Canada Energy Partners, Crew Energy Enter JV
Canada Energy Partners Inc. has entered into a joint venture agreement with Crew Energy Inc. to explore the Montney/Doig Formation on Canada Energy's Peace River Project and Moberly Prospect in northeast British Columbia. Canada Energy's lands are located in an area prospective for the Montney/Doig Formation which has recently gained market attention as a result of successful commercial results.
The joint exploration program between Canada Energy and Crew Energy will cover 55 sections (approximately 35,500 acres) of lands held by Canada Energy. Crew Energy will operate the project and will earn a 50% working interest in the subject lands upon completion of the exploration program. The initial program is expected to consist of a three-dimensional seismic project over the majority of the Peace River lands and the drilling of five exploratory wells. This program will commence immediately and is currently anticipated to be completed by March 31st, 2009.
GMP Securities L.P. is acting as strategic advisor to Crew Energy with respect to the joint venture.