Canext Energy Ltd.
TSX VENTURE : CXZ

Canext Energy Ltd.

May 29, 2009 16:54 ET

Canext Closes Sale of Its Worsley Property

CALGARY, ALBERTA--(Marketwire - May 29, 2009) - Canext Energy Ltd. ("Canext" or the "Company") (TSX VENTURE:CXZ) has sold its interest in certain natural gas wells and undeveloped lands in the Worsley area. The transaction was effective April 1, 2009 and closed on May 29, 2009. The Company received gross proceeds of $3,000,000. Current production associated with the wells is 190 boe/d. Based on the year end reserve report updated to April 1 for production, the Proved and Proved plus Probable Reserves associated with the assets being sold are 83,000 and 137,000 boe respectively.

The proceeds will be used initially to pay down bank debt and then to expand the Sweeney oil development drilling program.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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