Candax Energy Inc.
TSX : CAX

Candax Energy Inc.

June 18, 2015 12:00 ET

Candax Energy Inc. Announces Change in the Names of Persons Nominated by Management for Election as Directors

TORONTO, ONTARIO--(Marketwired - June 18, 2015) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, announces today a change to the persons nominated for election as directors in the Management Information Circular issued for the annual general meeting to be held on June 23, 2015.

Steve Drinkwater and Jean Pouzet have withdrawn their consent to stand as potential candidates for election to the Board of Directors of Candax at the upcoming annual general meeting. They were respectively chairing the Governance and Nominations Committee, the Compensation Committee, the Special Committee and the Geosciences Committee. Jean Pouzet was also member of the Audit Committee.

Benoit Debray, Chairman of the Company, acknowledges their decision. "I want to thank both of you for your participation and effort during the last five years and your teamwork toward a Candax revival objective."

Jean-Claude Boubée, Managing Director of Berkeley Energy Ventures SA with a 30 years' experience in the energy business, and Philip Maxwell, International E&P consultant with a 40 years' experience in managing international exploration, development and production projects, will be proposed in addition to others as described in the Management Information Circular of Candax dated May 19, 2015 for election as directors at the meeting.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements.

Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; as well as those risks described in public disclosure documents filed by Candax Energy Inc.) Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

About Candax

Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds a royalty interest in an exploration permit in Madagascar.

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