VANCOUVER, BC, Sept. 20 /CNW Telbec/ - Exxel Energy Corp. (TSX-V: EXX)
(the "Company") announces the following lease update and report on activity in
the Columbia River Basin ("CRB"). Exxel Energy (USA) Inc. ("Exxel"), a wholly
owned subsidiary of the Company, recently acquired additional oil and gas
mineral rights in the basin, increasing Exxel's total leasehold position in
the CRB to approximately 325,000 net acres. The leasehold interests are
undeveloped and Exxel's working interest is 100 percent. Exxel intends to
continue to actively acquire additional acreage to further consolidate its
position within the CRB. The Company is currently reviewing its options for
the development of its substantial acreage in the basin.
Cliff Adams, President and CEO, comments, "We are excited about recent
developments in the Columbia River Basin, which appears to be an emerging
basin centered gas play being driven by the efforts of major and large
independent oil and gas companies. In addition, recent announcements and the
permitting of new wells by several operators have been very encouraging and
point to the continued emergence of this frontier gas basin."
In the interests of providing Company shareholders and potential
investors with information regarding the Company, including the Company's
assessment of its and its subsidiaries' future plans and operations, certain
statements included in this press release may constitute forward-looking
information or forward-looking statements (collectively, "forward-looking
statements"). All statements contained herein that are not clearly historical
in nature are forward-looking, and the words "anticipate", "believe",
"expect", "estimate" and similar expressions are generally intended to
identify forward-looking statements. Similarly, forward-looking statements in
this press release include, but are not limited to anticipated developments of
the Company's drilling project in and the timing thereof, the Company's
drilling project in and the timing thereof, capital investment levels and the
allocation thereof, pipeline capacity, government royalty rates, reserve and
resources estimates, the level of expenditures for compliance with
environmental regulations, site restoration costs including abandonment and
reclamation costs, exploration plans, acquisition and disposition plans
including farmout plans, net cash flows, geographic expansion and plans for
seismic surveys. In addition, please note that statements relating to
"reserves" or "resources" are deemed to be forward-looking statements, as they
involve the implied assessment, based on certain estimates and assumptions,
that the reserves and resources described can be profitably produced in the
future. Such statements represent the Company's internal projections,
estimates or beliefs concerning, among other things, an outlook on the
estimated amounts and timing of capital expenditures, anticipated future debt
levels and incentive fees or revenues or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future events or
performance. These statements are only predictions. Actual events or results
may differ materially. Although the Company believes that the expectations
reflected in the forward-looking statements are reasonable, it cannot
guarantee future results, levels of activity, performance or achievement since
such expectations are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many
factors could cause the Company's actual results to differ materially from
those expressed or implied in any forward-looking statements made by, or on
behalf of, the Company and the foregoing list of important factors is not
exhaustive. These forward-looking statements are made as of the date hereof
disclaims any intent or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or results
or otherwise. Company shareholders and potential investors should carefully
consider the information contained in the Company's filings with Canadian
securities administrators at www.sedar.com before making investment decisions
with regard to the Company.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
