Cancen Announces Closing on Non-Brokered Private Placement of Common Shares

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. 

Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) is
pleased to announce the closing of its non-brokered private placement (the
"Non-Brokered Private Placement") of Common Shares.


Closing on Non-Brokered Private Placement of Common Shares 

On December 28, 2012 the Corporation announced the first closing of its
Non-Brokered Private Placement pursuant to which the new management team
subscribed for 2,965,366 Units for total proceeds of $1,126,839, and an
additional 3,636,393 Common Shares were issued to certain additional subscribers
for total proceeds of $1,381,829. The aggregate gross proceeds from the first
closing of the Non-Brokered Private Placement were $2,508,668. 


On January 11, 2012 the Corporation announced that it would allocate the
remaining unsubscribed Units available for subscription pursuant to the
Non-Brokered Private Placement to the Common Shares portion of the offering,
subject to the receipt of all required approvals. 


Today the Corporation announces completion of its Non-Brokered Private Placement
through the issuance of 1,294,241 Common Shares to certain subscribers
identified by the new management team at a price of $0.38 per Common Share for
$491,812 in gross proceeds. Therefore, the Non-Brokered Private Placement,
combining the Units and Common Shares, generated aggregate gross proceeds of
$3,000,480. 


The net proceeds from the Non-Brokered Private Placement will be used for
working capital and for general corporate purposes. 


The Common Shares issued today are subject to a four month hold period expiring
on May 24, 2013.


About Cancen 

Cancen is an energy services company that focuses on providing specialized
services to upstream oil and natural gas companies operating in the Western
Canadian Sedimentary Basin. The services provided by Cancen assist these
companies with the treatment and sale of crude oil and the handling of
by-products associated with oil and natural gas development and production. The
services provided by Cancen include crude oil emulsion treatment, oilfield waste
processing, and disposal of produced and waste water. 


Reader Advisory 

This press release contains forward-looking statements and information that are
based on the beliefs of management and reflect the Corporation's current
expectations. When used in this press release, the words "estimate", "project",
"belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should"
and the negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and information.
The forward-looking statements and information in this press release include
information relating to the use of proceeds from the Non-Brokered Private
Placement. Such statements and information reflect the current view of the
Corporation with respect to risks and uncertainties that may cause actual
results to differ materially from those contemplated in those forward-looking
statements and information. 


By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements, or other future events, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are
made and the Corporation undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances
should change. Investors are cautioned against attributing undue certainty to
forward-looking statements. 


The Corporation cautions that the foregoing list of material factors is not
exhaustive. When relying on Cancen's forward-looking statements and information
to make decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. The Corporation has also
assumed that material factors will not cause any forward-looking statements and
information to differ materially from actual results or events. However, the
list of these factors is not exhaustive and is subject to change and there can
be no assurance that such assumptions will reflect the actual outcome of such
items or factors. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cancen Oil Canada Inc.
Brian Petersen
Chief Executive Officer
[phone] ext. 105
[e-mail]


Cancen Oil Canada Inc.
Stan Buchalter
Investor Relations
(1 905) 631-6537 or (1 866) 631-6537
[e-mail]
www.cancenoilcanada.com