Canext Energy Ltd.
TSX VENTURE : CXZ

Canext Energy Ltd.

February 26, 2008 16:51 ET

Canext Announces Correction to Year End Reserves Data and Issues Stock Options

CALGARY, ALBERTA--(Marketwire - Feb. 26, 2008) - Canext Energy Ltd. ("Canext" or "the Company") (TSX VENTURE:CXZ) announces a correction to the estimated finding, development and acquisition costs as disclosed in the February 25, 2008 press release.

Finding and Development costs including Acquisitions (FD&A), dispositions, revisions and changes to future capital was reported as $35.80/boe Proven or $24.96/boe Proven plus Probable (P + P) on un-audited capital spending of 56 MM$. The FD&A should be $37.76/boe Proven or $26.24/boe P+P on unaudited capital spending of 59.2 MM$.

There is no change to the previously reported Finding and Development costs (F&D) including revisions and changes to future capital but excluding acquisitions of $18.21/boe Proven or $14.45/boe P + P.

The board of directors has approved the granting of 1,911,000 stock options at $0.45/share to certain employees, management and directors in accordance with the Company approved stock option plan. The options vest over a three year period and expire after five years. Following this grant the Company will have issued options representing approximately 7.7% of the total outstanding common shares at an average strike price of $0.72/share.

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.

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

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