Cancen Oil Canada Inc

TSX VENTURE : COI


November 30, 2012 19:41 ET

Cancen Announces Appointment of New CFO and Director

EDMONTON, ALBERTA--(Marketwire - Nov. 30, 2012) -

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Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) is pleased to announce that it has appointed Jeffrey Love as Chief Financial Officer and Corporate Secretary of the Corporation. Mr. Love has 30 years of experience with public companies in the energy, environmental and technology sectors, and has acted in senior executive roles, including as chief financial officer, of several TSX Venture Exchange listed companies. Mr. Love earned a Certified General Accounting designation in 1979.

Cancen is also pleased to announce the appointment of Thomas Bugg to the board of directors of the Corporation. Mr. Bugg has 25 years of experience in the oil and gas industry in both public and private companies operating across Western Canada, the United States and internationally. Mr. Bugg was one of the original founders of Ensign Drilling Limited, currently one of the largest drilling contractors in North America. Subsequent to that time Mr. Bugg was involved in several private companies including small oil and gas companies and oil tool manufacturers before commencing Beau Canada Exploration Ltd. as a public company listed on the Toronto Stock Exchange. Acting as the Chairman, CEO and President he oversaw operations, which included drilling and developing several heavy oil fields, drilling and developing gas and light oil fields. In the late 1990's, Beau Canada Exploration Ltd. took over majority interest of Genoil Inc. Mr. Bugg is currently the President and a director of Genoil Inc. Mr. Bugg has served on the board of several private and public companies and has additionally served on the Board of Governors for the Canadian Association of Petroleum Producers. Mr. Bugg received a Bachelor of Commerce in 1972 and a Bachelor of Laws in 1973, both from the University of Saskatchewan.

Chris Scase has tendered his resignation as Chief Financial Officer of the Corporation effective November 29, 2012 and Darryl Scase has tendered his resignation as a director effective November 30, 2012. The board of directors thanks them both for their contributions to the Corporation and wishes them well in their new endeavours.

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 three facilities in Alberta.

Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

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