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CANADA ENERGY PARTNERS COMMENCES DRILLING FIRST MOOSEBAR SHALE HORIZONTAL WELL ON PEACE RIVER PROJECT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2009) - Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE) is pleased to announce that drilling has commenced on the first Moosebar Shale horizontal well on its Peace River Project in Northeast British Columbia. The location of the first well has been chosen where an unstimulated natural gas flow occurred from the Moosebar Shale formation while drilling a deeper CBM well. The Company owns 50% working interest in the Peace River CBM Project production facilities including gas plant, compressor station and a tie-in to intercontinental Spectra Energy pipeline which crosses the property. The drilling is expected to take approximately two weeks.

This is the first horizontal well targeting the Moosebar Shale formation on Canada Energy's 50,000 acre (approximately 78 sections) Peace River Project. Under the Joint Venture Agreement Canada Energy is the Operator of the Moosebar Shale rights. In addition to 50% working interest it already owns, Canada Energy has the right or option to earn an aggregate 75% to 87.5% interest in the Moosebar Shale rights under the Peace River Project acreage subject to certain drilling obligations and elections by the Joint Venture Partner (see the Company's November 7, 2008 news release).

Canada Energy Partners is an active oil and gas exploration and development company. Canada Energy possesses a large concentrated land position in a high-impact, multi-zone, natural gas-bearing area in northeast British Columbia.

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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