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Hudson's Hope Gas Ltd. acquired by Canada Energy Partners

For a consideration of two million shares of the company, Canada Energy Partners has announced this morning that it's acquired all of the outstanding shares of Hudson's Hope Gas Limited, the wholly-owned subsidiary of GeoMet.

GeoMet is the fifty per cent owner and operator of the Peace River Coalbed Methane Project, and the two million CEP shares issued to it are subject to a 12-month hold period.

As a result of the acquisition, CEP will effectively assume GeoMet's share of the abandonment liabilities associated with the Coalbed Methane Project, and will move forward with the abandonment of that project. Among other things, the acquisition secures one hundred per cent ownership of the Peace River gas plant, which is strategic to both the aforementioned Project and Montney Shale developments.

Canada Energy Partners is convinced the acquisition was achieved at a very attractive price, due to the depressed gas market. It also believes that the consolidation of interests and operations of the project, the gas plant, and disposal wells will be strategic in the advancement of both the Coalbed Methane and Montney plays when gas prices recover.