/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
CALGARY, Nov. 28, 2012 /CNW/ - Contact Exploration Inc. ("Contact" or
the "Company") (TSXV: CEX) is pleased to announce that all third party
agreements required to enable the Company to commence production of
natural gas and condensate from the Company's 13-17-63-5W6 well are now
in place, such that production from this well is expected to begin in
early December 2012. The sale of the production from this initial well
at Kakwa is expected to have a material positive impact on the
Company's monthly cash flow from operating activities.
Contact is also pleased to report that it has filed its unaudited
Condensed Interim Consolidated Financial Statements for the three and
six month periods ended September 30, 2012, and the related
Management's Discussion and Analysis, on www.sedar.com.
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas company which has a
long-term history of operating in Atlantic Canada and has recently
demonstrated success in Alberta's liquids-rich Montney Formation tight
gas play. For more information, please see the Company's website: www.contactexp.com
ADVISORY ON FORWARD-LOOKING STATEMENTS: This press release contains
certain forward-looking information and statements within the meaning
of applicable securities laws. The use of any of the words "expect",
"continue", "estimate", "may", "will", "should", "believe", "plans",
"cautions" and similar expressions are intended to identify
forward-looking information or statements. In particular, but without
limiting the forgoing, this press release contains statements
concerning the timing of commencement of initial production from the
Company's 13-17-63-5W6 well and the financial impact on the Company
from the sale of such production, among others.
Forward-looking statements or information are based on a number of
material factors, expectations or assumptions of Contact which have
been used to develop such statements and information but which may
prove to be incorrect. Although Contact believes that the expectations
reflected in these forward-looking statements are reasonable, undue
reliance should not be placed on them because Contact can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature
they involve inherent risks and uncertainties. In particular, in
addition to other factors and assumptions which may be identified
herein, no assurances can be given respecting the timing for the
commencement of production from the 13-17-63-5W6 well; that Contact
will continue to conduct its operations in a manner consistent with
past operations; results from drilling and development activities will
be consistent with past operations; the general stability of the
economic and political environment in which Contact operates; field
production rates and decline rates; the general continuance of current
industry conditions; the timing and cost of pipeline, storage and
facility construction and expansion and the ability of Contact to
secure adequate product transportation; future commodity prices;
currency, exchange and interest rates; regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in
which Contact operates; and the ability of Contact to successfully
market its oil and natural gas products.
Further, events or circumstances may cause actual results to differ
materially from those predicted as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Company, including, without limitation:
changes in commodity prices; changes in the demand for or supply of the
Company's products; unanticipated operating results or production
declines; changes in tax or environmental laws, royalty rates or other
regulatory matters; changes in development plans of Contact or by third
party operators of Contact's properties, increased debt levels or debt
service requirements; inaccurate estimation of Contact's oil and gas
reserve and resource volumes; limited, unfavourable or a lack of access
to capital markets; increased costs; a lack of adequate insurance
coverage; the impact of competitors; and certain other risks detailed
from time-to-time in Contact's public disclosure documents. Additional
information regarding some of these risk factors may be found under
"Risk Factors" in the Company's Management Discussion and Analysis
prepared for the year ended March 31, 2012. The reader is cautioned
not to place undue reliance on this forward-looking information. The
forward-looking statements contained in this press release are made as
of the date hereof and Contact undertakes no obligations to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Contact Exploration Inc.