CANADA ENERGY PARTNERS ANNOUNCES CEO TRANSITION

VANCOUVER, BC, Feb. 15, 2022 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Company") today announced that Duncan Nightingale has resigned as the company's Chief Executive Officer effective February 14, 2022. Mr. Grant Hall, CEP's President and Chairman, will again assume the duties of CEO until a suitable replacement can be identified. The Company has initiated a search for a permanent leader.

"Canada Energy Partners is currently involved in late stage, detailed negotiations with the Government of Gabon and other entities regarding and oil and gas project. Negotiations and due diligence work is continuing without pause. The Company's in-country technical team lead by Ricardo Chona, reservoir engineer and Ricardo Penas, senior petroleum geologist, are well equipped to continue the project analysis," said Grant Hall Chairman of Canada Energy Partners. "I would like to thank Duncan for his contributions during his brief time with the Company and wish him success with any future endeavor."

The Company is engaged in negotiations with the Government of Gabon for the purpose of concluding a Profit-Sharing Agreement related to the development of the Konzi Oil Project. The Company has signed a Letter of Intent (see the Company's press release of September 9, 2021) with the Gabonese government. The Company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the Company are in Gabon for the month of February to continue negotiations and to conduct further due diligence regarding the Konzi Project.

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

Grant Hall
President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, including, without limitation, estimated revenues. Forward-looking statements in this press release include statements about the anticipated filing deadline for the Annual Filings. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation, the failure to file the Annual Filings by the anticipated date. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by law.

SOURCE Canada Energy Partners Inc.

CANADA ENERGY PARTNERS INC., Attention: Grant Hall, President, Email: [email protected], Direct Phone: [phone]