Canadian Energy Exploration Inc.
TSX VENTURE : XPL

Canadian Energy Exploration Inc.

August 16, 2012 10:33 ET

Canadian Energy Exploration Inc. Announces Resignation and Hardy Area Update

CALGARY, ALBERTA--(Marketwire - Aug. 16, 2012) - Canadian Energy Exploration Inc. (the "Company) (TSX VENTURE:XPL) announces that Mr. Keith Chase has resigned as a director of the Company. The Company wishes to thank Mr. Chase for his contributions to the Company and wish him success in his future endeavours. The Board of Directors of the Company consists of Lawrence B. Buzan and John McGilvary and the Board intends to seek a new director to fill the vacancy created by Mr. Chase's resignation.

Hardy Area Update

The Company is pleased to announce it has received certain term extensions from the Petroleum Tenure Branch for the Saskatchewan Ministry of Energy and Resources based on surface access conditions.

A summary chart of the extensions is provided below.

Company Lands in the Hardy Area:
Sections Original Expiry New Expiry
8.0 August 31, 2012 October 31, 2012
23.25 June 30, 2012 August 31, 2012
6.0 March 31, 2016 No Change; Crown sale lands owned 100%
2.75 Undetermined* *Freehold Lands; 1-year expiry once earned
Total = 40 sections owned, earned or under option.

The Farmor under the previously announced Farmin has agreed to match the government extensions referred to above. The extensions will allow the Company to continue to retain the option to earn the remainder of the lands under the previously agreed farmout terms.

All lands will expire as per the listed expiry dates except any terms that are extended by future drilling or production, if any. The Company continues to seek joint venture partners to drill its Bakken opportunities and in particular its licensed well CEEI Hardy HZ 4B12-4-4B5-33-4-21W2. (See December 12, 2011 press release.)

About Canadian Energy Exploration Inc.

Canadian Energy Exploration Inc. is a junior oil and gas company engaged in the exploration for and development and production of natural gas and oil reserves. The Company has 135,497,209 common shares outstanding and it's common shares are listed on the TSX Venture Exchange under the symbol "XPL".

Advisory

Certain statements and information contained in this press release contain forward looking statements. Examples of such forward looking statements in this press release include, but are not limited to the Company's intention to seek additional directors, views regarding the option to earn additional option lands, future drilling or production and seeking joint venture partners. 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 and 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 Annual Information Form and other filings available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

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.

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