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CANADA ENERGY PARTNERS ANNOUNCES THE COMMENCEMENT OF DRILLING OF THIRD MONTNEY EXPLORATION WELL IN NORTHEAST B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2009) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) is pleased to announce the commencement of drilling on its third Montney exploration well. This well, primarily targeting Montney and other deep formations on Canada Energy's Moberly Prospect in northeast British Columbia, will be drilled by Canada Energy's Joint Venture Partner at no cost to Canada Energy. Canada Energy will have a 50 percent working interest in this well. This will be Canada Energy's second Montney exploration well with the Joint Venture Partner; a third well is with another joint venture partner.

The Joint Venture Partner has also confirmed its commitment to drill, at no cost to Canada Energy, three additional Montney wells on Canada Energy's Peace River Project in northeast British Columbia as previously announced in the Company's March 14, 2008 news release. Canada Energy will have a 50 percent working interest in these wells. This will bring the total of Montney exploration wells on Canada Energy's lands to a minimum of six, including four wells (one currently being completed) on the Peace River Project, one well on the Moberly Prospect (drilling commencing as noted above) and one well on the Monias Prospect (drilled with another joint venture partner).

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

John Proust, Director

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 company's 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 company that actual results achieved during the forecast period will be the same in whole or in part as that forecast.


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

CONTACT INFORMATION:

Canada Energy Partners Inc.
(604) 909-1154
Fax: (604) 488-0319

or

Canada Energy Partners Inc.
John Proust
Director
(604) 895-7445
Email: info@canadaenergypartners.com

or

Canada Energy Partners Inc.
Ben Jones
Chief Executive Officer
(225) 928-9980
Email: info@canadaenergypartners.com
Website: www.canadaenergypartners.com

 


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