CANADA ENERGY PARTNERS ANNOUNCES TERMINATION OF ACQUISITION IN TEXAS

VANCOUVER, BC, March 21, 2023 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Corporation"). The Corporation announces that the previously announced acquisition in the Grand Slam Project in Texas has been terminated by mutual consent of the parties. The Corporation paid a US$25,000 non-refundable deposit to the arm's length vendor under the transaction, but otherwise has no further obligations under the terminated transaction.

The Corporation's listing will remain on the NEX board of the TSX Venture Exchange. The common shares of the Corporation will resume trading on the NEX on March 23, 2023.

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]