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CANADA ENERGY PARTNERS INC. ANNOUNCES $5,000,000 NON-BROKERED PRIVATE PLACEMENT

March 29, 2007

Canada Energy Partners Inc. (“Canada Energy” or the “Company”) is pleased to announce a non-brokered private placement (the “Offering”) to raise gross proceeds to the Company of up to $5,000,000 by the issuance of up to 5,000,000 common shares of the Corporation at a price of $1.00 per common share.

The Company has agreed to pay a finders fee in connection with this private placement by way of a cash commission equal to 6% of the gross proceeds from the Offering and warrants exercisable into a number of common shares equal to 6% of the number of common shares sold.  Each warrant will entitle the holder to acquire one common share of the Company at any time within twelve (12) months from the closing date at a price of $1.00 per share.

The proceeds from the private placement will be used for the acquisition of the additional working interest in the Peace River Project as announced in the Company’s March 26, 2007 news release and for general corporate purposes.

Further, the Company has engaged Chesbro Capital Corp., an arms length corporation, to provide management, business development and consulting services to the Company.  The Chesbro agreement has a term of 12 months and includes consulting fees of CDN $6,000 per month, reimbursement of reasonable expenses and 350,000 stock options exercisable at $1.00 which were previously announced on March 26, 2007.  The agreement is subject to regulatory approval.

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

John Proust

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

www.canadaenergypartners.com

 


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