Carmen Energy
Inc. Announces Casing of Leduc Reef Light Oil Exploration Well and
Horizontal Glauconitic Development Well
CALGARY, Nov. 1, 2011 /CNW/ - Carmen Energy Inc. (TSXV: CEI) ("Carmen"
or the "Corporation") is pleased to announce that the
Corporation, with its Partners has completed drilling to the
contracted depth on the second of two Leduc test ("Leduc well")
wells at Sylvan Lake, Alberta and the horizontal Glauconitic
development well ("Glauconitic Horizontal well") in the Viking-Kinsella,
Alberta area.
After a review of the logs and samples of the aforementioned wells,
the Company and its Partners have undertaken to case the Leduc well
and commence completion and testing operations. The Glauconitic
Horizontal well reached a measured depth of 1,740 metres with a
horizontal section of 890 metres and was cased for completion,
stimulation and production testing.
The Company anticipates testing on both wells to transpire within
the next 14 to 28 days, dependent on availability of equipment and
services in the areas.
Under the terms of
the farmin agreement on the Leduc Reef Exploration well in the
Sylvan Lake, Alberta area, Carmen is paying 25% of all costs to
completion of testing to earn a 16.25% working interest in the well
and entire section of land the well is located on.
Under the terms of the farmin agreement on the horizontal
Glauconitic development well in the Viking-Kinsella, Alberta area,
Carmen is paying 100% of the costs to drill to the contract depth,
abandonment, capping or completion, equipping and tie-in to earn a
60% working interest in the well and half-section of land the well
is located on.
Provided that the proposed transaction to acquire Shorthorn
Exploration Ltd ("Shorthorn") as provided in a Letter of Intent
announced by Carmen on September 19, 2011 is completed, the farmin
agreement relating to the Horizontal Glauconitic Development well in
the Viking, Alberta area shall be superseded by virtue of Carmen's
acquisition of Shorthorn.
About Carmen Energy Inc.: Carmen is based in Calgary, Alberta
and a publicly traded oil and gas exploration and production
company. The focus is on exploration and development of Western
Canadian Sedimentary Basin based oil and gas properties. The current
projects are the Jumpbush properties in south eastern Alberta, the
Ferrybank properties in central Alberta, the Sylvan Lake area
properties in Southern Alberta and the Hamburg properties in
northern western Alberta.
FORWARD LOOKING INFORMATION
Certain information
in this news release is forward-looking within the meaning of
certain securities laws, and is subject to important risks,
uncertainties and assumptions. This forward-looking information
includes, among other things, the availability of completion
equipment and services, the ability for the Corporation to finalize
the acquisition of Shorthorn and information with respect to the
Corporation's beliefs, plans, expectations, anticipations, estimates
and intentions and the activities of the Corporation after the
proposed acquisition of Shorthorn. The words "may", "could",
"should", "would", "suspect", "outlook", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "target" and similar words
and expressions are used to identify forward-looking information. .
The forward-looking information in this news release describes the
Corporation's expectations as of the date of this news release.
The results or events anticipated or predicted in such
forward-looking information may differ materially from actual
results or events. Material factors which could cause actual results
or events to differ materially from such forward-looking information
include, among others, the risks associated with the oil and gas
industry in general, risks arising from general economic conditions
and adverse industry events, risks arising from operations
generally, reliance on contractual rights such as licences and
leases in the conduct of its business, the uncertainty of reserve
and resource estimates; the uncertainty of estimates and projections
relating to reserves, resources, production, costs and expenses;
reliance on third parties, reliance on key personnel, possible
failure of the business model or business plan or the inability to
implement the business model or business plan as planned,
competition, environmental matters, and insurance or lack thereof;
failure to realize the anticipated benefits of acquisitions
including the proposed acquisition of Shorthorn; ability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations.
The Corporation cautions that the foregoing list of material factors
is not exhaustive. When relying on the Corporation's forward-looking
information to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and potential
events. The Corporation has assumed a certain progression, which may
not be realized. It has also assumed that the material factors
referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual results
or events. However, the list of these factors is not exhaustive and
is subject to change and there can be no assurance that such
assumptions will reflect the actual outcome of such items or
factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF
THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
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 press release.
Canada Newswire
November 1, 2011 - 8:06 PM EDT