Mr. Grant Hall reports

CANADA ENERGY PARTNERS TERMINATES AGREEMENT WITH WANDOO OIL INC. REGARDING THE KUSTRA OCHOA WELL # 1 WORK-OVER PROJECT

Canada Energy Partners Inc. has decided not to proceed with the planned investment in the Kustra Ochoa well No. 1 workover project proposed by Wandoo Oil Ltd. that was announced in the company's news release issued on May 9, 2023. The company has terminated the participation agreement with Wandoo and has no further financial or any other obligations to Wandoo.

The company anticipates calling a shareholders meeting for approximately the end of August, after the summer holiday period to allow for shareholder participation.

The company is working with the TSX Venture Exchange to seek a reinstatement of trading of the company's common shares.

We seek Safe Harbor.