Canadian Energy Partners

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May 31, 2010

Canada Energy Partners Inc. (“Canada Energy” or the “Company”) (TSX VENTURE: CE) has received approval from the TSX Venture Exchange (the “Exchange”) to commence a normal course issuer bid (the “Bid”) to purchase up to 4,121,664 of its common shares (“Shares”), representing 5% of the Company’s 82,433,284 issued and outstanding Shares, as at May 28, 2010.

Under the Exchange’s policies, the Bid will commence on June 4, 2010 and will end on the earlier of June 3, 2011, or at such time as the Bid has been completed or the Bid is terminated at the Company’s discretion.  The Company has previously repurchased 723,000 of its Shares at an average price of $0.6043 per Share through the facilities of the TSX Venture Exchange under the normal course issuer bid which expired on May 28, 2010.  These shares were subsequently cancelled and returned to treasury.

Canada Energy is of the opinion that due to the volatility in global equity markets, the recent trading price of the Company’s shares does not fully reflect the strong working capital position of the Company, the value of the Montney Formation exploration program funded by the Company’s joint venture partner and the value of the Company’s land position in the northeastern British Columbia.  The Company believes that a repurchase of its common shares will add shareholder value.

Shares will be purchased on the open market through the facilities of the Exchange by GMP Securities LP and the purchase and payment for the acquired Shares will be made by the Company in accordance with the requirements of the Exchange. The price paid by the Company for any acquired Shares will be the market price at the time of acquisition. All Shares purchased by the Company under the Bid will be cancelled. Funding for the Bid will be from the Company’s working capital. Share purchases under the bid will be made at management’s discretion based on market conditions. The Company has no obligation to make any purchases under the bid.

On behalf of the Board of Directors of

Canada Energy Partners Inc.

“John Proust”

John Proust



1500 – 885 West Georgia St.
Vancouver, BC  V6C 3E8
Main Phone: (604) 909-1154
Facsimile: (604) 488-0319

Attention: John Proust, Chairman
Email: [email protected]

Direct Phone:  (604) 696.9020

The TSX Venture Exchange has neither approved or disapproved of the contents of this press release.  Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press 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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