Canadian Energy Exploration announces resignation and Hardy Area update

Friday, August 17, 2012

Canadian Energy Exploration Inc. (TSX VENTURE:XPL) announces that Mr. Keith Chase has resigned as a director of the Company. The Company wishes to thank Mr. Chase for his contributions to the Company and wish him success in his future endeavours. The Board of Directors of the Company consists of Lawrence B. Buzan and John McGilvary and the Board intends to seek a new director to fill the vacancy created by Mr. Chase's resignation.

Hardy Area Update

The Company is pleased to announce it has received certain term extensions from the Petroleum Tenure Branch for the Saskatchewan Ministry of Energy and Resources based on surface access conditions.

A summary chart of the extensions is provided below.

Company Lands in the Hardy Area:
Sections		Original Expiry		New Expiry
8.0		August 31, 2012		October 31, 2012
23.25		June 30, 2012		August 31, 2012
6.0		March 31, 2016		No Change; Crown sale lands owned 100%
2.75		Undetermined*		*Freehold Lands; 1-year expiry once earned
Total = 40 sections owned, earned or under option.

The Farmor under the previously announced Farmin has agreed to match the government extensions referred to above. The extensions will allow the Company to continue to retain the option to earn the remainder of the lands under the previously agreed farmout terms.

All lands will expire as per the listed expiry dates except any terms that are extended by future drilling or production, if any. The Company continues to seek joint venture partners to drill its Bakken opportunities and in particular its licensed well CEEI Hardy HZ 4B12-4-4B5-33-4-21W2. (See December 12, 2011 press release.)

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Source: http://feeds.oilvoice.com/~r/NorthAmericaHeadlines/~3/dFys8gY83Y0/193441e2b532.aspx

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