Canoel Announces 10:1 Share Consolidation

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FOR IMMEDIATE RELEASE

(TSXV:CIL)

September 5, 2013- Calgary, Alberta - Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE: CIL) announces that as of the TSX Venture Exchange ("TSX-V") market open on Friday, September 6, 2013, the Company will consolidate its outstanding common shares on a basis of one new common share for every ten old common shares. The 10 to 1 share consolidation was approved by the shareholders of the Company at the Company's annual general and special meeting of shareholders held on August 27, 2013.

As a result of the share consolidation, the number of issued and outstanding common shares will be reduced from 81,884,290 to approximately 8,188,429.

The Company's name and trading symbol will remain the same. The Company's new CUSIP and ISIN numbers are 137805206 and CA 1378052064 respectively.

Letters of transmittal describing the details of the share consolidation and the process by which shareholders obtain actual share certificates representing the consolidated common shares will be mailed out to registered shareholders of the Company on or about September 6, 2013. Registered shareholders may also obtain copies of the letter of transmittal by contacting the Company's transfer agent, Olympia Trust Company.

Shareholders who hold their shares through their broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal. Any pre-consolidation common shares owned by such shareholders will automatically be adjusted as a result of the share consolidation to reflect the applicable number of post-consolidation common shares owned by them and no further action is required to be taken by such shareholders. No fractional common shares will be issued as a result of the consolidation. Any fractional common share arising from the consolidation comprising less than one-half of one common share will be rounded down to the nearest whole common share. Any fractional common share arising from the consolidation comprising greater than or equal to one half of one whole common share will be rounded up to the nearest whole common share.

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

For further information, please contact:

Jose Ramon Lopez Portillo Andrea Cattaneo

Chairman of the Board CEO & President

Email: [e-mail]

Telephone: [phone]

Telefax: [phone]