The 16-7 central compression and condensate stabilization facility was fully constructed and commissioned almost a year ago. The facility was designed to initially handle up to 2,500 bbls/d of condensate and 15MMcf/d natural gas. Continued success with the operational program has led Contact to initiate a doubling of the facility's capacity, to handle expected production growth. Contact expects this facility expansion to be completed by spring 2015.


A second rig was contracted by Contact in July 2014, allowing drilling operations to accelerate at East Kakwa. Since that time five additional wells (1.25 net) have been drilled by Contact, three (0.75 net) of which have been completed to date. Additionally, Contact is currently drilling its sixteenth and seventeenth operated wells, and expects to keep both rigs active until spring breakup 2015. Contact anticipates having a total of 7 gross new wells drilled and completed before spring breakup 2015.


The merger of Contact with Donnycreek Energy Inc. announced October 21, 2014 combines the Company’s 25% interest in the East Kakwa asset with Donnycreek’s 50% interest in that same property. Production of the combined entity will increase from Contact’s current approximate 1,000 boe/d to approximately 3,000 boe/d. The merger will also add to the combined entity Donnycreek's significant undeveloped land holdings, including a 62% working interest in two additional sections contiguous to an offsetting satellite section at East Kakwa, Donnycreek’s Montney acreage on the west side of the basin at Chicken and a large Montney land position in the Wapiti area north east of Kakwa, containing various sections with shallow mineral rights having Wilrich Formation potential.


Although the recent downturn in oil prices negatively impacts overall profitability for our Montney project, Contact expects that the robust netbacks we have achieved will continue to allow for strong economic returns within a lower oil price environment. On November 7, 2014, the Company completed a bought deal financing whereby Contact issued 62,215,000 common


shares at a price of $0.37 per share for gross proceeds of $23.0 million, which provided further strength to the balance sheet.

We believe Contact is poised for continued growth in the coming months. The Montney reservoir at Kakwa continues to perform, such that Contact believes the value of the Kakwa asset is, and will continue to be, significant and will play a key role in driving future growth for the Company.




On behalf of the Board of Directors,

Steve Harding

President / CEO

November 28, 2014

 

President’s Message

 

Contact Exploration Inc.
Suite 1520, 700 6th Ave. SW
Calgary, AB, Canada T2P 0T8

Ph:   1 (403) 234-8663
Fax: 1 (403) 695-3915

NEWS RELEASE

Contact Exploration Announces Participation in New Acreage Well; Provides Montney Operations Update

January 29, 2013 (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce that it will be participating in a new non-operated Montney well, immediately adjacent to Contact’s existing 25% working interest Kakwa acreage. The operator advises that drilling of this well is expected to commence in mid-February 2013. 

NEWS RELEASE

Contact Exploration Announces Filing of Third Quarter Results and Increased Credit Facilities

February 28, 2013, (Calgary, Alberta) Contact Exploration Inc. (TSX-V: CEX) announces that it has filed its unaudited Condensed Interim Consolidated Financial Statements for the three and nine month periods ended December 31, 2012 and the related Management’s Discussion and Analysis on www.sedar.com

NEWS RELEASE

Contact Exploration and Pieridae Energy Announce Partnership to Focus on Natural Gas Production for LNG Export 

March 4, 2013, (Calgary, Alberta) Contact Exploration Inc. (“Contact”) (TSX-V: CEX) and Pieridae Energy Limited (“Pieridae”) are pleased to announce the creation of a new natural gas-focused exploration and production entity – Pieridae Production Limited Partnership (“PPLP” or the "Partnership”).

PPLP has been formed by Pieridae and Contact to source, develop and produce natural gas to serve as significant portion of the feedstock for Pieridae’s proposed Goldboro LNG Terminal in Guysborough, Nova Scotia.

NEWS RELEASE

Contact Exploration Inc.Issues Incentive Options

March 8, 2013, (Calgary, Alberta)

Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) announces that it has issued a total of 2,850,000 stock options to employees, executive officers and directors of the Company in accordance with the Company's shareholder approved stock option plan. The stock options are exercisable at a price of $0.24 per share, expire in five years and vest immediately. 

NEWS RELEASE

Contact Exploration Continues Success with Kakwa Liquids-Rich Montney Development

March 21, 2013, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to announce that the third Contact-operated horizontal Montney well (the "3-19 Well") has been successfully completed and tested. The well was flow-tested for 161 hours. During the final 24 hours of flow-back the well averaged gross production rates of 1,798 boe/d consisting of 826 bbl/d condensate and 5,833 mscf/d gas (207 bbl/d and 1,458 mscf/d, or 450 boe/d combined, net to Contact) against anticipated gathering system pressure of approximately 5,000 kPa.

NEWS RELEASE

Contact Exploration Announces Long-term Customer Signed by Pieridae Energy for Goldboro LNG Project

June 3, 2013, (Calgary, Alberta) – Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V:CEX) is pleased to announce that Pieridae Energy (Canada) Ltd. (“Pieridae”) has entered into a long-term sales agreement with E.ON Global Commodities SE ("E.ON"), a subsidiary of E.ON SE, and one of the world's largest investor-owned power and gas companies, for the purchase of liquefied natural gas ("LNG") from the Goldboro LNG project being developed by Pieridae in Nova Scotia, Canada. Under the agreement, Pieridae is to deliver approximately 5 million tons per annum ("MTPA") of LNG to E.ON for 20 years into a number of locations in Western Europe.

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NEWS RELEASE

Contact Reserves Increase by 320% in Fiscal 2013

July 2, 2013, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to report that independent reserves evaluations effective March 31, 2013 have been completed by the Company's reserves evaluators in accordance with the COGE Handbook. GLJ Petroleum Consultants Ltd. ("GLJ") evaluated the Company's Stoney Creek and Hopewell properties in New Brunswick, while McDaniel and Associates Consultants Ltd. ("McDaniel") evaluated the Company's core area at Kakwa, Alberta.

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NEWS RELEASE

Contact Exploration Provides Upper Montney Operations Update

July 24, 2013 (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to announce that its 23.75% non-operated 14-2-63-6 W6M Kakwa Montney well (the "14-2 Well") has been successfully completed within the upper interval of the Montney Formation. This interval had not previously been tested by Contact; however, other operators have demonstrated repeated success in this interval within the Kakwa/Resthaven trend. The 14-2 Well has been flow-tested by the operator for a total of 191 hours, including the final 98 hours with tubing in hole. 

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NEWS RELEASE

Contact Announces Private Placement

July 25, 2013, (Calgary, Alberta) – Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) is pleased to announce its intention to complete a brokered private placement of up to 12,500,000 common shares (the "Shares") of the Company, at a price of $0.26 per Share, and up to 5,833,334 Shares to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) (the "Flow-Through Shares"), at a price of $0.30 per Flow-Through Share, for aggregate gross proceeds of up to $5,000,000 (the "Private Placement").

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NEWS RELEASE

Contact Announces Increase to Previously Announced Private Placement

August 1, 2013, (Calgary, Alberta) – Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) is pleased to announce that due to demand from potential investors, it has increased the size of its previously announced brokered private placement, to be conducted on a commercially reasonable "best efforts” agency basis through a syndicate of agents led by Integral Wealth Securities Limited and including Dundee Securities Corp., MGI Securities Inc. and Beacon Securities Ltd.

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NEWS RELEASE

Contact Announces Approval of Advance Notice By-law

August 2, 2013, (Calgary, Alberta) – Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) is pleased to announce that the board of directors (the "Board") of Contact has approved amendments to the Company's standard by-laws. The amendments include certain housekeeping amendments to update the by-laws to current standards, as well as the adoption of an advance notice by-law (the "Advance Notice By-law").

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NEWS RELEASE

Contact Announces Closing of Private Placement

August 8, 2013, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to announce that it has closed its previously announced brokered private placement (the "Private Placement") pursuant to which it has issued 14,009,616 common shares ("Common Shares") of the Company at a price of $0.26 per Common Share and 9,495,000 Common Shares issued on a "flow-through" basis pursuant to the provisions of the Income Tax Act (Canada) (the "Flow-Through Shares") at an issue price of $0.30 per Flow-Through Share for aggregate gross proceeds of $6,491,000.00 (the "Private Placement").

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NEWS RELEASE

Contact Announces Interim Filings 

August 27, 2013, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) is pleased to announce that it has today filed its condensed interim consolidated financial statements for the three months ended June 30, 2013 and the related management's discussion and analysis ("MD&A") on the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.

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NEWS RELEASE

Contact Exploration Inc. Issues Incentive Options  

September 5, 2013, (Calgary, Alberta) Contact Exploration Inc. (the "Company") (TSX-V: CEX) announces that it has issued a total of 1,100,000 stock options to certain employees and consultants of the Company in accordance with the Company's shareholder approved stock option plan. The stock options are exercisable at a price of $0.20 per share, expire in August 2018 and vest immediately.

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NEWS RELEASE

Contact Exploration Provides Operations Update  

September 9, 2013, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce that the fourth Contact-operated Kakwa Montney well, at 5-23-63-6 W6M (the ”5-23 Well") has been successfully drilled horizontally to a total measured depth of 5017 meters. The 5-23 Well included a planned vertical stratigraphic penetration, whereby a full suite of logs throughout the Montney Formation was acquired and full diameter core data through the Upper and Middle Montney intervals was retrieved, allowing Contact to further calibrate the 5-23 Well and the other wells in the area.

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NEWS RELEASE

Contact Exploration Continues Success with Kakwa Liquids-Rich Development

October 16, 2013, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce that the fourth Contact-operated horizontal Montney well at 5-23-63-6 W6 (the "5-23 Well") (Contact 25% working interest) has been successfully completed and tested. The well was flow-tested for approximately 170 hours. During the final 24 hours of flow-back the well produced against anticipated gathering system pressure of approximately 2,000 kPa and averaged gross production rates of 1,433 boe/d consisting of 815 bbl/d condensate and 3,704 mscf/d natural gas (204 bbl/d and 920 mscf/d, or 358 boe/d combined, net to Contact)...

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NEWS RELEASE

Contact Announces Interim Filings and Land Acquisitions

November 27,2013, (Calgary, Alberta) Contact Exploration Inc. (‘’Contact’’ or the ‘’Company’’) (TSX-V:CEX) is pleased to announce that it has today filed its condensed interim consolidated financial statements for the three and six month periods ended September 30, 2013 and the related management’s discussion and analysis on the Company’s profile on the System for  Electronic Document Analysis and Retrieval  website at www.sedar.com  ...

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NEWS RELEASE

Contact Exploration Announces Private Placement of Flow-Through Common Shares

December 26, 2013, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) announces that it is carrying out a non-brokered private placement (the "Private Placement") of common shares in the capital of the Company, to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through Shares"). Contact expects to issue up to 5,555,556 Flow-Through Shares in the Private Placement, at a price of $0.36 per share, for maximum aggregate gross proceeds of $2,000,000.16.

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NEWS RELEASE

Contact Exploration Announces Closing of Private Placement

December 31, 2013, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of common shares in the capital of the Company, to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through Shares"). Contact issued an aggregate of 5,555,556 Flow-Through Shares in the Private Placement, at a price of $0.36 per Flow-Through Share for aggregate gross proceeds of $2,000,000.16. 

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NEWS RELEASE

Contact Exploration Provides Operations Update

January 20, 2014, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to provide an operations update on its activities in the Kakwa area of Alberta.

Operated Activities  Contact holds a 25% working interest in all Montney wells and associated facilities on a 16¾ section block in the Kakwa, Alberta area, other than in the 13-17-63-5W6 Well (“13-17 Well”) in which the Company's working interest is 37.5% before payout, 25% after payout. Contact is the operator of all wells and facilities on this 16¾ section block.

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NEWS RELEASE

Contact Announces Interim Filling, Credit Facilities Increase and Operations Update

February 28, 2014, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) is pleased to announce that it has today filed its condensed interim consolidated financial statements for the three and nine month periods ended December 31, 2013 and the related management's discussion and analysis ("MD&A") on the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.

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NEWS RELEASE

Contact Exploration’s Kakwa Development Continues with Successful Test Results in Upper Montney Zone

April 7, 2014, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSXV:CEX) is pleased to announce that the seventh Contact-operated horizontal Montney well at 02/14-30-63-5 W6 (the "02/14-30 Well") (Contact 25% working interest) drilled in the Upper Montney D4 interval has been successfully completed and tested.The well was drilled to a total measured depth of 4,563 metres, with a horizontal leg of 1,068 metres, approximately 200-500 metres shorter than Contact’s other Kakwa wells and the shortest of the Company’s Kakwa horizontal wells drilled to date.

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NEWS RELEASE

Contact Exploration’s Provided Reserves Triple in Fiscal 2014

May 21, 2014, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to report that independent reserves evaluations effective March 31, 2014 have been completed by the Company's reserves evaluators in compliance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and in accordance with the Canadian Oil and Gas Evaluation ("COGE") Handbook. GLJ Petroleum Consultants Ltd.

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NEWS RELEASE

Contact Announces Non-Brokered Private Placement and Increase in Credit Facilities

May 26, 2014, (Calgary, Alberta) – Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) is pleased to announce that it intends to proceed with a non-brokered private placement (the "Private Placement") of up to: (i) 10,256,411 common shares (the "Common Shares") of the Company at an issue price of $0.39 per Common Share; and (ii) 13,700,000 Common Shares to be issued on a "flow-through" basis respecting the expenditure of Canadian development expenses pursuant to the provisions of the Income Tax Act (Canada) (the "Flow-Through Shares") at an issue price of $0.445 per Flow-Through Share, for aggregate gross proceeds of up to approximately $10.09 million.

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NEWS RELEASE

Contact Exploration Announces Closing of Private Placement

June 5, 2014, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V:CEX) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of: (i) 10,256,411 common shares (the "Common Shares") of the Company at an issue price of $0.39 per Common Share; and (ii) 13,700,000 Common Shares issued on a "flow-through" basis respecting the expenditure of Canadian development expenses pursuant to the provisions of the Income Tax Act (Canada) (the "Flow-Through Shares") at an issue price of $0.445 per Flow-Through Share, for aggregate gross proceeds of approximately $10.09 million..

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Contact’s fiscal second quarter was one that saw the Company both significantly advance its business plan and, subsequent to the quarter, enter into an attractive merger that will more than triple the Company’s ownership at East Kakwa.


The Company drilled three wells through spring breakup into June 2014 and then subsequently completed these wells during the summer. These wells, specifically 2-18-63-5W6, 8-20-63-5W6 and 9-20-63-5W6, were each drilled to a horizontal length of approximately 1.5 miles, almost 50% longer than each of Contact’s first 8 wells at Kakwa, and yet the time to drill two of these wells was slightly faster than the best one mile well drilled by Contact to date. Following completion, each of these wells was equipped, tied into Contact’s central processing facility and brought onto production, elevating the Company’s net production from approximately 400 boe/d to more than 1,000 boe/d.


NEWS RELEASE

Contact Announces Year End Filing

July 28, 2014, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSXV: CEX) is pleased to announce that it has today filed its audited consolidated condensed financial statements for the year ended March 31, 2014 and the related management's discussion and analysis ("MD&A") on the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.

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NEWS RELEASE

Contact Exploration’s Kakwa Development Continues with Successful Multi-well Pad Drilling

August 20, 2014, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce that the three Contact operated wells, at 2-18-63-5 W6M, 8-20-63-5 W6M and 9-20-63-5 W6M (collectively, the “New Wells”), drilled from the Company’s first three-well pad, have each been successfully completed. Contact holds a 25% working interest in the New Wells.

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NEWS RELEASE

Contact Provides Update on Investment in Pieridae Energy

September 3, 2014, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) announces that it has been advised by Pieridae Energy Limited (“Pieridae”) that on August 29, 2014 Pieridae closed a non-brokered private placement (the “Financing”) of common shares pursuant to which it raised aggregate gross proceeds of $22.2 million at a price of $9 per share.

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NEWS RELEASE

Contact Exploration Announces New VP Finance & CFO

October 6, 2014, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce the appointment of Mr. Chad Kalmakoff as Vice President, Finance & Chief Financial Officer effective today.

Mr. Kalmakoff brings extensive financial experience, most recently as Vice President, Finance and CFO with Corinthian Exploration Corp., a successful private oil and gas company acquired by Legacy Oil + Gas Inc. earlier in 2014.

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NEWS RELEASE

CONTACT  EXPLORATION INC. TO MERGE WITH DONNYCREEK ENERGY INC.TO FORM FOCUSED DEEP BASIN EXPLORATION AND PRODUCTION COMPANY AND ANNOUNCES A $20 MILLION EQUITY FINANCING

Calgary, Alberta - October 21, 2014. Contact Exploration Inc. (“Contact”) (TSXV: CEX) is pleased to announce that it has entered into strategic merger with Donnycreek Energy Inc. (“Donnycreek”) to form a new, amalgamated corporation having an operated 75% working interest (“WI”) in Contact’s core East Kakwa, Alberta Property.

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NEWS RELEASE

CONTACT  EXPLORATION INC. Issues Incentive Options

Calgary, Alberta – November 3, 2014

Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) announces that it has issued a total of 1,550,000 stock options to two employees of the Company in accordance with the Company's shareholder approved stock option plan, including 1,400,000 stock options being issued to the Vice President, Finance and Chief Financial Officer of the Company. The stock options are exercisable at a price of $0.33 per share, expire in five years and vest as to one-third on each of the first, second and third anniversaries of the date of grant.

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NEWS RELEASE

CONTACT  Announces Closing of Private Placement

November 7, 2014, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to announce that it has closed its previously announced brokered private placement (the "Private Placement") pursuant to which it has issued 62,215,000 common shares ("Common Shares") of the Company, which includes 8,115,000 Common Shares issued pursuant to the full exercise of the over-allotment option granted to the Underwriters (as defined below) at a price of $0.37 per Common Share for aggregate gross proceeds of $23,019,550.

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NEWS RELEASE

Contact  Exploration Inc. Announces mailing of meeting materials for annual and special meeting of shareholders

Calgary, Alberta – November 25, 2014 - Contact Exploration Inc. ("Contact" or the "Company") (TSXV:CEX) reports that it has mailed a joint information circular and proxy statement of Contact and Donnycreek Energy Inc. ("Donnycreek") and related meeting materials (collectively, the "Meeting Materials") in connection with the annual and special meeting of the securityholders of Contact currently scheduled to be held in the Mayfair Room of the Westin Calgary, 320 – 4th Avenue S.W., Calgary, Alberta at 9:00 a.m. (Calgary time) on December 19, 2014 (the "Meeting"). At the Meeting, securityholders of Contact will be asked to consider and vote upon, among other things, a plan of arrangement (the "Arrangement") ...

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NEWS RELEASE

Contact Announces Results for the Three and six Month Ended September 30, 2014

November 28, 2014 (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V:CEX) is pleased to announce that today it has filed its interim condensed consolidated financial statements as at and for the three and six months ended September 30, 2014 and the related management's discussion and analysis ("MD&A") on the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.

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