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CANADA ENERGY PARTNERS INC. ANNOUNCES AMENDMENT TO NON-BROKERED PRIVATE PLACEMENT

February 27, 2007

Vancouver – Canada Energy Partners Inc. (“Canada Energy” or the “Corporation”) is pleased to announce that it has increased its previously announced non-brokered private placement (see press release issued on February 26, 2007) from $350,000 to up to $400,000 of common shares of the Company to be issued on a flow-through basis under the Income Tax Act (Canada) at a purchase price of $1.10 per share.  All other terms of the financing remain unchanged.

The gross proceeds from the Offering will be used to participate in the drilling of the recently permitted Triassic test well. This well will be testing multiple formations below the coal-bearing shallow formation.

The financing is subject to the acceptance of the TSX Venture Exchange.

On behalf of the Board of Directors of
Canada Energy Partners Inc.

“John Proust”

Director

Canada Energy Partners Inc.
1500 – 885 West Georgia Street,
Vancouver, BC V6C 3E8 Canada
Telephone: 604-909-1154 Fax: 604-488-0319

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Forward-looking statements: This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company’s capability to execute and implement its future plans.  Actual results may differ materially from those projected by management.  For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Act of 1995.

 


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