VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 30, 2017) – Canada Energy Partners Inc. (TSX VENTURE:CE) (the “Company“) has filed an appeal to the British Columbia Oil & Gas Appeal Tribunal. As part of this appeal, the Company has requested an immediate ‘stay’ of the General Order. If granted, the stay would allow immediate restoration of water disposal operations while the appeal process goes forth.
The Company received a General Order from the British Columbia Oil & Gas Commission (“OGC”) on March 16th ordering a suspension of all disposal activities at the Company’s water disposal well in northeast British Columbia. The Order “shall remain in effect until amended or terminated in whole or in part by the Commission…pending a review of additional technical information”. The Company immediately ceased disposing and has secured the well.
The reasons given were concern over enhanced seismicity alleged to be related to water disposal. The OGC gave no evidence of increased seismicity related to the Company’s disposal well but referenced increased seismicity in other areas of British Columbia. The General Order states that the Company “has met the conditions” stipulated in its disposal permit.
The Company decided to by-pass the review process and go straight to the appeal because the Company believes this approach should expedite the process of reaching a definitive conclusion.
The timing of a decision is unknown at this time but the Company will provide additional updates as material events unfold.
The Notice of Appeal and General Order can be viewed on the Company’s website: www.canadaenergypartners.com.
On behalf of the Board of Directors of Canada Energy Partners Inc.
President & CEO
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.
650-669 Howe Street
Vancouver, BC V6C 0B4
Main Phone: (778) 725-1489
Facsimile: (604) 428-1124
President and CEO
Direct Phone: +1 225.388.9900 ext 101