; that additional drilling operations in the
Deep Basin Montney or New Brunswick projects will be successful such that
further development activities in this area is warranted; that Contact's efforts
to raise additional capital will be successful; that Contact will continue to
conduct its operations in a manner consistent with past operations; results from
drilling and development activities will be consistent with past operations; the
accuracy of the estimates of Contact's reserve volumes; the general stability of
the economic and political environment in which Contact operates; drilling
results; field production rates and decline rates; the general continuance of
current industry conditions; the timing and cost of pipeline, storage and
facility construction and expansion and the ability of Contact to secure
adequate product transportation; future commodity prices; currency, exchange and
interest rates; regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which Contact operates; and the
ability of Contact to successfully market its oil and natural gas products. 


Further, events or circumstances may cause actual results to differ materially
from those predicted as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control of the
Company, including, without limitation: changes in commodity prices; changes in
the demand for or supply of the Company's products; unanticipated operating
results or production declines; changes in tax or environmental laws, royalty
rates or other regulatory matters; changes in development plans of Contact or by
third party operators of Contact's properties, increased debt levels or debt
service requirements; inaccurate estimation of Contact's oil and gas reserve and
resource volumes; limited, unfavourable or a lack of access to capital markets;
increased costs; a lack of adequate insurance coverage; the impact of
competitors; and certain other risks detailed from time-to-time in Contact's
public disclosure documents. Additional information regarding some of these risk
factors may be found under "Risk Factors" in the Company's MD&A prepared for the
year ended March 31, 2013. The reader is cautioned not to place undue reliance
on this forward-looking information. The forward-looking statements contained in
this press release are made as of the date hereof and Contact undertakes no
obligations 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 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 release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Contact Exploration Inc.
Steve Harding
President and CEO
(403) 771-1091
(403) 695-3915 (FAX)
sharding@contactexp.com
www.contactexp.com

Contact Exploration Inc. (TSXV:CEX)
Historical Stock Chart
From Apr 2024 to May 2024

Contact Exploration Inc. (TSXV:CEX)
Historical Stock Chart
From May 2023 to May 2024