Canext Energy Ltd.
TSX VENTURE : CXZ

Canext Energy Ltd.

September 15, 2008 16:35 ET

Canext Announces 270 Bcf Resource at Pouce Coupe

CALGARY, ALBERTA--(Marketwire - Sept. 15, 2008) - Canext Energy Ltd. ("Canext" or the "Company") (TSX VENTURE:CXZ) is pleased to announce AJM Petroleum Consultants completed a Resource Study ("AJM Report") on the Company's Montney and Doig lands at Pouce Coupe effective September 1, 2008.

The AJM Report was prepared in compliance with the Canadian Oil and Gas Evaluations Handbook ("COGEH"). The AJM Report used probabilistic methods (P90 - low, P50 - best estimate, P10 - high) to estimate the volumetric Discovered Resource on Canext's land for the Lower Montney, Upper Montney and Doig formations. The AJM Report reviewed the mapping based on 105 wells on Canext's acreage or within one mile of Canext's acreage. The volumetric parameters considered and varied throughout the AJM Report were areal extent, net pay thickness, porosity, hydrocarbon saturation, reservoir temperature, and reservoir pressure. The Discovered Resource was estimated by section and multiplied by Canext's working interest before royalties on 32 sections of land.

The results from the AJM Report indicate the Company's interest of the P50 (best estimate) Discovered Resource (also known as Discovered Initial Gas in Place) is 270 Bcf before royalties. Discovered Resources are those quantities of oil and gas estimated on a given date to be remaining in, plus those quantities already produced from, known accumulations. Discovered Resources are divided into Recoverable and Unrecoverable categories with the estimated future recoverable portion classified as Reserves and Contingent Resources. The AJM report did not analyze Reserves but did estimate the P50 Recoverable Resource at 118 Bcf Company interest sales before royalties based on current technologies and offsetting pools. It is important to note, the actual quantities recovered will be a function of individual well performance, capital costs, gas prices, royalties, taxes and operating costs among other variables. There is no certainty that it will be commercially viable to produce any portion of the resources.

Cumulative production from Lower Montney, Upper Montney and Doig as of July 1, 2008 was 0.6 Bcf net to Canext's interest. As of December 31, 2007, the Company had assigned Proved plus Probable reserves of 5.7 Bcf. Prior to the end of this year, Canext expects to have drilled, completed, and/or recompleted seven (4.0 net) additional wells. The results of these wells and offsetting competitor's wells along with revised mapping will be used to update the estimate of Proved and Probable Reserves at the end of the year as part of the normal reserve reporting cycle.

About AJM

AJM has been providing evaluation services to the oil and gas industry since 1999. With over 70 staff members, AJM offers expertise in all areas of oil and gas, including the unconventional reserves and resources of coalbed methane, tight gas, shale gas, bitumen and heavy oil. AJM has provided services to major and senior oil and gas companies active in the Montney/Doig play.

About Canext

Canext is a junior oil and gas exploration and production company focused on the Peace River Arch in Northwest Alberta. The Company's main properties are a natural gas resource play at Pouce Coupe and an oil play at Clear Prairie/Sweeney. At Pouce Coupe the Company has working interests of 6 - 100% (average 33%) in 32 sections of Montney and/or Doig rights.

Reader advisory:

The term "BOE" may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio for natural gas of 6 mscf: 1 bbl has been used which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Certain other capitalized terms are as defined in the Canadian Oil and Gas Evaluation Handbook. Investors are cautioned that the preceding statement of the Company may include certain estimates, assumptions and other forward-looking information. The actual future performance, developments and/or results of the Company may differ materially from any or all of the forward-looking statements, which include current expectations, estimates and projections, in all or part attributable to general economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including natural gas/oil prices, reserve estimates, drilling risks, future production of gas and oil, rates of inflation, changes in future costs and expenses related to the activities involving the exploration, development and production of gas and oil hedging, financing availability and other risks related to financial activities. Canext undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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