Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

June 06, 2008 14:04 ET

Canoel International Energy Ltd. Announces Appointment of New Director and Resignation

CALGARY, ALBERTA--(Marketwire - June 6, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Canoel International Energy Ltd. ("Canoel" or the "Corporation") (TSX VENTURE:CIL.P) announces that Steven Paquin has been added to its Board of Directors. Mr. Paquin brings a wealth of corporate finance and regulatory experience to the Board having previously served Manager of Corporate Finance for Gateway Securities and Golden Capital Securities from 1993 to 2008 and working with the British Columbia Securities Commission and Vancouver Stock Exchange prior thereto. Mr. Paquin's appointment to the Board is subject to the approval of the TSX Venture Exchange.

The Board also announces that it has accepted the resignation of Ms. Kathleen A. Kelly as President, Chief Executive Officer, Chief Financial Officer and Director of the Corporation. Ms. Kelly has determined to devote her full time and attention to her activities as a New York and London based partner of Compass Advisors, LLP. The Corporation wishes Ms. Kelly well in her future endeavors.

James Lawson has resigned as chairman of the Audit Committee and been appointed as acting President and Chief Executive Officer as well as acting Chief Financial Officer of the Corporation.

ABOUT CANOEL

Canoel is a capital pool company ("CPC") that 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 Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canoel International Energy Ltd.
    James Lawson, President and
    Chief Executive Officer and Chief Financial Officer
    (403) 269-3955
    (403) 263-4247 (FAX)