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CANADA ENERGY ANNOUNCES NON-BROKERED FINANCING

December 5, 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2007) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) is pleased to announce a non-brokered financing of up to $5,000,000 including $3,700,000 by way of CEE flow-through shares at a price of $0.60 per share, $630,000 by way of CDE flow-through shares at a price of $0.52 per share and $500,000 by way of common shares at a price of $0.52 per share. The Company may pay a finder's fee in cash or shares up to 7% of the gross proceeds raised, and issue finders warrants exercisable for up to 7% of the number of shares sold, exercisable at a price of $0.60 per share for a period of 12 months from closing. All securities will be subject to a hold period of four months from closing. The financing is subject to regulatory approval.

Proceeds from the financing will be used to fund the commercial development of the Peace River CBM Project, exploration for conventional and unconventional gas resources on other lands owned by the Company, and for general working capital.

Canada Energy announces that further to the Company's news release dated October 23, 2007, the previously announced financing engagement with Research Capital has been terminated.

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

John Proust, Director

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.

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

CONTACT INFORMATION:

Canada Energy Partners Inc.
John Proust
Director
(604) 909-1154
Fax: (604) 488-0319
Website: www.canadaenergypartners.com

 


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