Canext Announces Year End Results and Operational Update

Canext Energy Ltd. ("Canext" or the "Company") (TSX VENTURE:CXZ) is pleased to
announce its operating and financial results for the year ended December 31,
2007.


Highlights:

- Completed a merger by way of a plan of arrangement with Trimox and Tasman,

- Production increased 274% over the previous year to average 770 boepd,

- Production per weighted average share increased 36% to 14 boepd/MM shares,

- Cash flow and cash flow per share increased 587% and 149% respectively,

- Recorded a net loss of $13,469,000 primarily as a result of a ceiling test
write down,


- Operating netback averaged $22.12/boe for the year,

- Finding and Development cost (F&D) was $14.45/boe for Proven and Probable
reserves (P+P),


- Recycle ratio (Operating netback/F&D) was 1.5,

- P+P reserves increased 265% to 3,087,700 boe from 847,100 boe,

- P+P reserves per common share increased 31%,

- Undeveloped land increased 252% to 105,783 net acres from 30,050.

During the year the Company completed a major transaction with the merger of
Trimox Energy Inc. ("Trimox") and Tasman Exploration Ltd. ("Tasman"). The
transaction was accounted for as a reverse takeover of Tasman and Trimox with
Canext issuing shares at a deemed price of $0.88/share. The transaction was
strategic and allowed Canext to expand its exploration and development program.


The Company's year end reserve information was press released on February 25,
2008. As mandated by National Instrument 51-101 Standards of Disclosure for Oil
and Gas Activities issued by the Canadian Securities Administrators, detailed
information relating to Canext's reserves and other disclosure documents have
now been electronically filed on SEDAR (www.sedar.com).


The following table summarizes some of the key financial results. Audited
consolidated financial statements for the year ended December 31, 2007 with
accompanying notes along with management's discussion and analysis have also
been filed on SEDAR (www.sedar.com).




Financial Highlights

                                      Year ended  Period ended
                                     December 31   December 31
                                            2007        2006(1)   % Change
--------------------------------------------------------------------------

Production (boe/d)                           770           206         274

Revenue ($ 000's)                         12,115         1,975         513
Cash flow(2)                               4,374           637         587
Earnings/(Loss)                          (13,469)          488      (2,860)
Capital Spending                          11,424        10,915           5

Per Common Share
Cash flow(2)                            $   0.08      $   0.03         149
Earnings/(Loss)                         $  (0.25)     $   0.02      (1,102)

Balance Sheet at period end ($ 000's)
Property & Plant                          60,139        16,710         260
Working Capital (Deficiency)             (10,150)        3,506        (390)
Shareholders' Equity                      48,377        22,345         117

Wt Avg Shares (000's)                     54,189        19,676         175
Outstanding at Year end (000's)           76,478        27,538         178

Revenue $/boe                              43.12         44.90          (4)
Royalty $/boe                              (9.33)        (9.70)         (4)
Opcost $/boe                              (11.40)        (9.55)         19
Transportation $/boe                       (0.27)        (0.04)        575
Operating Netback $/boe                    22.12         25.61         (14)

(1) Canext was incorporated on April 6, 2006 therefore, the 2006 results
    reflect a partial year.
(2) Cash flow and cash flow per share are non-GAAP measures.



Operational Update:

Pouce Coupe Montney/Doig Update

Canext has been actively exploring and developing its Montney/Doig tight gas
play at Pouce Coupe. The Company has assembled 11,400 net acres at Pouce Coupe
including over 7,400 undeveloped acres in the Montney formation.


The Company continues to monitor activity in the area. Competitors have been
licensing and drilling horizontal wells offsetting Canext's acreage with initial
production rates over 3,000 mcf/d (500 boepd). In addition, a senior producer
has applied to down space to eight wells per section offsetting Canext acreage.
Recent land sales for Montney rights have exceeded $1,400/acre. Applying this
metric to the Company's land implies a value in excess of $10,000,000 or
$0.13/share.


Plans for 2008 include drilling five (2.1 net wells) and recompleting five (2.3
net) wells. Based on the results of non core property dispositions, the Company
intends to expand its 2008 drilling plans.


The Company is currently evaluating horizontal versus vertical wells. Based on
the recent announcements made by the Alberta Government on the New Royalty
Framework ("NRF") the royalty rates for horizontal wells are significantly more
attractive than vertical wells. Under the NRF, at $8.00/mscf a vertical well
producing 500 mscf/d would pay 42% royalty while a horizontal at Pouce Coupe
with a measured depth of 3500 m would pay 17% royalty.


Assuming all of Canext's land is prospective there are 43 net locations based on
four vertical wells per section or 21 horizontals at two horizontals per
section. The Company has 4.2 net undeveloped locations or recompletions in its
proven plus probable reserve report leaving room for continued reserve growth.


Clear Prairie

On March 13 and 17, 2008 the Company announced a significant light oil pool
discovery. The discovery well (60% working interest) flow tested 125 bopd and
200 mscf/d (95 boepd net). The well was equipped with a pumping unit and for the
month of March averaged 84 bopd and 135 mscf/d (64 boepd net) with a water cut
less than 2%. The well is currently shut-in for break-up and is expected to
start-up late May.


Canext drilled a step out well which was cored and logged. Unfortunately, while
running production casing in the deviated well, the casing became stuck
approximately 300 m above the zone of interest. The Company proceeded to cement
the production string in place and released the drilling rig. A service rig was
subsequently contracted to run a liner (smaller diameter pipe) to total depth.
The liner was run and cemented in place however, due to the size restrictions no
centralizers or scratchers were run on the liner. The Company believes this has
resulted in a less than ideal cement job for the deviated well. Upon perforating
and swab testing, the well recovered only water. The Company has taken the water
samples to three different labs and the results suggest the water is not from
the zone of interest but from a shallower fresher water zone. A thick, highly
porous and permeable wet sand that was partially cored in the step out well,
sits approximately five meters above the prospective zone and may be the most
likely source of this water. Operations are currently suspended and the Company
will evaluate the merits of attempting to repair the well or save it for a water
source well for a potential water flood.


Based on independent petrophysical analysis and the core data, Canext maintains
this step out well is hydrocarbon bearing. As a result, the step out well is
considered a mechanical failure. The Company is proceeding with plans to drill 2
to 3 wells this summer prior to shooting a 12 square mile 3D seismic program in
December. Based on success, additional wells would be drilled in 2009 and a
central oil treating facility would be constructed. Based on the current mapping
the Company believes it may ultimately be able to drill 20-30 wells to develop
the pool. The Company controls twelve (8.2 net) sections on the prospect with
certain options to increase its interest.


Property Disposition

Canext has engaged Canaccord Enermarket to assist in the sale of certain non
core properties with production of approximately 500 boepd. The property
packages include Retlaw, Birch/Viking-Kinsella, Niton and Hines
Creek/Dixonville, and Saskatchewan ORR's. Bids are due April 24, 2008 with
potential closing(s) targeted for the end of May. The proceeds from the sale of
these properties will be used to accelerate the development opportunities at
Pouce Coupe and Clear Prairie.


Outlook

Canext expects first quarter 2008 production to average 1,075 boepd. Production
growth in the first quarter of 2008 has been hampered by higher than expected
declines along with poor production additions on the Company's Worsley Devonian
prospect and a fire at a third party facility at Clear Hills. The plant fire has
taken approximately 75 boepd off line and has affected certain first quarter
recompletion and tie-in projects. Canext has been advised that the plant will be
off line until early May. Partially offsetting these declines in the first
quarter has been the start-up of two (0.8 net) Pouce Coupe wells and production
from the Clear Prairie discovery.


Production for the second quarter is expected to remain flat as the Clear Hills
plant start-up will be partially offset by certain Clear Prairie wells shut-in
for spring break-up and normal declines. As these wells come back online and the
Company begins its drilling and recompletion program in June production is
expected to grow. Production growth in the second half of the year will be a
function of the timing of additions at Pouce Coupe and Clear Prairie relative to
potential property dispositions.


Reader advisory:

The term "BOE" may be misleading, particularly if used in isolation. In
accordance with NI 51-101, a BOE conversion ratio for natural gas of 6 mscf: 1
bbl has been used which is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.


Investors are cautioned that the preceding statement of the Company may include
certain estimates, assumptions and other forward-looking information. The actual
future performance, developments and/or results of the Company may differ
materially from any or all of the forward-looking statements, which include
current expectations, estimates and projections, in all or part attributable to
general economic conditions and other risks, uncertainties and circumstances
partly or totally outside the control of the Company, including natural gas/oil
prices, reserve estimates, drilling risks, future production of gas and oil,
rates of inflation, changes in future costs and expenses related to the
activities involving the exploration, development and production of gas and oil
hedging, financing availability and other risks related to financial activities.