Canada Energy Partners Inc.

Canada Energy Partners Inc.

October 12, 2010 08:30 ET

Canada Energy Partners Inc.: Amendment and Grant of Incentive Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2010) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) announces that, subject to regulatory approval, it has granted pursuant to the Company's stock option plan an aggregate of 3,230,000 stock options to directors, officers, consultants and employees of the Company at an exercise price of $0.63 per common share until October 8, 2015. 

In addition, the Company has agreed to re-price and extend the terms of an aggregate of 4,437,500 stock options previously issued to directors, officers, employees and a consultant of the Company as follows:

Original Option Expiry Date Number Of Share Purchase Options Originally Granted Original Exercise Price Amended
Expiry Date
Exercise Price
August 21, 2011 1,350,000 $ 1.00 October 8, 2015 $ 0.63
October 26, 2011 700,000 $ 1.00 October 8, 2015 $ 0.63
March 26, 2012 650,000 $ 1.00 October 8, 2015 $ 0.63
Sept. 12, 2013 500,000 $ 1.10 October 8, 2015 $ 0.63
June 25, 2013 1,087,500 $ 1.61 October 8, 2015 $ 0.63
August 2, 2013 50,000 $ 1.66 October 8, 2015 $ 0.63
May 5, 2014 100,000 $ 0.51 October 8, 2015 $ 0.63

Pursuant to the rules and policies of the TSX Venture Exchange, the amendment to the options held by insiders of the Company, are subject to disinterested shareholder approval.

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

John Proust, Chairman

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 companies' 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 companies that actual results achieved during the forecast period will be the same in whole or in part as that forecast.

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

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