Canada Energy Partners Completion of Due Diligence

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TORONTO, June 7, 2022 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Corporation" or "CEP") today announced the decision to terminate negotiations with  T5 Limited and Stream Oil SAS regarding the Owali concession transaction in Gabon. CEP was unable to complete the necessary due diligence and conclude negotiations with acceptable terms for the potential transaction during the agreed exclusivity period.

In parallel, Canada Energy has examined the potential for natural gas projects in North America. The market for natural gas, particularly in Texas, is very robust and is expected to stay strong for the foreseeable future. The Company has identified several assets to participate with existing producers in the region and is currently negotiating partnership terms on natural gas development opportunities in South Texas. Canada Energy Partners is in the due diligence phase and is evaluating several opportunities available in this region that can be acquired in a very short period.

 "We are very focused on favorable terms for CEP's initial project and we see more opportunity for shareholder returns in the United States," said Grant Hall CEO of Canada Energy Partners. "We are currently in the due diligence phase of the process and we are confident we can conclude an agreement that will benefit the Company and its shareholders."

On behalf of the Board of Directors of
Canada Energy Partners Inc.

Grant Hall
President and CEO

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SOURCE Canada Energy Partners Inc.

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