Cancen Oil Canada Inc. Reports Fourth Quarter and 2012 Financial Results

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

Cancen Oil Canada Inc. ("Cancen" or the "Company") (TSX VENTURE:COI) a provider
of specialized services to the energy sector, announces that it has filed its
Audited Financial Statements and related Management's Discussion and Analysis
for the year ended December 31, 2012 which are available on the Company's
profile at www.sedar.com.


2012 Fourth Quarter and Annual Highlights 



--  The Company completed the purchase and commenced operating the Silver
    Valley facility in Gordondale area of Alberta in the first quarter of
    2012 and subsequent to receiving ERCB approval to operate the disposal
    well, began water disposal and custom treating services in the last
    quarter of 2012.  
--  The Company received a development permit from Strathcona County to
    allow the Chamberlain asset to operate as a custom treating facility and
    further progress made towards conversion of Chamberlain Facility into an
    operational custom treating facility. 
--  The Company acquired the Kinsella crude oil terminalling and blending
    for total consideration of $5.0 million. Subsequent to the acquisition
    date, $1.0 million of the goodwill associated with this transaction was
    deemed to be impaired and hence written off.  
--  94% increase in net book value of property, plant and equipment to $14.8
    million as at December 31, 2012 from $7.6 million as at December 31,
    2011. 
--  77% increase in revenues in the fourth quarter of 2012 over the third
    quarter of $0.3 million, with operating expenses of $0.5 million.
    Revenues for the year ended December 2012 were $0.8 million with
    operating costs of $1.1 million. 
--  Net loss per share for the year ended December 2012 is $(0.06) and for
    the quarter ended December 31, 2012 is $(0.03). 
--  In December, the Company announced a new management team who joined in
    January 2013 and have invested $1.3 million into the Company.



Operational Activities and Outlook 

Further to the operational update provided February 4, 2013, management has
continued its focus on improving and enhancing operations at Silver Valley. A
combination of enhanced customer logistics, as well as improvements to
operational efficiency has resulted in a volume throughput increase of
approximately 30% compared to the fourth quarter of 2012. The Company plans to
continue with operational efficiencies and service expansions for Silver Valley.



The Company has completed its assessment of Chamberlain and a market analysis of
the revenue opportunity for the facility. As a result, the Company plans to move
forward with a workover of the disposal well and site construction to initiate
operations at Chamberlain.


About Cancen 

Cancen Oil Canada Inc. provides specialized services to the energy sector,
specifically to companies involved in the exploration, extraction and production
of oil and natural gas in Western Canada. Cancen Oil Canada Inc. develops and
constructs facilities in proximity to its customers to provide treatment of
crude oil emulsion, terminalling, storage and marketing of oil and disposal of
production water.


Reader Advisory 

This press release contains forward-looking statements and information that are
based on the beliefs of management and reflect the Company'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 anticipated closing of the second tranche of the
Private Placement and the securities issued pursuant to the Private Placement.
Such statements and information reflect the current view of the Company 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 Company 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 Company 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 Company 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. 


Please visit Cancen's website at: www.cancenoilcanada.com.

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


Cancen Oil Canada Inc.
Ian Simister
President
[phone] ext 108
[e-mail]


Cancen Oil Canada Inc.
Shankar Nandiwada
Chief Financial Officer
[phone] ext 109
[e-mail]
www.cancenoilcanada.com