Cancen Oil Canada Inc
TSX VENTURE : COI

June 01, 2012 09:00 ET

Cancen Announces Grant of Stock Options

EDMONTON, ALBERTA--(Marketwire - June 1, 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 its board of directors has approved the grant of 1,310,000 stock options (the "Options") to directors and officers of the Corporation, in accordance with the terms of the Corporations incentive stock option plan, subject to the approval of the TSX Venture Exchange Inc. The options were issued with an exercise price of $0.69 per common share, vest as to one-third (1/3) immediately and on each of the next two anniversaries of the date of grant and have a five year term.

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.

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.

Contact Information

  • Cancen Oil Canada Inc.
    Frederick LaHaie
    President and Chief Executive Officer
    (780) 452-7205
    (780) 451-1200 (FAX)
    info@cancenoil.com

    Cancen Oil Canada Inc.
    11464 - 149 Street, NW
    Edmonton, AB, T5M 1W7

    Buchalter Consulting
    Stan Buchalter
    Investor Relations
    1 866 631 6537 or 1 905 631 6537
    stan.buchalter@buchalterconsulting.ca