Canext Energy Ltd.
TSX VENTURE : CXZ

Canext Energy Ltd.

March 17, 2008 20:04 ET

Canext Clarifies Light Oil Pool Discovery

CALGARY, ALBERTA--(Marketwire - March 17, 2008) - Canext Energy Ltd. ("Canext" or "the Company") (TSX VENTURE:CXZ) announced a new light oil pool discovery in the Clear Prairie area of Northwest Alberta in a press release dated March 13, 2008. Market Regulation Services has requested certain additional disclosure.

Canext announced a light oil discovery with original oil in place of up to 40 mmstb and 16 Bcf of natural gas. Incorporating the definitions under NI 51-101 this would be classified as a "Discovered Resource". As set out in the COGE Handbook, "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 economic and uneconomic categories, with the estimated future recoverable portion classified as reserves and contingent resources, respectively." After the drilling and testing of additional wells the Company expects to further refine the estimate of the Discovered Resource into Reserves and Contingent Resources.

As disclosed on March 13, 2008, the estimate of the Discovered Resource was prepared by management. For greater certainty, Mr. Stephen Kapusta P. Eng., a Qualified Reserves Evaluator in accordance with NI 51-101, prepared the estimate with an effective date as of the date of the press release.

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.

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.

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