Canadian Energy Exploration Inc. (XPL.V), a junior oil and gas company engaged in the exploration for and development and production of natural gas and oil reserves, is steady now but is being heavily bid back down to the new year low of 1.5 cents it hit earlier today.
More than 8 million shares have been traded so far. XPL shares have been steadily declining since February 25th, when they were trading at 53 cents.
The company announced today that it has received certain lease term extensions from the Petroleum Tenure Branch for the Saskatchewan Ministry of Energy and Resources based on well licence approvals, wildlife and critical vegetation issues, and wet weather conditions that will provide it with greater flexibility in allocating capital.
XPL also announced that it intends to seek a joint venture partner to drill its its newly applied for horizontal Bakken well at Hardy.
The company had announced last month that during the first nine months of this year, cash used in investing activities increased from $201,208 to $5.46 million, compared to the same period 2010.
However, average production during the third quarter 2011 was lower at 7.8 versus 14.8 Boe per day, for the same quarter in 2010. Petroleum and natural gas sales gross revenue was $28,742, and net loss was $417,619 for the three months ended September 30, 2011, XPL said.
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