CN Resources Inc. spuds its first offset oil well
NEW YORK, March 11, 2013 /PRNewswire/ — CN Resources Inc. (OTCQB: CNRR) (‘CN Resources’ or the ‘Company” or ‘CNRR’), a Nevada Corporation, is pleased to announce that on March 8, 2013, the Company spudded its first of the two offset oil wells in Alberta, Canada. CNRR has 50% equity working interest in the two offset oil wells in 55-20W4 area of Alberta, Canada.
The first well is offsetting a current producing well that has been producing since September 1995, and is presently producing approximately 80 bbl per day of light oil, so far, the existing well has produced approximately 290,000 bbl of light oil.
CN Resources Inc. (OTCQB: CNRR)
CN Resources is a disciplined and managed risk oil and gas exploration and development company with activities focused on Western Canada. The Company believes that the best value creation opportunities for the Company are in areas where political risks are low, significant oil has been recovered and plenty oil still in the ground, and substantive and accretive business opportunities exist.
CN Resources immediate focus is to co-develop producing oil wells on existing reserves, capture offset opportunities and maximize re-entry opportunities that are accretive to our shareholders immediately.
CN Resources strategy is to build oil production and also be opportunistic on acquisition for development oil lands in Western Canada to deliver return to our shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
Oliver Xing, CA
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth and business strategy. Words such as “expects,” “will,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company’s business; competitive factors in the market(s) in which the Company operates; risks associated with its operations in the United States, Canada and elsewhere; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission permits resources companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this press release, such as “probable,” “possible,” “recoverable” or “potential” reserves among others, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
SOURCE CN Resources Inc.