Canada Energy Partners provides an update on its Montney/Doig Joint Venture Agreement, regarding the deep rights on fifty-five sections (approximately 35,500 acres) of Canada Energy's Peace River and Moberly prospects. Pursuant to the terms of the Joint Venture Agreement, the Joint Venture Partner is conducting an exploration program, the primary purpose of which is to test the potential of the Montney/Doig and other deep formations.

Peace River Prospect - production testing of Montney/Doig on the first well to be completed by the end of Q3-2009

The JV Partner has recently completed a 28.5 square mile three-dimensional seismic survey of the Peace River Prospect. One Montney well was drilled and cased during 2008. This well was temporary shut-in pending completion of the three-dimensional seismic survey. Several prospective deep formations, including the Montney/Doig, have been identified in this well and on the three-dimensional seismic survey. The JV Partner anticipates that the completion testing will be finished by the end of the third quarter 2009, dependant on the number of formations to be completed and the time required to test each formation.

Tags: Canada Energy Partners Inc.