Cancen Announces Appointment of Financial Advisor

EDMONTON, ALBERTA--(Marketwire - May 31, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) announces that it has engaged Stonecap Securities Inc. to act as its financial advisor to review and consider financing alternatives for the Corporation to fund its proposed capital expenditures and growth initiatives for 2012.

About Cancen

Cancen is an energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin. The services provided by Cancen assist these companies with the treatment and sale of crude oil and the handling of by-products associated with oil and natural gas development and production. The services provided by Cancen include crude oil emulsion treatment, oilfield waste processing, and disposal of produced and waste water. As at the date hereof, the Corporation's services are provided at five facilities in Alberta and one facility in British Columbia.

The securities of Cancen have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer for sale of securities in the United States.