CEI Coelacanth Energy Inc

Carmen Energy Inc. (TSX VENTURE:CEI) ("Carmen" or the "Corporation") is pleased
to announce that it has closed its previously announced asset sale of the
Corporation's 60% non-operated working interest in certain oil and gas assets
(the "Assets") in the Viking-Kinsella area of Alberta, namely the Corporation's
16-17-049-12 W4 well.


The sale of the Assets was completed with two companies, both of which are
considered "related parties" of the Corporation under applicable securities
laws. R & D Asset Management Ltd. and Red Mountain Resources Ltd. are owned or
controlled by Mr. Tyler Rice, the Corporation's President and by Mr. Randy
Harrison, a director of the Corporation, respectively. As a "related party
transaction" under applicable securities laws, the Corporation sought and
received disinterested shareholder approval on February 15, 2013 at its Annual
and Special Meeting of Shareholders.


The independent board members of the Corporation have also approved the sale.

The purchase price for the Assets of $678,600 was adjusted for actual production
to the effective date of January 1, 2013. The purchase price was comprised of
cash, forgiveness of the notes payable held by each of the purchasers,
assumption of the remaining note payable owing by the Corporation to the
purchasers and termination of all Gross Overriding Royalties ("GORRs") held by
the purchasers as well terminating the balance of the GORRs associated with the
note payable on the remaining lands held by the Corporation.


About Carmen Energy Inc.: Carmen is based in Calgary, Alberta and a publicly
traded oil and gas exploration and production company. The focus is on
exploration and development of Western Canadian Sedimentary Basin based oil and
gas properties. The current projects are the Jumpbush properties in south
eastern Alberta. 


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Carmen Energy Inc.
Tyler Rice
President
(403) 537-5590

Coelacanth Energy (TSXV:CEI)
Historical Stock Chart
From Apr 2024 to May 2024

Coelacanth Energy (TSXV:CEI)
Historical Stock Chart
From May 2023 to May 2024