CANADA ENERGY PARTNERS COMPLETION OF FINAL CLOSING OF UNITS - $197,000

VANCOUVER, BC, Oct. 11, 2022 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Company") 

Canada Energy Partners Inc. (NEX: CE.H) (the "Company") is pleased to announce that it has completed the final closing of its previously announced private placement of units for gross aggregate proceeds of $197,000. The units were issued at $0.05 and consist of a common share and a share purchase warrant entitling the holder to acquire an additional common share at an exercise price of $0.15 for a period of 12 months.  The Company paid finder's fees to eligible arm's length parties in the aggregate amount of $3,200 representing 8% of the subscriptions secured by the finders and also issued an aggregate of 64,000 finder's warrants. The securities issued under the final closing of units are subject to a 4 month hold period in accordance with applicable securities laws. In connection commission

The Company believes that the strong pricing scenario witnessed in North American energy markets along with superior infrastructure and beneficial regulatory environment in Texas makes it a most favored jurisdiction for investment. The Company continues its work evaluating investment opportunities in oil and gas projects in Texas with a view to entering into an acquisition agreement.

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]