Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

October 16, 2008 17:50 ET

Canoel Announces Sponsorship Exemption and Completes Filing Statement

CALGARY, ALBERTA--(Marketwire - Oct. 16, 2008) - Canoel International Energy Ltd. ("Canoel" or the "Corporation") (TSX VENTURE:CIL.P) announces that the TSX Venture Exchange has approved the Corporation's application for an exemption from the sponsorship requirements for its proposed qualifying transaction. The sponsorship exemption is conditional on the Corporation raising at least $500,000 in its concurrent brokered financing, which is being marketed by Northern Securities Inc.

Canoel is also pleased to announce that it has filed its filing statement (the "Filing Statement") dated October 15, 2008 on the SEDAR website at www.sedar.com. The Filing Statement provides disclosure on the proposed acquisition from Cygam Energy Inc. of oil and gas interests in three onshore exploration permits in the Bazma, Jorf and Sud Tozeur areas of Tunisia, pursuant to a farmout and participation agreement. Canoel intends for the acquisition of the exploration permits to be the Corporation's Qualifying Transaction.

Trading in the common shares of the Corporation will remain halted until the Corporation has completed its Qualifying Transaction.

ABOUT CANOEL

Canoel is a capital pool company ("CPC") that was listed on April 10, 2008. Canoel has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the CPC policy, until the completion of the qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed qualifying transaction.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Canoel International Energy Ltd.
    James Lawson
    Director
    (403) 269-3955
    (403) 263-4247 (FAX)