(via Thenewswire.ca)

Calgary, Alberta / TNW-ACCESSWIRE / October 2, 2014 / Canoel International Energy Ltd. (TSX VENTURE: CIL) is pleased to announce the results of the Annual and Special Meeting of the shareholders which took place on September 30, 2014.

Shareholders approved the following resolutions at the meeting:

• -The name change of the Company from "Canoel International Energy Ltd." to "Zenith Energy Ltd." (see below for details)

  -The Company's stock option plan

  -The re-appointment of the Company's auditors 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 change to www.ZenithNRG.com. The Company's common shares are expected to commence trading under the new name and symbol on the TSX Venture Exchange on Friday, October 3, 2014.

As recently disclosed via press release, Zenith Energy Ltd. is a proven international operator with a track 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 S.r.l. ("Petrolera"), 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 CAPEX 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 Argentinean production to approximately 280 barrels per day. The budget has been set at $500,000 (US) and has been fully funded. Revenue from the enhanced production is anticipated to be reinvested to fund additional initiatives demonstrating a high internal rate of return (IRR) 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 licenses cover 847 square kilometers with net holdings of 369 square kilometers (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 4th largest producer of oil & gas in Europe with 8,330 billion m3 (294,500 bcf) of annual natural gas production. Current European pricing metrics offer a premium to North American commodity prices.

About Zenith Energy Ltd.

Zenith focuses on near term producing properties that can be further optimized with its engineering and technical experience. To maximize shareholder value, Zenith targets acquisitions of production opportunities that offer strong logistics and close proximity to refineries and pipelines. Zenith's management and directors have extensive international and governmental experience and possess the technical knowledge to execute this strategy.

Zenith management is actively pursuing onshore fields with low acquisition costs from national or senior companies that have chosen to allocate their capital to unlock non-traditional resources with typically higher costs. Zenith's acquisition costs are further minimized by a strategy of reinvesting a portion of future cash flows back to remediation and capital improvements typically forgone on older fields. Combined with the use of modern technological practices and the Company's technical expertise, management continues to demonstrate the capacity to increase production and optimize remaining reserves.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the company's strategy including anticipated growth. The forward-looking statements and information are based on certain key expectations and assumptions made by Zenith, including the ability to execute its strategy and realize its growth opportunities including its ability to raise financing needed to execute its plans. Although Zenith believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Zenith can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Zenith being unable to obtain additional financing or other resources to realize its growth opportunities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Zenith undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law .

For further information, please contact:

Jose Ramon Lopez Portillo Andrea Cattaneo

Chairman of the Board CEO & President

Email: info@ZenithNRG.com

Telephone: (403) 938-8154

Telefax: (403) 775-4474 '

This press release is not to be distributed to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.

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