new news

CCEC’s Board of Directors has approved the 2014 Capex program. Operating activities will include the drilling, completion, and optimization of wells in the Company’s core areas, including Redvers, Pinto, Oungre and Fertile.

CCEC is pleased to announce the closing of a private equity investment with Rongsheng Holding Group, a global leader in the petrochemical industry established in China since 1989. We strongly believe that the partnership with Rongsheng will be successful in sustaining our current growth as well as achieving CCEC’s long term goals.

We are pleased to continue our support to the Redvers local community with donations to Redvers Minor Hockey and Redvers Wildlife.

CCEC is pleased to announce that it has entered into an Investment Agreement with Rongsheng Holding Group; the transaction is expected to close in December 2013.

In response to the Calgary flood, CCEC’s employees volunteered in full support of the efforts of flood clean up.

CCEC had limited drilling activities in the first half of 2013 as the focus of the company’s resources were, and continue to be, engaged in the generation of a significant capital investment.

CCEC is proud to provide a summary of highlights from 2012
– P+P reserve value grew by 15% over 2010
– Proved reserves grew by 32% over 2010
– Operating profit (netback) remains high versus our peer group average
– Operating expenses, G&A and finance costs were all lowered from previous years

Shelly Fichter, CCEC’s Field Tech based in Saskatchewan, whose hobby is Arabian horses, pursued her dream to compete in the Canadian National Horse Show Finals. She received a Top Three award nationwide, and was the only Canadian to qualify for the United States National Competition finals to be held in Tulsa, Oklahoma in October.

In July CCEC completed and tied in another new well at its core Lightning Creek property. The well came on stream at the highest rate seen in the pool to date, exceeding an average production rate of 200 barrels per day during its first month, and is the top producing well in the area.

We are proud to support our Controller, Cheryl Taylor in the 2012 Enbridge Ride to Conquer Cancer benefiting the Alberta Cancer Foundation – a 200km cycling journey along the majestic Canadian Rockies. Cheryl raised over $6,000 on behalf of this worthy cause.

CCEC is proud to give back to the local community of our operations by donating funds to Hearthstone Community Campaign, in support of the new Estevan Regional Nursing Home.

CCEC would like to extend our warmest welcome to Bill Gatenby, Senior Geologist, who joins the CCEC Team in May 2012.

Bill brings over 32 years experience with a career focus on the Williston Basin. Mr. Gatenby has built a successful track record of exploration and development projects having drilled over 500 wells. Prior to joining CCEC, Mr. Gatenby was Senior Staff Geologist at Compton Petroleum for six years and Chief Geologist – South Saskatchewan District at the combined companies of Husky Energy and Renaissance Energy for nine years. Renaissance was acquired by Husky Energy in 2000 for $4.3 billion. Mr. Gatenby was also at Enerplus (1998), Pinnacle Resources (1996-1998), Mark Resources (1989-1986) and Saskatchewan Oil & Gas Company (1984-1989).

In the first quarter of 2012, CCEC drilled a pace-setter well at 1D1-6-2D3-5-8-32W1 in our core Lightning Creek property. The well, targeting the prolific Mississippian Tilston formation, was drilled horizontally, completed, tested, equipped and tied into CCEC’s oil gathering system network within 16 days from the start of the project to its finish – a new company record for on-stream cycle time. The well is currently on stream and ranks as one of the company’s best producers.

Kevin Wallewein, CCEC’s Field Operations Manager, his brother and parents were presented with the prestigious Estevan Farm Family of the Year Award for 2011. As evidenced by the longevity of three generations, the Wallewein’s are dedicated to keeping the family farm alive, and were recognized for their dedication to agriculture, good business practices and community service over many years.

We are proud to announce that our CEO, Bruce Hong has been recognized as a finalist for the Ernst & Young Entrepreneur of the Year 2011 Awards. Please join us in congratulating him on this achievement.

June 15, 2011
CCEC welcomes Donald Wood

On July 1, 2011, CCEC continues its commitment to future growth by welcoming Donald Wood as Executive Vice President and Chief Operating Officer. Prior to joining CCEC, Don was VP, Engineering & Enhanced Recovery and VP, Development – Oil District for Penn West from 2007 to 2011, and held the position of President & CEO for the following companies: C1 Energy Ltd.; High Energy Resources Ltd.; and Kensington Energy Ltd. Prior to that, Don was Director, Business Development at Petromet Resources Ltd. from 1998-2001.

CCEC is proud to provide a summary of its 2010 activities.

2010 Highlights:

• Increased average production by 198% despite production being negatively affected in Q3 by production shut-ins at Redvers during facility upgrades; current operating netbacks are over $60.00 per BOED.
• Drilled 24 wells during the year (20 development and 4 exploration)
• Achieved top-decile operating netback performance based on public filings for five consecutive quarters; Averaged $49.29 per BOED for the year and $50.18 per BOED in Q4.
• Increased Proved + Probable Reserves by 172%
• Increased Proved + Probable Reserves value by 133%.
• Increased Proved Reserves by 172%
• Replaced production by 9.3 times on a Proved + Probable Basis and 4.8 times on a Proved basis.
• Generated a 2.75 X Proved + Probable Recycle Ratio including acquisition costs.
• Reduced operating costs by 25% from 2009.
• Completed 2 acquisitions at Pinto to add a new core area for the Company.
• Generated over $14.5 million of operating cash flow or $0.30 per share for the year.
• Added 27,000 net undeveloped acres in southeast Saskatchewan through Crown land sales and acquisitions.
• Continued to add key members to its Management Team to drive growth strategy.

CCEC’s Board of Directors has approved the 2011 Capital Budget at $49 Million. Operating activities will include the drilling of at least 28 wells all targeting light oil formations in the Company’s core areas.

December 1, 2010
CCEC is proud to present an update on its Q3 2010 activity

CCEC had a very successful capital program with the drilling of 18 oil wells resulting in achieving a 195% increase in production over Q3 2009 levels. Operating costs per BOED were reduced by 78% from 2009 levels highlighting the new streamline approach to operations brought by the new Executive Team. The Company recorded Operating Netbacks of over $44.00 per BOED in the QTR representing top-decile performance for the 4th consecutive QTR despite significant downtime for facility upgrades and field work as well as penalizing weather conditions. The Company is planning to continue its momentum by drilling up to 18 wells in Q1 2011. CCEC’S full year 2011 capital budget is set for approval in early January.

CCEC continues its commitment to future growth by welcoming David Martin, Geophysicist. Prior to joining CCEC, David was Geophysicist, for Talisman Energy from 2002 to 2010. Prior to Talisman, David was Senior Exploration Geophysicist for Petro-Canada and Contract Geophysicist for Husky Energy.

July 16, 2010

CCEC’s Board of Directors has approved an increase to the company’s annual 2010 capital budget to $52 million.

June 30, 2010

CCEC records Q1 2010 Operating Netbacks of $64.38 per BOED.

We are pleased to announce that our CEO, Bruce Hong will be taking part in the 4th Canada China Business Forum hosted by the Canada China Business Council as a speaker on June 24 in Ottawa Canada.

Feb 12, 2010
CCEC Successful at Recent Saskatchewan Land Sale

CCEC continues to add to its land base in SE Saskatchewan by acquiring strategic acreage.

Jan 18, 2010
CCEC is proud to present an update on its Q4 2009 activity

CCEC had a very successful capital program with the drilling of 11 oil wells resulting in a 330% increase in production with 3 wells still in the process of completion at year end. Drilling and completion costs per well were reduced significantly with the new streamline approach to operations brought by the new Executive Team. The Company recorded Operating Netbacks of $60.00 per BOED in the QTR representing top-decile performance.

Dec 1, 2009
CCEC’s drilling update

Drilling rig and service rig are hard at work at the field as we near the end of our drilling program for 2009.

Sep 15, 2009
CCEC Strategic Farm-in Agreement

CCEC has entered into a farm-in agreement with a large Energy Trust in one of CCEC core areas.The farm-in covers 10.25 sections of Crown Land with an option on an additonal 5 sections. CCEC will be the operator.

Sep 1, 2009
CCEC celebrates 4th anniversary

CCEC is proud to reach its 4th anniversary and recognizes the achievements and accomplishments made to date.

Aug 1, 2009
CCEC welcomes Ryan Carnegie

CCEC continues its commitment to future growth by welcoming Ryan Carnegie, Geologist. Previously Ryan was at Prime West, Magellan and Columbus.