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CANADA ENERGY PARTNERS INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

February 26, 2007

Canada Energy Partners Inc. ("Canada Energy" or the "Corporation") (TSX VENTURE:CE) is pleased to announce a non-brokered private placement (the "Offering") to raise gross proceeds to the Company of up to $350,000 by the issuance of up to 318,181 common shares of the Corporation to be issued on a flow-through basis in accordance with the Income Tax Act (Canada) (the "Flow-Through Shares") at a purchase price of $1.10 per Flow-Through Share. The Flow-Through Shares issued under the Offering will be subject to a four month hold period under applicable Canadian securities laws and the Offering is subject to all necessary regulatory and stock exchange approvals.

Certain insiders of the Corporation intend to participate in the Offering.

Canada Energy has an 18% working interest in the deep conventional gas rights on the lands covered by the Peace River Coalbed Methane Project located in the Peace River area in northeast British Columbia. 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.
Suite 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.

 


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