GEOCAN Energy Inc. Announces Approval of Arrangement

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GEOCAN Energy Inc. ("GEOCAN") (TSX:GCA) is pleased to announce that the holders
("GEOCAN Shareholders") of GEOCAN class "A" common shares ("GEOCAN Shares") have
approved the previously announced plan of arrangement involving GEOCAN, Arsenal
Energy Inc. ("Arsenal") and the GEOCAN Shareholders (the "Arrangement") at the
special meeting of the shareholders of GEOCAN held on October 6, 2008.


Pursuant to the Arrangement, Arsenal will acquire all of the issued and
outstanding GEOCAN Shares for $0.70 in cash or 0.81 of a common share of Arsenal
for each GEOCAN Share held by GEOCAN Shareholders. A maximum aggregate of
$30,000,000 and a minimum aggregate of $26,000,000 in cash will be payable to
the GEOCAN Shareholders under the Arrangement. Assuming that the final approval
of the Court of Queen's Bench of Alberta is obtained on October 7, 2008, it is
expected that the Arrangement will be completed on October 7, 2008. A detailed
description of the Arrangement is contained in the management information
circular of GEOCAN dated September 5, 2008, a copy of which is available on
SEDAR at www.sedar.com.


Advisory Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "may", "will", "should", "believe", and
similar expressions are intended to identify forward-looking information or
statements. The forward-looking statements and information are based on certain
key expectations and assumptions made by GEOCAN, including expectations and
assumptions concerning the timing of receipt of regulatory and securityholder
approvals. Although GEOCAN believes that the expectations and assumptions on
which such forward-looking statements and information are based are reasonable,
undue reliance should not be placed on the forward-looking statements and
information because GEOCAN can give no assurance that they will prove to be
correct. Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. This press release contains forward-looking statements and
information concerning the anticipated completion of the proposed Arrangement
and the anticipated timing for completion of the Arrangement. GEOCAN has
provided these anticipated times in reliance on certain assumptions that it
believes are reasonable at this time, including assumptions as to the timing of
receipt of the necessary regulatory and court approvals and the time necessary
to satisfy the conditions to the closing of the Arrangement. These dates may
change for a number of reasons, including, but not limited to, inability to
secure necessary regulatory or court approvals in the time assumed or the need
for additional time to satisfy the condition to the completion of the
Arrangement. Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this press release
concerning these times. Readers are cautioned that the foregoing list of factors
is not exhaustive. Additional information on these and other factors may be
accessed through the SEDAR website (www.sedar.com) or at GEOCAN's website
(www.geocan.com). The forward-looking statements and information contained in
this press release are made as of the date hereof and GEOCAN undertakes no
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.