Cancen Oil Canada Inc.

October 28, 2011 15:13 ET

Cancen Oil Canada Inc. Provides a Status Update

EDMONTON, ALBERTA--(Marketwire - Oct. 28, 2011) -


Cancen Oil Canada Inc. ("Cancen") (TSX VENTURE:COI) is pleased to provide a status update on the Chamberlain Facility, the producing oil battery and Class II disposal facility located near Edmonton, Alberta, which Cancen proposes to convert into a custom treating facility.

The licenses associated with the existing oil producing battery and Class II disposal facility, which comprise of the Chamberlain Facility, has been successfully transferred to Cancen. Cancen has retained a professional engineering firm to prepare technical information in support of an Alberta Energy Resources Conservation Board (ERCB) application to operate the facility as a custom treating facility. The engineering firm will also assist Cancen in commissioning the Chamberlain facility.

Cancen recently held a public open house in Sherwood Park, Alberta to discuss the proposed custom treating facility with neighboring landowners and residents. To date, Cancen has not received any public objection to operating the Chamberlain facility.

Cancen intends to submit an application to the ERCB and submit a development permit application to Strathcona County to operate the existing oil battery as a custom treating facility in the near future. The applications are considered an amendment to the existing facility licenses that were successfully transferred to Cancen. Pending the receipt of regulatory approval, Cancen expects to commence operation of the Chamberlain facility in early-2012.

On behalf of the Board of Directors

Frederick Lahaie, President and Chief Executive Officer

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Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Corporation's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Corporation with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

The Corporation cautions that the foregoing list of material factors is not exhaustive. When relying on the Corporation's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Corporation has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

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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