Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

March 17, 2010 09:00 ET

Canoel Announces Establishment of an Argentinean Subsidiary

CALGARY, ALBERTA--(Marketwire - March 17, 2010) -

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce that it has established a new subsidiary in Argentina, Ingenieria Petrolera del Rio de La Plata S.R.L. ("IPRP"). This action is part of the Company's plan to negotiate management agreements to operate existing producing properties on behalf of other companies in exchange for a fee and a percentage of profits. IPRP, now in the process of obtaining government approval as an operator, will act as a service company gaining experience as an operator and realizing cash flow and profits from this type of endeavour. The Company is currently negotiating to take on the role of operator for certain large producing properties.

Andrea Cattaneo, the Company's CEO and President, stated: "The Board looks forward to this new source of income and is very pleased that the Company, through its subsidiary, will gain experience as an operator and will expand our presence in Argentina.

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, future plans and objectives of Canoel International Energy Ltd., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated or expected in such statements. Important factors that could cause actual results to differ materially from Canoel's expectations are risks detailed herein and from time to time in the continuous disclosure filings made by Canoel with securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Neither 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.

Contact Information

  • Canoel International Energy Ltd.
    Andrea Cattaneo
    President and CEO
    403-262-9596
    info@canoelenergy.com
    or
    Canoel International Energy Ltd.
    Jose' Ramon Lopez-Portillo
    Chairman
    403-262-9596