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VANCOUVER, BC – Canada Energy Partners Inc. ( NEX: CE.H ) (the “Corporation” or “Canada Energy”) announces that the Corporation has determined that a lower capital cost acquisition opportunity will satisfy the current capital market appetite in the junior energy markets. Accordingly, the Corporation has entered into a Participation Agreement with Wandoo Energy LLC, a Texas based oil & gas company. The Corporation’s capital obligations under the Participation Agreement are approximately US$1,000,000 to acquire a 63% working interest. The capital contribution will be applied to complete a workover program to produce natural gas and condensate initially from an existing Lower Wilcox zone in Kuester Ochoa No.1 well. The well is in the Kuester Ochoa gas unit (~555 acres), located in Lavaca county, Texas, and part of the prolific Wilcox proven production area. The Texas Gulf coast area contains a vast network of substantial pipelines, gas gathering systems and experienced workforce. TEXAS GULF COAST MEGA-BASIN – HYDROCARBON RICH (CNW Group/Canada Energy Partners Inc.) The Kuester Ochoa #1 well previously produced 2.89 BCF of natural gas and 53,000 barrels of condensate from a deeper 19 foot pay zone (Lower Wilcox 4). The workover will isolate the current producing zone, and perforate […]
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