CANADA ENERGY PARTNERS TERMINATES AGREEMENT WITH WANDOO OIL INC. REGARDING THE KUSTRA OCHOA WELL # 1 WORK-OVER PROJECT

VANCOUVER, BC, April 25, 2024 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Company") announces that the board of directors of the Company has decided not to proceed with the planned investment in the Kustra Ochoa well #1 work-over project proposed by Wandoo Oil Ltd. ("Wandoo") that was announced in the Company's news release issued on May 9, 2023. The Company has terminated the Participation Agreement with Wandoo and has no further financial or any other obligations to Wandoo.

The Company anticipates calling a shareholders meeting in approximately the end of August after the summer holiday period to allow for shareholder participation.

The Company is working with the TSXV Venture Exchange to seek a reinstatement of trading of the Company's common shares.

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]