Canadian Energy Exploration reported results from its three well drilling program in the Hardy/Minton area of southeast Saskatchewan:
The Company has drilled and cased all three farmin commitment wells in the previously announced Hardy/Minton Area Farmout (see Press Release dated October 21, 2010). Each of the three wells is under various stages of evaluation:
Under the Farmout, the Company has received an extension from March 31, 2011 to June 30, 2011 to elect to drill option wells to earn the remaining 30.5 sections lands under the Farmout.
In addition to the above activity, the Company was active at the February 7, 2011 Saskatchewan crown mineral rights land sale and purchased 6 lease parcels (1554 hectares.) At this sale parties, including the Company's 6 parcels, purchased 22 parcels in the Hardy-Minton area for over $6,000,000 at an average price per hectare of $584.23. Included was a 5 section block which sold for over $3,000,000 adjacent to a newly drilled horizontal Bakken well at 9-6-6-21W2, and two newly licensed Bakken horizontal wells at 13-32-5-21W2 and 13-6-6-21W2, less than 2.4 kilometers northwest of the Company's newly acquired block of lands. The wells mark an increased level of Bakken activity from 4 operators in the immediate area.
The Company is actively pursuing acquisition and farmin opportunities in addition to the above described activities.
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