VANCOUVER, Dec. 6, 2017 /CNW/ - Canada Energy Partners
Inc.'s (TSX-V: CE) (the "Company") is pleased to
report that it has received a decision from the British Columbia
Oil & Gas Commission ("OGC") that will allow resumption
of water disposal if certain conditions are met. The
additional conditions are: (1) daily disposal volumes are limited
to 200 cubic meters per day; (2) installation of seismic detection
and accelerometer equipment with regular reporting of gathered
data; and (3) a requirement to cease disposal if BC Hydro's safety
factor at the Peace Canyon Dam falls below an acceptable level. The
Company believes that it can meet these conditions and will proceed
to re-establish water disposal operations as soon as
practicable.
In early March 2017, BC Hydro, the
Crown utility company, notified the OGC that they believed the
Company's disposal operation imposed a risk of induced earthquakes
that could damage their Peace Canyon Dam. The OGC issued a
suspension order March 16, 2017
terminating water disposal operations at the Company's Peace River disposal facility. The Company
requested a Technical Review which was conducted from April to
July 2017. Concurrent with the
Technical Review, the Company appealed the Suspension Order to the
Oil & Gas Appeal Tribunal but the appeal was denied in
August. The OGC notified the Company on June 16th that it was considering
canceling the Company's water disposal well permit. However, based
upon an exhaustive review of the technical data, on December 4th, 2017 the OGC decided not
to cancel the Company's disposal well permit and to allow
resumption of water disposal as long as certain conditions are
met.
The OGC decision can be read in its entirety at the Company's
website: www.canadaenergypartners.com.
On behalf of the Board of Directors of
Canada
Energy Partners Inc.
"Benjamin Jones"
Benjamin
Jones
President & CEO
Ben Jones, President and CEO
Direct Phone: +1 225.388.9900 ext 101
www.canadaenergypartners.com
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.
This press release contains forward-looking statements within
the meaning of applicable securities laws. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words or statements that certain events or
conditions "may" or "will" occur, including, without limitation,
estimated revenues.
Forward-looking statements are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected in the
forward-looking statements. These factors include, without
limitation, regulatory approvals, mechanical integrity of the water
disposal well, receptivity of the disposal zone, variability of
operating costs, risks associated with oil and gas production and
exploration, retention of and ability to attract company personnel,
volatility of commodity prices, currency and interest rate
fluctuations, environmental risk, inability to access sufficient
capital from internal and external sources and changes in
legislation, including income tax, environmental and regulatory
matters.
This press release, in particular the information in respect
of estimated revenues, may contain future-oriented financial
information or financial outlook within the meaning of applicable
securities laws. Such future-oriented financial information
or financial outlook has been prepared for the purpose of providing
information about management's reasonable expectations as to the
anticipated results of its proposed business activities.
Readers are cautioned that reliance on such information may not be
appropriate for other purposes.
The forward-looking statements contained in this press
release are made as of the date hereof, and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless so required by law.
SOURCE Canada Energy Partners Inc.
