Canada Energy sets placement unit price at five cents

2022-07-13 12:35 ET - News Release

Mr. Grant Hall reports

CANADA ENERGY PARTNERS RAISES FUNDS FOR DUE DILLEGENCE IN TEXAS

Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to eight million units at a purchase price of five cents per unit. Each unit shall consist of a common share and a nontransferable share purchase warrant entitling the holder thereof to acquire an additional common share at an exercise price of 15 cents for a period of 12 months. The company may pay a finder's fee in cash or finders' warrants to arm's-length finders in amounts to be negotiated, subject to TSX Venture Exchange acceptance and applicable securities laws. The terms of the private placement of units is subject to approval of the exchange.

The company intends to use the net proceeds of the private placement for working capital, including due diligence expenses associated with potential natural gas acquisition opportunities in south Texas.

All securities to be issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada.

Canada Energy Partners to resume July 8

2022-07-06 14:10 MT - Resume Trading


Further to the TSX Venture Exchange bulletins dated March 21, 2022, and the news releases issued by Canada Energy Partners Inc. on June 7, 2022, and July 5, 2022, effective at the opening, Friday, July 8, 2022, the securities of the company will resume trading.

Canada Energy arranges $400,000 private placement

2022-07-05 13:02 ET - News Release


Mr. Grant Hall reports

CANADA ENERGY PARTNERS RESUMPTION TO TRADE ON JULY 8, RAISE ADDITIONAL FUNDS, ISSUES COMPENSATION WARRANTS

Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of units consisting of common shares and warrants. With the termination of both letters of intent in Gabon, West Africa, the company will now focus on seeking oil and gas opportunities in Texas. The company anticipates that its shares will resume trading on Friday, July 8, 2022, and the pricing of the units will be based on market pricing in accordance with the policies of the TSX Venture Exchange. A further press release will be issued in due course announcing the pricing of the units.

The company's last shareholders meeting was held on July 21, 2020. Upon closing of the proposed private placement of units, the company will commence the process to call a shareholders meeting and anticipates that the meeting will be held in approximately mid-September, 2022.

The company also announces that it today issued 300,000 compensation warrants to Emerging Equities Inc. for corporate advisory services. The compensation warrants are exercisable at 16 cents and expire on Oct. 4, 2024. Emerging will provide the corporate advisory services to the company until June 30, 2024. The company paid Emerging a one-time cash fee of $50,000 in 2021 for the corporate advisory services.

We seek Safe Harbor.

Canada Energy signs 2 LOIs for oil production in Gabon

2022-03-21 07:30 ET - News Release

Mr. Grant Hall reports

CANADA ENERGY PARTNERS SIGNS TWO LETTERS OF INTENT FOR OIL EXPLORATION PRODUCTION IN GABON

Canada Energy Partners Inc. has negotiated and signed two separate letters of intent, one with a private oil company based in the United Kingdom and the second with a private, domestic oil producer based in Gabon, West Africa.

"These Letters of Intent are the first steps in pairing our technical expertise with local producers to acquire assets previously identified and owned by International Oil Companies in Gabon that have rationalized their portfolios," said Grant Hall, President of Canada Energy Partners. "It is our intent to build long and mutually beneficial relationships with oil industry professionals in Gabon that possess above average oil and gas assets."

The first Letter of Intent provides for the Company to acquire a 1.69% interest in a 166.7 KM 2 prospective licensed property. Within the licensed property there are 7 identified assets, of which 4 are onshore and 3 offshore in shallow water. The second Letter of Intent provides for the Company to acquire a 38.31% interest in the largest of the 7 identified assets. Ultimately, the Company will acquire a total of 40% interest in the largest onshore asset.

The Letter of Intent with the domestic oil producer based in Gabon requires the Company to make cash payments in the aggregate amount of $2,500,000 US. The Company will commit to a capital expenditure program of $7,000,000 US to begin as soon as approvals and due diligence reviews have been completed. The capital commitments will fund the drilling of two horizontal wells on the asset where a previously drilled well was successfully tested before being shut in.

The Letter of Intent with the UK company requires the Companhy to make a cash payment of $2,000,000 US and royalty payments to commence 6 months after commercial production begins of $4,000,000 over 4 years.

The favourable terms under the Profit-Sharing Agreement with the Government of Gabon covering the concessions under the Letters of Intent, combined with the current favorable oil prices is expected to allow the Company to recoup all of its advance payments and capital expenses on an expedited basis after commencement of production. The postivive cash flow from these concessions can then be used to organically grow the Company's oil assets without the requirement for any further diluting financings.

The Company's rights under the Letters of Intent are in a concession comprising of 166.7 km2 total gross area and included de-risked exploitation opportunities in 4 onshore and 3 offshore shallow water fields.

About Gabon:

Country of 267,700 km Superscript 2 in Central Africa.
Combination of offshore and onshore fields.
Legal terms: Production Sharing Contract (PSC).
Production:

Gabon is a mature oil province with First Oil in 1957.
It contains mature infrastructure for production and export, providing tie back opportunities for small/medium size field.
Peak oil at 220,000 bopd in 1997 with Rabi Giant.
Gabonese government is encouraging new development to halt production declines. Current Daily production: between 180 - 200 kbopd.
We seek Safe Harbor.

Canada Energy Partners halted at 8:02 a.m. PT

2022-03-18 09:05 ET - Halt Trading

Canada Energy Partners Inc. has been halted at 8:02 a.m. PT on Friday, March 18, 2022, at the request of the company, pending news.

https://afrimag.net/gabon-le-baril-dope-les-recettes-budgetaires/

Gabon: The barrel boosts budget revenue

By AJ.S February 21, 2022

Gabon's oil revenue forecasts for the year 2022 amount to 693.8 billion FCFA, indicates the document of the finance law.

This is an increase of 211.2 billion FCFA compared to the 2021 financial year, boosted by a sharp increase in production (+8%) and the runaway oil prices on the international market which are close to currently $100.

The government intends to derive 151.1 billion FCFA in tax revenue from companies in the oil sector, i.e. 89.4 billion more than in 2021.

Under various royalties, the Treasury has planned 542.7 billion FCFA in revenue, of which 63 billion in oil royalties and 56.6 billion from sharing contracts. These forecasts are up by 121.8 billion FCFA compared to the previous fiscal year.

Gabon is recording a rather abundant start to the oil year, with major projects and actions announced in recent weeks by operators such as Maurel & Prom , VAALCO Energy and Perenco. Canada's Canada Energy Partners Inc. is also in the running to operate a new offshore block.

CANADA ENERGY PARTNERS ANNOUNCES CEO TRANSITION

2022-02-15 09:01 ET - News Release

Mr. Grant Hall reports

Canada Energy Partners Inc.'s Duncan Nightingale has resigned as the company's chief executive officer effective Feb. 14, 2022. Grant Hall, Canada Energy's president and chairman, will again assume the duties of CEO until a suitable replacement can be identified. The company has initiated a search for a permanent leader.

"Canada Energy Partners is currently involved in late-stage, detailed negotiations with the government of Gabon and other entities regarding an oil and gas project. Negotiations and due diligence work is continuing without pause. The company's in-country technical team lead by Ricardo Chona, reservoir engineer, and Ricardo Penas, senior petroleum geologist, are well equipped to continue the project analysis," said Mr. Hall, chairman of Canada Energy Partners. "I would like to thank Duncan for his contributions during his brief time with the company and wish him success with any future endeavour."

The company is engaged in negotiations with the government of Gabon for the purpose of concluding a profit-sharing agreement related to the development of the Konzi oil project. The company has signed a letter of intent (see the company's press release of Sept. 9, 2021) with the Gabonese government. The company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the company are in Gabon for the month of February to continue negotiations and to conduct further due diligence regarding the Konzi project.

We seek Safe Harbor.

Canada Energy Partners private placement

2022-02-02 14:12 MT - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Jan. 6, 2022.

Number of shares: 5,052,500 shares

Purchase price: eight cents per share

Warrants: 5,052,500 share purchase warrants to purchase 5,052,500 shares

Warrant exercise price: 12 cents for a one-year period

Number of placees: 14 placees

Pro groups: 260,000, one placee

Finders' fees: $3,600 and 45,000 finders' warrants payable to National Bank Financial Inc. $24,736 and 309,200 finders' warrants payable to PI Financial Inc.

Each finder's warrant entitles the holder to acquire one common share at 12 cents for a one-year period.

Pursuant to corporate finance Policy 4.1, Section 1.9(e), the company has issued a news release announcing the closing of the private placement on Jan. 31, 2022, and setting out the expiry dates of the hold period(s).

Canada Energy arranges $400,000 private placement

2022-01-06 16:18 ET - News Release

Mr. Grant Hall reports

CANADA ENERGY PARTNERS ARRANGES PRIVATE PLACEMENT

Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to five million units at a purchase price of eight cents per unit.

Each unit shall consist of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to acquire one share at an exercise price of 12 cents for a period of 12 months following the closing date of the private placement. Subject to TSX Venture Exchange acceptance, the company may pay finders' fees in cash or finders' warrants to arm's-length finders in amounts to be negotiated.

The company intends to use the net proceeds of the private placement means for working capital, including due diligence expenses on potential acquisition opportunities.

The company is engaged in negotiations with the government of Gabon for the purpose of concluding a profit-sharing agreement related to the development of the Konzi oil project. The company has signed a letter of intent (see the company's press release of Sept. 9, 2021), with the Gabonese government. The company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the company are planning to be in Gabon early in February to continue negotiations and to conduct further due diligence regarding the Konzi project.

All securities to be issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada. Closing of the private placement is subject to approval of the exchange.

At the closing of this private placement, it is anticipated that the company will have approximately 23 million shares outstanding.

The securities being offered under the private placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements.

We seek Safe Harbor.

New company presentation: https://cdn-ceo-ca.s3.amazonaws.com/1gssdmp-PDF%20Canada%20Energy%20Partners%20%20Gabon%20Opportunity_22_Nov21_rev20_Final%20%281%29.pdf

Canada Energy Partners appoints Nightingale CEO

2021-11-15 16:42 ET - News Release

Mr. Grant Hall reports

CANADA ENERGY PARTNERS ADDS INTERNATIONAL INDUSTRY VETERAN AS CEO TO DRIVE NEXT PHASE OF GROWTH

Canada Energy Partners Inc. today appointed Duncan Nightingale to the position of chief executive officer of Canada Energy Partners. Mr. Nightingale is a proven senior executive with extensive global exposure to all oil and gas operations. Mr. Nightingale joins the existing technical team members Ricardo Chona, VP Geology and Ricardo Peñas VP Engineering.

"The board of directors selected Duncan specifically for his ability to operate international energy assets and provide returns for shareholders," said Grant Hall, CEO of Canada Energy Partners. "Along with Ricardo Chona, our reservoir engineer and Ricardo Peñas, our geologist, we believe we have assembled a top tier international team to work with the Gabonese Government to develop their many brownfield opportunities, as well as target other opportunities in jurisdictions in Africa and Latin America."

Mr. Nightingale has implemented profitable capital programs across all areas of field development, production, and exploration in complex operating environments. Duncan has more than 35 years of corporate and resident in-country experience spanning Latin America, Africa, the Middle East, Russia, and Europe. Recently he held the position of V.P. Development, Reservoir Management, Reserves & Exploration for Frontera Energy (FEC-TSX) and previously held many other senior management positions including in-country manager and President in Colombia for Gran Tierra Energy, and as COO, and in-country manager and President in Qatar and Oman for Encana. He has a proven ability to spearhead complex development projects, increase well productivity, and drive field life extension and reserves additions.

Mr. Nightingale has run operations producing more than 70,000 boepd, consistently achieving more than 100% reserves replacement, lowering operating costs and increasing production efficiency resulting in increased value-add barrels.

Mr. Ricardo Chona brings 30 years of industry experience and an extensive track record of acquisitions and divestitures of E&P assets throughout North and South America. Ricardo is known for his ability to leverage experience and technology to create production optimization opportunities and solutions. He has a proven ability to provide strategic planning and portfolio program management for upstream, onshore, and offshore. Ricardo is an exceptional leader able to build and foster collaborative, results-driven relationships. Mr. Chona has a BS and a MS in petroleum engineering.

Ricardo Peñas has more than 30 years of geological evaluation expertise with major Oil & Gas companies in conventional/unconventional, on/offshore projects in the U.S, Latin America, Caribbean, West Africa, and the North Sea. He is a results-driven and valued contributor in determining and communicating technical project merit, business-focused geological characterization, subsurface risks, and resource volumes. He also has exploration, appraisal and development experience in operated and non-operated joint ventures. Ricardo brings technical leadership with a comprehensive understanding of operational below ground issues and related technology solutions.

Canada Energy is involved in ongoing, detailed negotiations with the Government of Gabon regarding a production sharing agreement concerning the Konzi Field oil development project, a proven, offshore oil resource located in the shallow water near Point Gentil, Gabon.

We seek Safe Harbor.