Canada Energy Partners Inc.
TSX VENTURE : CE

Canada Energy Partners Inc.

June 10, 2008 16:17 ET

Canada Energy Partners Inc. Completes $25,000,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR ON U.S. NEWS WIRES

Canada Energy Partners Inc. (the "Corporation") (TSX VENTURE:CE) is pleased to announce the closing of its previously announced brokered private placement (the "Offering") of flow-through common shares (the "Flow-Through Shares") and non-flow-through common shares (the "Common Shares"). The Corporation raised aggregate gross proceeds of approximately $25,000,000 in the Offering through the issuance 4,237,000 Flow-Through Shares at a price of $1.18 per Flow-Through Share for gross proceeds of $4,999,660 and the issuance of 16,949,000 Common Shares and at a price of $1.18 per Common Share for gross proceeds of $19,999,820.

G.M.P. Securities L.P. acted as the agent in respect of the Offering and in consideration for its services received a cash fee equal to 6% of the gross proceeds of the Offering.

The Corporation will use the net proceeds of the Offering for the development of its jointly-owned Peace River CBM Project and the exploration of its natural gas properties in north-east British Columbia. The exploration of the Corporation's interests in the Montney formation are currently fully funded by the Corporation's joint venture partners.

The Flow-Through Shares and the Common Shares are subject to a four-month hold period from closing under applicable securities laws. The Flow-Through Shares and the Common Shares have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

John Proust, Director

Forward Looking Statements: This press release contains forward looking statements relating to expected or anticipated future events 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 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 company 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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