Changfeng Announces-CNOOC Provides Official Guidance: The 2016 Gas Supply Contract With Changfeng Expected to Be Formalized Shortly
TORONTO, ONTARIO--(Marketwired - Dec. 4, 2015) - Changfeng Energy Inc., (TSX VENTURE:CFY) ("Changfeng" or the "Company"), a natural gas utility in China, is pleased to announce that Hainan Fuel Chemical Co., Ltd., a subsidiary of China National Offshore Oil Corporation ("CNOOC") has declared in an official memorandum addressed to Sanya Changfeng Offshore Natural Gas Distribution Co., Ltd., a wholly-owned subsidiary of Changfeng, that it expects the 2016 gas supply contract between CNOOC and Changfeng to be signed shortly.
The content of the memorandum is as follows:
|Sanya Changfeng Offshore Natural Gas Distribution Co., Ltd.,
|In accordance with the requirements of Hainan Provincial Department of Industry and Information Technology, our company will act according to the "resident use first, power generation second and chemical production third" principle for the use of natural gas. We will unfailingly provide gas to the residents of Sanya city in 2016. Currently, the supply contract is under the review process. We expect to formalize and complete the contract with your firm shortly.
|Hainan Fuel Chemical Co., Ltd.
Changfeng expects its current gas supply contract with CNOOC to remain in effect until the 2016 gas supply contract is signed.
About Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located throughout the People's Republic of China. The Company services industrial, commercial and residential customers, providing them with natural gas for heating purposes and fuel for transportation. The Company has developed a significant natural gas pipeline network as well as urban gas delivery networks, stations, substations and gas pressure regulating stations in Sanya City & Haitang Bay. Through its network of pipelines, the Company provides safe and reliable delivery of natural gas to both homes and businesses. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Venture Exchange under the trading symbol "CFY". For more information, please visit the Company website at www.changfengenergy.com.
Information set forth in this news release may involve forward-looking statements under applicable securities laws, including the signing of the 2016 gas supply contract with Hainan Fuel Chemical Co., Ltd. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements, including the potential that the 2016 gas supply contract with Hainan Fuel Chemical Co., Ltd. is not signed or delayed due to inability to satisfy Hainan Fuel Chemical Co., Ltd. as to its supply requirements, an inability to agree as to pricing, delivery and other terms of the supply agreement and other unforeseen circumstances. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
(December 4, 2015 - 4:45 PM EST)
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