Business
Carmen Energy Inc. announces amending agreement to participation agreement
CALGARY, Feb. 23, 2012 /CNW/ - Carmen Energy Inc. (TSXV: CEI) (" Carmen " or the " Corporat...
About this update from Cassiar Gold Corp
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Feb. 23, 2012 /CNW/ - Carmen Energy Inc. (TSXV: CEI) (\"Carmen\" or the \"Corporation\") announces that due to unforeseen cost overruns associated with its\n Hamburg area, Alberta well (the \"Well\"), the Corporation, in conjunction with its partner, have amended their\n participation agreement, previously announced on February 2, 2012.\n\n\nThe revised terms of the participation agreement provide that Petrus\n Resources Ltd. (\"Petrus\") will carry one-hundred percent (100%) of the costs associated with\n the Well to completion, effective 12:00 am Thursday February 16, 2012\n and assume operatorship of the Well. Furthermore, in the event that the\n partners proceed to equip and tie-in the well, Carmen will be\n responsible for a net ten percent (10%) of the costs, risks,\n obligations and liabilities associated therein.\n\n\nUpon Petrus having complied with the terms and conditions of the amended\n participation agreement, Petrus will have earned a net one hundred\n percent (100%) interest in the Well and the first option well earning\n block reserving unto Carmen a net ten percent (10%) carried working\n interest following payout of a net fifty five percent (55%) of all the\n costs and expenses associated to the first option well that occur\n between 12:00 am Thursday February 16, 2012 and the point at which\n Carmen earns its remaining net ten percent (10%) of the Well by\n electing to fund ten percent (10%) of the costs to equip and tie-in the\n Well.\n\n\nAdditionally, Carmen will be entitled to participate as to a net ten\n percent (10%) working interest in both the second option well and\n second option blocks in the event of future activity.\n\n\nAbout Carmen Energy Inc.: Carmen is based in Calgary, Alberta and a publicly traded oil and gas\n exploration and production company. The focus is on exploration and\n development of Western Canadian Sedimentary Basin based oil and gas\n properties. The current projects are the Jumpbush properties in south\n eastern Alberta, the Ferrybank properties in central Alberta, the\n Sylvan Lake area properties in Southern Alberta and the Hamburg\n properties in northern western Alberta.\n\n\nFORWARD LOOKING INFORMATION\n\n\nCertain information in this news release is forward-looking within the\n meaning of certain securities laws, and is subject to important risks,\...