Canadian Energy Exploration Inc. (TSXV:XPL)
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CALGARY, July 20, 2011 /CNW/ --
CALGARY, July 20, 2011 /CNW/ - 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.
Advisory
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).
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/20/c6395.html
p /p p bCanadian Energy Exploration Inc. /bbr/ bLarry Buzan, President and/b br/ bChief Executive Officer/b /p p P: (403) 229-2800br/ E-mail: ua href="mailto:buzan@cdnenergy.com"buzan@cdnenergy.com/a/u /p