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CANADA ENERGY PARTNERS ANNOUNCES FINANCING

April 23, 2008

Canada Energy Partners Inc. (the “Corporation”) is pleased to announce that it has entered into an agreement with GMP Securities L.P. (“GMP” or the “Agent”), pursuant to which GMP will act as agent, on a commercially reasonable best-efforts basis, in respect of a brokered private placement (the “Offering”) of common shares of the Corporation (the “Common Shares”). Pursuant to the Offering, the Corporation will raise gross proceeds of a minimum $15,000,000 and a maximum $25,000,000 through the issuance of Common Shares at a price to be determined in the context of the market, subject to the TSX-V discount rules, and will be not less than $1.18, being a 10% discount to the closing price of the Common Shares on the TSX-V on Tuesday, April 22, 2008. The Corporation will pay the Agent a cash commission of 6% of the gross proceeds of the Offering. The Common Shares issued pursuant to 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.

Proceeds from the Offering will be used by the Corporation to address the capital needs for Montney exploration in northeast British Columbia including joint ventures with Crew Energy Inc. and West Energy Ltd., commencement of commercial production from the Peace River CBM Project, additional exploration for conventional and unconventional gas resources and for general working capital.

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 St.
Vancouver, BC
V6C 3E8
Main Phone: (604) 909-1154
Facsimile: (604) 488-0319

Attention: John Proust, Director
Email: info@canadaenergypartners.com
Direct Phone: (604) 895-7445

Attention: Ben Jones, Chief Executive Officer
Email: info@canadaenergypartners.com
Direct Phone: (225) 928-9980
www.canadaenergypartners.com

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release. Forward Looking Statements: This press release contains forward looking statements relating to expected or anticipated future events and operations, number of wells to be drilled, timing of projects and anticipated 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 companies' capability to execute and implement future plans. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. There is no representation by the companies that actual results achieved during the forecast period will be the same in whole or in part as that forecast.

 


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