CANADA ENERGY PARTNERS ARRANGES PRIVATE PLACEMENT

VANCOUVER, BC, July 14, 2022 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Company") today announced a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to 8,000,000 units at a purchase price of $0.05 per unit. Each unit shall consist of a common share and a non-transferable share purchase warrant entitling the holder thereof to acquire an additional common share at an exercise price of $0.15 for a period of 12 months. The Company may pay a finder's fee in cash or finders' warrants to arm's-length finders in amounts to be negotiated, subject to TSX Venture Exchange (the "Exchange") acceptance and applicable securities laws. The terms of the private placement of units is subject to approval of the Exchange.

The Company intends to use the net proceeds of the private placement for working capital, including due diligence expenses associated with potential natural gas acquisition opportunities in South Texas.

All securities to be issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada. The securities being offered under the private placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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]