Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

November 17, 2010 19:36 ET

Canoel Announces Settlement of Oren Debt

CALGARY, ALBERTA--(Marketwire - Nov. 17, 2010) -

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 received approval from the TSX Venture Exchange to issue shares to certain creditors of Oren Oil ASA as previously announced in the Company's press release dated October 25, 2010. 

Further to this, the Company has issued an aggregate of 1,813,051 Common Shares in the capital of Canoel at a deemed price of NOK 0.73 (approximately CA$0.12 per share) to such creditors to settle the debt.

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.
    Andrea Cattaneo
    Chief Executive Officer and President
    (403) 938 5521
    info@canoelenergy.com