VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2008) - Canada Energy Partners Inc. (the "Company") (TSX VENTURE:CE) is pleased to announce that it has agreed to acquire the remaining 1% working interest in the deep rights on the Company's Peace River Project from GFR Canada Ltd. ("GFR") in consideration for the issuance by the Company to GFR of 200,000 common shares of the Company. Upon the completion of the acquisition, the Company will have a 100% working interest in the deep rights of the Peace River Project.
The acquisition of GFR's interest, which is subject to the approval of the TSX Venture Exchange, is expected to close on April 1, 2008. The acquired interest will be subject to the previously announced farm in by Crew Energy Inc.
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.
Canada Energy Partners Inc.
Fax: (604) 488-0319