Canadian Energy Exploration Inc.

March 11, 2010 15:21 ET

Canadian Energy Exploration Inc. Announces Closing of Fully Subscribed Private Placement

CALGARY, ALBERTA--(Marketwire - March 11, 2010) - Canadian Energy Exploration Inc. (the "Company") (TSX VENTURE:XPL) is pleased to announce that it has closed its previously announced private placement and has issued 8,333,335 common shares ("Common Shares") at a subscription price of $0.15 per share and 1,250,000 Common Shares on a "flow-through share" basis ("Flow-Through Share") at a subscription price of $0.20 per share for aggregate gross proceeds of (Cdn) $1,500,000.

Gross proceeds from the sale of the Flow-Through Shares will be used to incur Canadian Exploration Expenses ("CEE") for the purposes of the Income Tax Act (Canada) and such CEE will be renounced for the 2010 taxation year. The net proceeds from the sale of the Common Shares will be used to fund the Company's ongoing capital program and for general corporate purposes. All securities issued in connection with the private placement are subject to a hold period which expires on July 11, 2010.

In connection with the private placement certain registered dealers and finder's were paid a cash commission representing 6.5% of the gross proceeds raised and were issued 625,894 compensation warrants exercisable into one (1) Common Share at an exercise price of $0.15 per share until September 10, 2010 and 20,000 compensation warrants exercisable into one (1) Common Share at an exercise price of $0.20 per share until September 10, 2010.

About Canadian Energy Exploration Inc.

Canadian Energy Exploration is a junior oil and gas company engaged in the exploration for and development and production of natural gas and oil reserves. The Company's Common Shares are listed to trade on the TSX Venture Exchange under the symbol "XPL".

Certain statements and information contained in this press release, including but not limited to statements regarding the use of proceeds contain forward-looking statements. All statements other than statements of historical fact may be forward looking statements. These statements, by their nature, are subject to numerous risks and uncertainties, some of which are beyond the Company's control including the effect of general economic conditions, industry conditions, changes in regulatory and taxation regimes, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling an processing problems, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel that may cause actual results or events to differ materially from those anticipated in the forward looking statements. Such forward-looking statements although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made and should not unduly be relied on. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's business is subject to various risks that are discussed in its filing on the System for Electronic Document Analysis and Retrieval (SEDAR).

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 release.

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