Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

March 31, 2010 09:00 ET

Canoel Engages Macam Investor Relations Firm

CALGARY, ALBERTA--(Marketwire - March 31, 2010) -

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Canoel International Energy Ltd. ("Canoel Int'l Energy" or "Canoel") (TSX VENTURE:CIL) is pleased to announce that it has retained Macam Investor Relations ("Macam IR" or "Macam"), of Calgary Alberta, to provide Investor Relations and Corporate Communications services. Macam IR's objectives will be to increase the exposure and awareness of corporate initiatives by Canoel Int'l Energy to the financial community by reaching targeted retail & institutional investors.

Canoel Int'l Energy has retained Macam IR for a period of one (1) year, subject to certain terms and conditions. Macam IR's compensation is structured as a cost-plus contract arrangement, which will not exceed $7,000 per month. In addition, subject to board and regulatory approval, it is intended that Macam IR will be granted stock options to acquire up to an aggregate of 300,000 common shares of Canoel, either pursuant to the company's stock option plan, or from the holdings of members of management of Canoel, or some combination of the two. Except as set forth in the agreement, Canoel Int'l Energy is not aware of Macam having any other interest, directly or indirectly, in Canoel Int'l Energy or its securities, or any right or intent to acquire such an interest. 

About Macam Investor Relations:

Headquartered in Calgary, Alberta, Macam is an Investor Relations firm, which has been successfully providing Investor Relations services for over nine years to companies such as Canoel Int'l Energy.

Macam IR strengths lie in its ability to help define and refine management's strategic opportunity and communicate their message. Creation of shareholder value is key and it has created an organization that is highly specialized and cost effective in achieving these goals. Macam IR takes pride in helping to represent its clients to leading Investment Bankers, Analysts, Brokers and Portfolio Managers.

Macam utilizes an extensive and proprietary in-house custom database of detailed contacts in the investment community (buy & sell-side) to provide successful results.

About Canoel International Energy:

Canoel Int'l Energy is a Publicly Traded E&P Canadian Company listed on the TSXV ("CIL"). The focus of Canoel is the creation of shareholder value through the acquisition and development of low-risk exploration and production opportunities, offering strong logistics and close proximity to refineries.

Canoel Int'l Energy currently holds various interests in three Blocks in Tunisia consisting of 10,000 square kilometresIn addition Canoel is in the process of acquiring 100% ownership and operatorship of two Oil Producing Properties in Argentina in a proven basin with stable production with the intention to increase production.

Canoel Int'l Energy's Management and Directors have extensive International and Government experience with contracts and the relationships to execute their strategy. Canoel's technical team has proven experience and expertise - and relationships within the exploration and development community.

This press release may contain forward-looking statements including future production, anticipated capital expenditures and development plans. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures etcetera), project development risks and ability to raise financing. Actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur. Except as required by law, Canoel undertakes no obligation to update or revise any forward-looking statements. Additional information on these and other factors that could affect the company's operations or financial results are included in the company's reports on file with Canadian securities regulatory authorities.

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.

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