Mr. Jose Portillo reports

CANOEL ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING

Canoel International Energy Ltd. has provided the results of the annual and special meeting of shareholders which took place on Sept. 30, 2014.

Shareholders approved the following resolutions at the meeting:

• The name change of the company from Canoel International Energy to Zenith Energy Ltd. (see below for details);
• The company's stock option plan;
• The reappointment of the company's auditor for the upcoming year;
• Setting the number of directors at six, with Jose Ramon Lopez-Portillo, Luigi (Gino) Regis Milano, Andrea Cattaneo, Erik Larre, Francesco Zofrea and Dario E. Sodero reappointed.

The company's new name takes effect immediately. Its new trading symbol on the TSX Venture Exchange will be ZEE and its corporate website will also change. The company's common shares are expected to commence trading under the new name and symbol on the TSX-V on Friday, Oct. 3, 2014.

As recently disclosed via press release, Zenith Energy is a proven international operator with a record of production in the countries of Argentina and Italy. The company is development-driven and focused on optimizing production from historically productive fields. This strategy of targeting "marginal fields" with significant remaining reserves and an extensive history of production enables the company to forego the risk of exploration prevalent with most juniors.

In Argentina, Zenith Energy operates as Petrolera Patagonia SRL, a wholly owned subsidiary. Petrolera is the outright owner of title and mineral rights for two onshore concessions, Don Alberto and Don Ernesto, located within the Chubut province of Argentina. As the owner of the land, the company enjoys no expiry date on its permits and is not subject to any capital expenditure commitments.

Petrolera is currently implementing a workover program designed to evaluate and optimize production from active wells on both the Don Alberto and Don Ernesto oil properties. The main objective of this program is to double production from up to 27 wells, and bring total Argentine production to approximately 280 barrels per day. The budget has been set at $500,000 (U.S.) and has been fully financed. Revenue from the enhanced production is anticipated to be reinvested to finance additional initiatives demonstrating a high internal rate of return for Petrolera. While already profitable at the regional corporate level, the company intends to focus on these development-type prospects within Argentina to expand its low-cost production base and grow existing cash flow.

Zenith Energy continues to produce oil from its wholly owned properties in Argentina, which has enabled the company to advance its international acquisition plans. Italy has quickly evolved into a second core production area, focusing on natural gas and cogeneration opportunities and based on strong economics. Zenith management is pleased that the new assets will enhance medium- to long-term cash flow, while furthering the immediate technical capabilities of the company's Italian personnel.

The company is an accomplished operator within Italy and currently manages eight onshore fields while, at the same time, overseeing the operations of three other non-operated fields. Zenith's licences cover 847 square kilometres with net holdings of 369 square kilometres (approximately 91,143 acres). As previously disclosed, in addition to the strategy of consolidating and optimizing conventional natural gas fields, the company has also initiated a strategy of directly generating electricity to be sold into the Italian grid using cogeneration facilities in fields where the natural gas is not optimal for direct sale via injection into the national pipeline network.

Italy ranks as the fourth largest producer of oil and gas in Europe with 8,330 billion cubic metres (294,500 billion cubic feet) of annual natural gas production. Current European pricing metrics offer a premium to North American commodity prices.

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