CANADA ENERGY PARTNERS ANNOUNCES AMENDMENT TO TERMS OF CONVERTIBLE DEBENTURES

VANCOUVER, BC, May 2, 2023 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Corporation"). The Corporation announces an amendment to the terms of the previously announced private placement of convertible debentures to secure up to $150,000 to reflect market conditions. The amended terms of the convertible debentures provide that the principal amount may at the option of a holder be converted into units consisting of a common share at an issuance price of $0.03 and a share purchase warrant entitling the holder thereof to acquire an additional common share at an exercise price of $0.05 for a period of 12 months. The convertible debentures will be non-interest bearing and will have a maturity date of 12 months as previously announced.

The amended terms of the convertible debentures are subject to approval of the TSX Venture Exchange. All securities to be issued in connection with the private placement will be subject to a 4 month hold period from the date of issue in accordance with applicable securities laws.

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.

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