Canoel Announces Third Tranche Closing of Private Placement of Units

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Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL)
is pleased to announce, subject to regulatory approval, the completion of the
third tranche of a non-brokered private placement of units ("Units"). Canoel
issued an aggregate of 2,166,666 Units in this third tranche at a price of $0.06
per Unit for gross proceeds of approximately $130,000.


Each Unit consists of one common share in the capital of Canoel and one common
share purchase warrant. Each common share purchase warrant entitles the holder
thereof to purchase, subject to adjustment, one additional common share at an
exercise price of $0.10 per share at any time on or before the date that is 12
months from the date of issuance of the common share purchase warrant. 


An insider of the Company participated in this tranche of the private placement
as follows: 


Tonsenhagen Forretningssentrum AS, a related party of Erik Larre who is a
director of the Company, purchased 1,000,000 Units for $60,000. The issuance of
Units to Tonsenhagen Forretningssentrum AS pursuant to the private placement is
considered to be a related party transaction subject to TSX Venture Exchange
Policy 5.9 and Multilateral Instrument 61-101. Canoel is relying on the
exemptions from the formal valuation and minority shareholder approval
requirements provided under sections 5.5(a) and 5.7(a) of Multilateral
Instrument 61-101 on the basis that participation in the private placement by
Tonsenhagen Forretningssentrum AS did not exceed 25% of the fair market value of
the Company's market capitalization.


Unless permitted under securities legislation, the holders of these securities
must not trade the security before December 2, 2012. 


The proceeds from this offering will be used to finance the Company's operations
and to augment its unallocated working capital. This transaction is subject to
the submission of final documentation and final approval of the TSX Venture
Exchange.