Canoel International Energy Ltd.

TSX VENTURE : CIL


Canoel International Energy Ltd.

March 21, 2013 09:13 ET

Canoel Announces Opening of Petroleum Trading Division

CALGARY, ALBERTA--(Marketwire - March 21, 2013) -

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce, that it has decided to open a new division focus in the trading of crude oil and petroleum products. This division will be driven by the present Company management that has compounded in its board members more than a combined 80 years of experience in the trading of crude oil and petroleum products.

Furthermore to complement this expertise, the Company has hired Mr. Fabio Di Benedetto. Mr. Fabio Di Benedetto is an expert in the trading of crude oil and petroleum products. He has previously worked with a major European refinery based in Italy, ERG spa of Genoa, for 19 years.

Mr. Fabio Di Benedetto's education include an economics' degree "cum laude" at LUISS University in Rome; he is a Certified Chartered Accountant (under the Italian professional definition); he is also the author of the technical financial book "Oil Trading & Risk Management" published by technical publisher Franco Angeli.

The Company's main activity has been so far to apply to Governments and to National oil companies for new areas for exploration and production. This activity can be supported and facilitated by the new continuous type of frequent conversations and visits that the trading activity implicates. A few success stories in the oil industry have been based in this formula.

Mr. Andrea Cattaneo, CEO of Canoel states: "We are focusing more and more in cash generating activities and furthermore in areas where our official connection with National oil companies of producing countries becomes closer and more articulated. This can only be beneficial to the success of our production and development strategy in a number of energy countries chosen because of their potential and the wealth of their oil & gas reserves, as we will activate through the trading activity a continuous presence in the offices of these National entities."

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning (i) the trading of crude oil and petroleum products and (ii) the ancillary benefits of such activities on the Company's current business activities. The forward-looking statements and information are based on certain key expectations and assumptions made by Canoel, including the ability to apply the Company's management experience to the trading of crude oil and petroleum products. Although Canoel believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Canoel can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, the Company being able to (i) apply its management experience to the trading of crude oil and petroleum products; and (ii) derive benefits to its current business activities as a result of trading of crude oil and petroleum products. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Canoel undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither 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.

Contact Information

  • Canoel International Energy Ltd.
    Jose Ramon Lopez Portillo
    Chairman of the Board
    (403) 938-8154
    (403) 775-4474 (FAX)

    Canoel International Energy Ltd.
    Andrea Cattaneo
    CEO & President
    (403) 938-8154
    (403) 775-4474 (FAX)
    info@canoelenergy.com