CE Canada Energy Partners Inc

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Canada Energy Partners Inc. (TSX VENTURE:CE) (the "Company") is pleased to
announce that an undisclosed party (the "Purchaser") has exercised its option to
purchase the Company's Montney shale lands and wells in accordance with the
Option to Purchase Agreement previously announced by the Company on April 1,
2014 (the "Sale Transaction"), subject to the amendments described below.
Concurrently with the exercise of the option, the Purchaser and the Company have
agreed to amend the Option to Purchase Agreement to provide for a $350,000
reduction in the purchase price to be received by the Company. This reduction in
the purchase price was the result of a compromise reached between the Company
and the Purchaser in order to remove certain third-party encumbrances
encumbering the Company's Montney rights. Accordingly, the Company anticipates
that it will receive $15,720,000 plus applicable GST upon closing of the Sale
Transaction, subject to adjustment. The closing of the Sale Transaction is
subject to the prior receipt of shareholder and regulatory approval and the
approval of the TSX Venture Exchange.


Following the completion of the Sale Transaction, the Company intends to
distribute to shareholders as a reduction of capital (the "Distribution") up to
an aggregate of approximately $12,204,000, of the net proceeds of the Sale
Transaction, representing up to approximately $0.135 per common share. The
balance of the net proceeds of the Sale Transaction will be used for the payment
of transaction costs, the repayment of certain debts owning to the Purchaser,
working capital purposes and the development of the Company's remaining assets. 


The Company will hold a special meeting of shareholders to be held on July 29,
2014 to vote on the Sale Transaction and the Distribution. A circular containing
the details of the Sale Transaction and Distribution will be mailed to
shareholders shortly.


The Company's shallow rights, gas plant, water disposal wells, and coal bed
methane wells are not subject to the sale and shall be retained by the Company.


CIBC World Markets Inc. acted as financial advisor to the Company with respect
to this transaction.


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, including the
completion of the Sale Transaction and Distribution, that are forward looking in
nature and, as a result, are subject to certain risks and uncertainties, such as
risks relating to the receipt of necessary shareholder and regulatory approvals,
and the fulfillment of other conditions precedent to the closing of the Sale
Transaction. Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and uncertainties and
other factors. Any forward-looking statement speaks only as of the date on which
it is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canada Energy Partners Inc.
John Proust
Chairman
Direct Phone: (604) 696-9020
info@canadaenergypartners.com


Canada Energy Partners Inc.
Ben Jones
President and CEO
Direct Phone: (225) 388-9900
info@canadaenergypartners.com


Canada Energy Partners Inc.
1680-200 Burrard St.
Vancouver, BC V6C 3L6
Main Phone: (604) 909-1154
Fax: (604) 488-0319
www.canadaenergypartners.com

Canada Energy Partners (TSXV:CE)
Historical Stock Chart
From Apr 2024 to May 2024

Canada Energy Partners (TSXV:CE)
Historical Stock Chart
From May 2023 to May 2024