Canoel International Energy Ltd.

Canoel International Energy Ltd.

June 26, 2008 17:28 ET

Canoel International Energy Ltd. Enters Into Engagement Agreement for the Introduction of Prospective Qualifying Transactions and Appoints New Director

CALGARY, ALBERTA--(Marketwire - June 26, 2008) -


Canoel International Energy Ltd. ("Canoel" or the "Corporation") (TSX VENTURE:CIL.P) is pleased to announce that it has entered into an Engagement Agreement with Andrea Cattaneo (the "Agreement"). Pursuant to the Agreement, Canoel engages Mr. Cattaneo, on a non-exclusive basis, to develop and present a list of international oil and gas exploration assets or businesses to Canoel, the acquisition of which would result in the completion of the Corporation's qualifying transaction. The Agreement also provides that Mr. Cattaneo will assist the Corporation, as required, in the negotiation and completion of any qualifying transaction presented to it by him. Mr. Cattaneo is a consultant with considerable international business experience, with particular expertise in developing countries. The focus of his activities has been on the negotiation of contractual relationships as well as on the budgeting aspects of international projects.

In the event that Canoel completes a qualifying transaction involving assets or businesses introduced to it by Mr. Cattaneo, then Canoel shall (i) pay to him the lesser of (Canadian) $200,000 and 4% of the total value of the transaction, and (ii) issue to him warrants to purchase common shares of Canoel in an amount equal to 2% of the number of common shares that would have been issued for the Qualifying Transaction if all consideration paid by Canoel were paid in common shares. The warrants are non-transferable and they expire two years from the date of grant. The TSX Venture Exchange has conditionally accepted the Agreement upon the condition that any payment to Mr. Cattaneo remains subject to their final acceptance of the Agreement, following their review and acceptance of Canoel's qualifying transaction.

Canoel is also pleased to announce that Emmanuel Olympitis has been added to its Board of Directors. Mr. Olympitis brings considerable corporate finance and corporate governance experience to the Board. During the last twenty years, Mr. Olympitis has served as Executive Chairman, Chairman, CEO or non-executive director of several UK public companies, quoted both on the main board of the London Stock Exchange as well as the AIM. Mr. Olympitis also previously served as an Executive Director of Bankers Trust International Limited, an international investment banking firm. Mr. Olympitis' appointment to the Board is subject to the approval of the TSX Venture Exchange.

"We are pleased to retain the services of Mr. Cattaneo and to appoint Mr. Olympitis to the Board, with the strong belief that the contributions of these two individuals will bring Canoel closer to achieving its goal of completing a qualifying transaction involving international oil and gas assets", says James H. Grossman, Chairman of the Board of Directors.


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, Acting President,
    Chief Executive Officer and Chief Financial Officer
    (403) 269-3955
    (403) 263-4247 (FAX)