Canada Energy Partners Inc.

Canada Energy Partners Inc.

August 22, 2007 08:30 ET

Canada Energy Partners Provides Information on Short-Term Investment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2007) - Canada Energy Partners Inc. (the "Company") (TSX VENTURE:CE) provides the following information on the impact of the recent events and uncertainty in global credit markets on its cash holdings. Company cash holdings are approximately $2.0 million of which approximately $1.7 million is invested in Canadian asset-backed commercial paper ("ABCP"). This ABCP is rated by Dominion Bond Rating Service ("DBRS") as R1-High, which is the highest possible rating for commercial paper, and consists of "Series A Notes" held with Coventree Capital Group Inc. ("Coventree") sponsored funds.

The notes were purchased on July 20, 2007 on recommendation of the Company's bank, HSBC Bank Canada, and matured on August 17, 2007. However, the notes were not paid out and remain outstanding. The Company will continue to monitor the situation with HSBC Bank Canada and Coventree.

Coventree has publicly stated that this situation has been caused by a disruption in the liquidity for Canadian ABCP rather than the creditworthiness of the underlying assets and the notes continue to be rated R1-High.

The Company believes that this liquidity issue with ABCP will not disrupt its business operations in the short term.

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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