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July 20, 2011 /PRNewswire/ - Canadian Energy Exploration Inc. ("
Canadian Energy" or the "
Company") (TSX Venture - "
XPL") is pleased to announce further to its announcement of the spud of the Well at CEEI Ceylon 2-18-5-20W2 (see press release dated
July 7, 2011) (the "Well"), that it has finished drilling the Well to a total depth of approximately 1838 meters, and both cored and cased the Well. Further evaluations on the Well are planned. As previously press released, the Well will preserve all mineral rights contained in the 2,400 acre (3.75 section) lease to
March 31, 2012 but is not considered an option well under the farmin agreement announced on
October 21, 2010.
CEEI has also completed two evaluation operations in the Bakken formation by fracturing both Company wells at 5-27-4-21W2 and 5-17-5-21W2M, following which a service rig has been engaged to move onto both wells this week for further evaluations
About Canadian Energy Exploration Inc.
Canadian Energy Exploration Inc. is a junior oil and gas company engaged in the exploration for and development and production of oil and natural gas reserves in
Western Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "XPL".
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 release.
Certain statements and information contained in this press release, including but not limited to statements regarding the use of proceeds contain forward-looking statements. All statements other than statements of historical fact may be forward looking statements. These statements, by their nature, are subject to numerous risks and uncertainties, some of which are beyond Canadian Energy's control including the effect of general economic conditions, industry conditions, changes in regulatory and taxation regimes, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling and processing problems, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel that may cause actual results or events to differ materially from those anticipated in the forward looking statements. Such forward-looking statements, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made and should not unduly be relied on. These statements speak only as of the date of this press release. Canadian Energy does not intend and does not assume any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Canadian Energy's business is subject to various risks that are discussed in its filings on the System for Electronic Document Analysis and Retrieval (SEDAR).