Contact Exploration Inc. has secured a series of oil and gas assets, primarily within eastern Canada. The portfolio includes the only currently producing oil pool in New Brunswick (the Stoney Creek Field), shale gas properties in New Brunswick and overriding interests in Nova Scotia and a carried interest in conventional prospects at Parson’s Pond in NW Newfoundland. In July 2011 the Company sold its assets in Saskatchewan and in September 2011 announced a new core area in the Deep Basin, Alberta.
Early in May 2010, the entire Management and Director teams of Contact Exploration resigned from their positions, enabling a new management team and board to assume control of the Company. The new Group, composed of very experienced oil and gas professionals, accepted their respective responsibilities having completed an extensive due diligence process.
Contact Exploration's new management team compositely raised $3.5 million and $4.5 million in private placement offerings, concluded in May 2010 and October 2010, respectively. The proceeds of these financings were largely dedicated to the drilling and completing of two horizontal oil wells in the Stoney Creek field. Early results have demonstrated very high oil productivity from these wells, offering substantial hope for revitalizing this old field. The Company plans to ramp up production within this field and further evaluate the potential for oil development beyond the pool boundaries.
Contact has a NI 51-101 reserve report valued at $67MM (NPV 10; P+P) and over 10tcf GIP (best estimate) prospective shale gas resource.
Company growth will be driven by cash flow from operational activity and subsequent financings as required for new business.
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 Provides Update on Stoney Creek Drilling and Shale Gas Technical Work
December 21, 2010, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce that the drilling and completion of two 100% Contact working interest horizontal oil wells in the Stoney Creek oil field in New Brunswick has been successfully accomplished. The first well (K78) was drilled with a lateral distance of approximately 600 meters and the second well (N88) with a lateral distance of approximately 800 meters, as planned pre-drill. In all aspects, the well results to date have met or exceeded Contact’s expectations.
NEWS RELEASE
Contact Announces Shale Gas Evaluation Summary and Operations Update
January 25, 2011, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce a summary of the results of an independent study (the "Study") of the quantity of shale gas resource contained on Company lands within the Frederick Brook Member of the Albert Formation in the Hillsborough region of the Moncton sub-basin in southern New Brunswick. The Study, effective December 31, 2010, was conducted by GLJ Petroleum Consultants Ltd. ("GLJ") of Calgary, Alberta in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
NEWS RELEASE
Contact Provides Operational Update
March 31, 2011, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to provide the following operational update. In late 2010 Contact successfully drilled and completed two horizontal wells in the Stoney Creek field in New Brunswick. Although oil productivity was strong, production levels remained below anticipated reservoir performance. The Company has now equipped the N88 well with a larger 300 bbl/d screw pump and has re-entered and cleaned-out suspected restrictions within both the N88 and K78 wells using coiled tubing.
NEWS RELEASE
Contact Announces Annual General Meeting of Shareholders
May 5, 2011, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) announces that its Annual and Special Meeting of Shareholders ("AGM") will be held on May 17, 2011 at 2:30 p.m. in the John Lecky Room at the Bow Valley Club, 370, 250-6th Avenue S.W., Calgary, Alberta. The business to be conducted at the AGM includes the appointment of directors of the Company, with the five nominees for election being: Steve Harding, Scott Hadley, Steve Haysom, Ken Bowie and Bruce Allford.
NEWS RELEASE
Contact Announces Proved Oil Reserves Increase by 91% in Fiscal 2011
June 29, 2011, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to report that an independent reserves evaluation (the "MBA Report") of the Company's oil and gas assets has been completed by Martin & Brusset Associates in accordance with the COGE Handbook. The reserves estimated are net values before tax and after royalties and were established in accordance with National Instrument 51-101 of the Canadian Securities Administrators.
NEWS RELEASE
Contact Announces New Core Area in Western Canada and Provides New Brunswick Operations Update.
September 6, 2011, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to report it has entered into an oil and gas project in the highly prolific Deep Basin region of Alberta, initiating a new core area for the Company. Contact has signed an agreement with another oil and gas producer, whereby Contact pays a land equalization amount and commits to participate in the drilling of a Contact-operated well. By securing a low cost of entry, Contact believes the transaction represents an extremely attractive opportunity towards the development of a productive and highly economic new core area in Western Canada.
NEWS RELEASE
Contact Exploration Inc. Appoints Vice President, Exploration.
August 2, 2011, Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to announce the appointment of Mark Hadley as Vice President, Exploration of the Company. Mr Hadley is a professional geologist and brings more than 25 years of experience in the oil and gas business to Contact, having worked numerous basins and play types within North America.
NEWS RELEASE
Contact Announces Year End Filings, Sale of Saskatchewan Assets and Operations Update
July 28, 2011, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the“Company”) (TSX-V: CEX) is pleased to announce the audited financial results for the
year ended March 31, 2011. Complete filings are now available on the SEDAR website at www.sedar.com.
NEWS RELEASE
Contact Provides New Brunswick Operations Update
September 19, 2011, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to report that it has spud its "Hopewell Prospect" well (94% working interest) in New Brunswick on September 18th. As previously announced (see Press Release dated September 6, 2011), the Hopewell Prospect is located in the Edgett's Landing area of New Brunswick, approximately 10 km south of the producing Stoney Creek oil and gas field.
NEWS RELEASE
Contact Announces Montney Project In Deep Basin of Alberta
September 23, 2011, (Calgary, Alberta) Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to provide an update to its announcement of September 6, 2011 that it had entered into an oil and gas project in the prolific Deep Basin region of Alberta thereby initiating a new core area for the Company. Contact has entered into this liquids-rich gas project after thoroughly evaluating the Montney Formation and is extremely encouraged by recent industry activity in the Deep Basin, which has demonstrated exceptional initial productivity from horizontal wells.
NEWS RELEASE
Contact Exploration Announces Additional Land Acquisition and Prospect Details for its Deep Basin Montney Project and Provides Hopewell Update
October 18, 2011, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) Contact is pleased to announce that 2 additional sections have been secured by the Company and its partner in their Deep Basin Montney project in Alberta. The Company now holds 13 gross (6.5 net) sections in T62-63, R5-6 W6M. These lands are contiguous with the Company's original 11 (5.5 net) sections and were acquired in the most recent Alberta land sale.
NEWS RELEASE
Contact Exploration Announces Equalization and Participation Agreement in its Deep Basin Montney Project and Additional Land Acquisition.
November 8, 2011, (Calgary, Alberta) Contact Exploration Inc. (“Contact” or the “Company”) (TSX-V: CEX) is pleased to announce that it has entered into an equalization and participation agreement with a third party participant (the “Participant” ) respecting the Company’s Deep Basin Montney project. The Participant is a well capitalized public oil and gas company with extensive experience in numerous Canadian jurisdictions...
NEWS RELEASE
Contact Exploration Announces Initial Closing of Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
December 12, 2011, (Calgary, Alberta) Contact Exploration Inc. (‘’Contact’’ or the ‘’Company’’) (TSX-V: CEX) is pleased to announce that it has closed the initial tranche of its previously announced non-brokered private placement (the ‘’Private Placement’’) of common shares (‘’Flow-Through Shares’’) of the Company, issued on a ‘’flow-through’’ basis pursuant to the Income Tax Act (Canada)...
NEWS RELEASE
Contact Exploration Announces Closing of Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
December 30, 2011, (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 share (‘’Flow-Through Shares’’) of the Company, issued on a ‘’flow-through’’ basis pursuant to the Income Tax Act (Canada)