Mr. Robert Zakresky reports

COELACANTH ENERGY ANNOUNCES PRIVATE PLACEMENT FOR AGGREGATE PROCEEDS OF $1.5 MILLION

Coelacanth Energy Inc. intends to complete a non-brokered private placement offering of 1,875,000 units of the company at a price of 80 cents per unit for aggregate proceeds of $1.5-million.

The offering will be restricted to three key employees, being the two newly promoted officers of Coelacanth (chief operating officer, and vice-president (VP) of drilling and completions) plus the recently hired manager, production.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 80 cents per share for a period of 60 months after closing of the offering.

The offering is considered a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The board of directors of the company has determined that the offering will be exempt from the requirement for a formal valuation under MI 61-101 pursuant to the exemptions in subsections 5.5(a), 5.5(b) and 5.5(c) of MI 61-101, and that the offering will be exempt from the requirement for minority shareholder approval under MI 61-101 pursuant to the exemptions in subsections 5.7(1)(a) and 5.7(1)(b) of MI 61-101. The offering has been unanimously approved by the members of the board.

The company intends to use the proceeds from the offering for the Two Rivers East project, including completion of the 5-19 pad, plus related infrastructure, and for general corporate purposes.

The offering is subject to all necessary regulatory and stock exchange approvals, including, but not limited to, approval of the TSX-V. The securities issued pursuant to the offering are subject to a four-month-and-one-day hold period from the date of the closing of the offering, in accordance with applicable Canadian securities law.

We seek Safe Harbor.