Toronto, Ontario, Canada - Candax Energy Inc. ("Candax") [TSX: CAX] is pleased to announce that it is presenting at the 2007 CAPP Oil & Gas Investment Symposium in Calgary, which will be broadcast live via webcast. Candax's presentations are scheduled for June 19th at 1:30 pm and June 20th at 8.50 am Mountain Daylight Time. Michael Wood, President & CEO is making the presentations, and will particularly focus on the El Bibane development and the recent work-over program on the Ezzaouia field. All parties are invited to log onto the webcast utilizing the following link: http://events.onlinebroadcasting.com/capp/061807/index.php.
The West Titania rig that will be utilized to drill at El Bibane arrived in Malta on June 13th and will be wet towed to Tunisia next week. It is anticipated that the first well, EBB-4, will spud by mid July.
Following Candax's recent successful completion of the Ezzaouia work over program, a further work program will be undertaken to re-evaluate some of the other Cretaceous Zeebag wells in the field that are currently shut-in to establish if the by-passed zones identified in the Ezzaouia #10 well are present elsewhere and could therefore be re-completed and potentially add further near term production. The work over of Ezzaouia #10 identified various by-passed oil zones and the well was re-completed and is currently producing from an interval of approximately 33 metres. The net Candax production from the Ezzaouia field is approximately 700 bopd.
Candax Energy Inc. is an international energy company with its head office in Toronto, Ontario, Canada and management offices in London, Dubai and Tunis. The Company holds a number of concessions in Tunisia through its subsidiary companies and is involved in the exploration and production of oil, gas and power generation in the country. Candax was formed through the combination of a highly experienced executive management team with successful Canadian founders and financiers, to develop an international upstream oil and gas project portfolio. Candax is initially focusing its growth activities on production and development projects in the Middle East and North Africa, where the group has strong relationships as well as extensive management experience.
For further information, please contact:
John Clarke, Executive Vice President, Corporate
T: (416)361-2824
F: (416)364-5400
E: jclarke@candax.com
Fred Cowans or Tracy Weslosky, Managing Partners
Pro-Edge Consultants Inc.
T: 866.544.9622 or 416.581.0177
E: info@pro-edge.com
Not for distribution to United States newswire services or for dissemination in the United States.
This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. |