Down she goes! Canada Energy Partners (CE-V) Sept 4th 2014 further to its press release dated Aug. 13, 2014, has substantially completed the distribution of $12,022,473 (13.3 cents per share) to shareholders who acquired the shares of the company on or before Sept. 3, 2014.
The company now has approximately 59,000 net acres (92 net sections) of shallow rights lands in northeastern British Columbia covering the coal-bearing Gething formation. In addition, the company owns 100 per cent of a gas plant, eight shut-in CBM wells with associated gathering system, an existing water disposal well, and the rights to drill and dispose of water in the deeper formations under 50,660 net acres (79 net sections). The gas plant has sweetening capabilities (the ability to extract and reject inert gases from the natural gas stream) and has potential future utility for the processing of CBM gas and for the processing of third party gas.
The company's CBM project has been delineated by the drilling of 24 wells drilled through the coal-bearing Gething formation since 2002. The company has issued an updated Form 51-101F, "Statement of Reserves Data and Other Oil and Gas Information," as of April 30, 2014. A copy can be found on SEDAR. The company has been aggressively investigating drilling and completion technologies which might enhance the economics of the CBM project.
The company is also examining possible commercial disposal arrangements with area operators while retaining disposal capacity for the CBM project. The company owns disposal rights under 50,660 net acres from which the company will be attempting to extract commercial value.
The company has no debt and approximately $575,000 of working capital. In addition, the company has deposited $2.2-million with the B.C. Oil & Gas Commission to guarantee fulfilment of the company's reclamation liabilities related to its properties. These funds will be released back to the company incrementally as wells and facilities are plugged.
The company will continue to pursue opportunities to maximize the value of its assets. |
