Canadian Energy Exploration Inc.

July 15, 2010 08:00 ET

Canadian Energy Exploration Inc. Announces Executive and Board Changes

CALGARY, ALBERTA--(Marketwire - July 15, 2010) - Canadian Energy Exploration Inc. (the "Company") (TSX VENTURE:XPL) is pleased to announce that effective August 1, 2010, Mr. Lawrence Buzan has agreed to become the President and Chief Executive Officer of the Company replacing Mr. William Sudhaus who will continue to serve as a director of the Company. Mr. Buzan will also be appointed to the Board of Directors of the Company.

Subsequent to reorganizing the Company and completing a $1.5 million Private Placement in March of this year current management reviewed and analyzed multiple opportunities with the goal to build the Company into an active Canadian oil and gas exploration and development company. Through this evaluation process Mr. Buzan was selected to head up the Company, as he brings both the experience and opportunities to achieve the Company's objectives.

Mr. Buzan graduated from the University of Calgary with his B. Comm. in 1981 and began his career as an Area Landman with Dome Petroleum Ltd. Over the past thirty years Mr. Buzan has obtained extensive experience with Gulf Canada, AEC Oil & Gas and Burlington Resources exploring in Alaska, the onshore Beaufort Sea Delta, the Central Mackenzie Territories, Western Canada as well as in the United States. Mr. Buzan was Vice President of Land & Negotiations at Gentry Resources Ltd. until August 2008 and has most recently worked at Crew Energy Inc. which acquired Gentry Resources. Mr. Buzan is an active member of the Canadian Association of Petroleum Landmen (C.A.P.L.) and in 2005 was the recipient of the C.A.P.L.'s Distinguished Citizen Award.

The Board of Directors has granted Mr. Buzan incentive options to acquire up to 500,000 common shares of the Company at an exercise price equal to the closing price of the common shares on the last trading day before August 1, 2010, one quarter of such options to vest every 3 months.

In relation to Mr. Buzan's appointment, Mr. William Sudhaus has resigned as President and Chief Executive Officer of the Company, and remains a director of the Company. In addition, Mr. Robert Thomson has resigned as an officer of the Company and Mr. Eric Leslie has resigned as an officer and director of the Company, and Mr. Leslie has agreed to provide the Company with consulting services for the next nine months. The Company wishes to thank Mr. Leslie and Mr. Thomson for their valuable contributions to the early stages of the Company and wish them success in their future endeavors.

Mr. William Sudhaus states "We are pleased with the addition of Mr. Buzan as the Company's new President and CEO as he brings a wealth of experience in the oil and gas industry to the Company. Mr. Buzan will be given the mandate of vetting and conducting due diligence on a number of drilling and production acquisition opportunities as well as hiring the balance of a management team which the Company intends to announce in the near future."

About Canadian Energy Exploration Inc.

The Company is a junior oil and gas company engaged in the exploration for, and development and production of natural gas and oil reserves. The Company's Common Shares trade on the TSX Venture Exchange under the symbol "XPL".

Certain statements and information contained in this press release contain forward-looking statements including but not limited to statements regarding the vetting and due diligence review of drilling and production acquisition opportunities and the hiring of a management team. All statements other than statements of historical fact may be forward looking statements. These statements, by their nature, are subject to numerous risks and uncertainties, some of which are beyond the Company's control including the effect of general economic conditions, industry conditions, changes in regulatory and taxation regimes, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling an processing problems, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel that may cause actual results or events to differ materially from those anticipated in the forward looking statements. Such forward-looking statements although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made and should not unduly be relied on. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's business is subject to various risks that are discussed in its filings on the System for Electronic Document Analysis and Retrieval (SEDAR).

Neither the 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.

Contact Information

  • Canadian Energy Exploration Inc.
    George Tsafalas
    (604) 685-5051
    Canadian Energy Exploration Inc.
    Scott Koyich
    Investor Relations
    (403) 215-5979
    Borden Ladner Gervais LLP
    Donald B. Edwards