Canada Energy Partners Inc.

Canada Energy Partners Inc.

May 28, 2009 08:30 ET

Canada Energy Partners Engages Consultant and Grants Incentive Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) announces that effective April 01, 2009, the Company has, subject to regulatory approval, engaged Mr. Franco Balestra as independent consultant to provide management and business development services to the Company for a term of 12 months. In consideration for the services provided by Mr. Balestra to the Company, Mr. Balestra will receive a consulting fee of $4,000 per month, reimbursement of expenses and stock options that entitle him to purchase up to 550,000 common shares of the Company exercisable at a price of $0.51 per share over a period of 5 years. The grant of the stock options is subject to regulatory and shareholder approval.

The Company also wishes to announce the mutual agreement to cancel an aggregate of 900,000 stock options that were granted to a former consultant of the Company.

On behalf of the Board of Directors of Canada Energy Partners Inc.

John Proust, Director

Forward Looking Statements: This press release contains forward looking statements relating to expected or anticipated future events and operations, number of wells to be drilled, timing of projects and anticipated results that are forward looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the company's capability to execute and implement future plans. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. There is no representation by the company that actual results achieved during the forecast period will be the same in whole or in part as that forecast.

The TSX Venture Exchange has neither approved or disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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