Canada Energy Partners Inc.

Canada Energy Partners Inc.

October 23, 2007 17:38 ET

Canada Energy Partners Announces $12 Million Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2007) - Canada Energy Partners Inc. (the "Corporation") (TSX VENTURE:CE) is pleased to announce that it has arranged a private placement (the "Private Placement") through Research Capital Corporation ("Research Capital"). Research Capital will act as agent, on a best-efforts basis, to raise up to $12,000,000 for the Corporation through the issuance by the Corporation of up to $9,500,000 in flow-through shares and up to $2,500,000 in common shares. The flow-through shares and common shares issued pursuant to the Private Placement will be subject to a four-month hold period under applicable Canadian securities laws and the Private Placement is subject to all necessary regulatory and stock exchange approvals.

Proceeds from the Private Placement will be used by the Corporation to fund the commercial development of its Peace River Coal-Bed Methane Project, exploration for conventional and unconventional gas resources on other lands owned by the Corporation, and for general working capital.

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

John Proust, Director

Forward-looking statements: This document may contain statements about expected or anticipated future events and financial 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 its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Act of 1995.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

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