Canada Energy Partners Grants Option to Sell Montney Lands and Increases/Extends Financing Agreement
01 April 2014 - 10:30PM
Marketwired
Canada Energy Partners Grants Option to Sell Montney Lands and
Increases/Extends Financing Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 1, 2014) -
Canada Energy Partners Inc. (TSX-VENTURE:CE) (the "Company") is
pleased to announce that it has granted a third party an option to
purchase (the "Option") the Company's Montney Shale lands and wells
for CDN$16,070,000 in cash. The Option is exercisable until June
30, 2014 and, in the event the third party exercises the Option,
the subsequent sale will be subject to certain conditions including
shareholder and regulatory approval, including the approval of the
TSX Venture Exchange.
The Company's shallow rights, gas plant, water disposal wells,
and coal bed methane wells are not subject to the Option and shall
be retained by the Company.
The third party has also agreed to provide the Company with a
CDN$500,000 operating loan (the "Loan") and extend the due date of
all amounts owed by the Company to the third party in accordance
with the financing arrangement announced on January 16, 2013 (the
"Prior Financing"), until May 1, 2015.
In the event the third party exercises the Option, the Loan and
all amounts owed by the Company to the third party in connection
with the Prior Financing shall be repaid from the proceeds received
by the Company from the sale of the Company's Montney Shale lands.
Should the third party elect not to exercise the Option or if sale
the Company's Montney Shale lands does not occur, the Loan will
become due May 1st, 2015.
On behalf of the Board of Directors of Canada Energy Partners
Inc.
John Proust, Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements: This press release contains
forward looking statements relating to expected or anticipated
future events and operations, number of wells to be drilled, timing
of projects and anticipated results that are forward looking in
nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business
conditions, the regulatory process and actions, technical issues,
new legislation, competitive and general economic factors and
conditions, the uncertainties resulting from potential delays or
changes in plans, the occurrence of unexpected events, and the
companies' capability to execute and implement future plans. Actual
results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and
other factors. There is no representation by the companies that
actual results achieved during the forecast period will be the same
in whole or in part as that forecast.
Canada Energy Partners Inc.John ProustChairmanDirect: (604)
696-9020info@canadaenergypartners.comCanada Energy Partners Inc.Ben
JonesPresident and CEODirect: (225)
388-9900info@canadaenergypartners.comCanada Energy Partners
Inc.1500 - 885 West Georgia St.Vancouver, BC V6C 3E8Main Phone:
(604) 488-0319(604) 488-0319www.canadaenergypartners.com
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