Canada Energy Partners has announced the commencement of drilling on its third Montney exploration well.
This well, primarily targeting Montney and other deep formations on Canada Energy's Moberly Prospect in northeast British Columbia, will be drilled by Canada Energy's Joint Venture Partner at no cost to Canada Energy. Canada Energy will have a 50 percent working interest in this well. This will be Canada Energy's second Montney exploration well with the Joint Venture Partner; a third well is with another joint venture partner.
The Joint Venture Partner has also confirmed its commitment to drill, at no cost to Canada Energy, three additional Montney wells on Canada Energy's Peace River Project in northeast British Columbia as previously announced in the Company's March 14, 2008 news release. Canada Energy will have a 50 percent working interest in these wells. This will bring the total of Montney exploration wells on Canada Energy's lands to a minimum of six, including four wells (one currently being completed) on the Peace River Project, one well on the Moberly Prospect (drilling commencing as noted above) and one well on the Monias Prospect (drilled with another joint venture partner).
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