CR Crew Energy Inc

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Crew Energy Inc. ("Crew" or the "Company") (TSX:CR) is pleased to announce that
it has entered into an agreement with a syndicate of underwriters co-led by GMP
Securities L.P. and Macquarie Capital Markets Canada Ltd. and including Cormark
Securities Inc., Clarus Securities Inc., TD Securities Inc., FirstEnergy Capital
Corp., Tristone Capital Inc., CIBC World Markets Inc., BMO Nesbitt Capital
Markets, and Scotia Capital Inc. pursuant to which the underwriters have agreed
to purchase on a bought deal basis 7,000,000 common shares ("Common Shares") of
Crew at a price of $6.20 per Common Share for aggregate gross proceeds of $43.4
million. 


Proceeds of the offering will initially be used to pay down the Company's bank
debt and then will be used to fund a portion of the Company's ongoing capital
program. The Common Shares will be offered in all provinces of Canada (except
Quebec) by way of a short form prospectus and by way of private placement in the
United States pursuant to exemptions from the registration requirements pursuant
to Rule 144A and/or Regulation D of the United States Securities Act of 1933.


Closing is expected to occur on or about May 28th, 2009 and is subject to
certain customary conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the Toronto Stock Exchange.


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


ADVISORY: This press release contains forward looking statements. More
particularly, this press release contains statements concerning the anticipated
closing date of the offering and the anticipated use of the net proceeds of the
offering. Although Crew believes that the expectations reflected in these
forward looking statements are reasonable, undue reliance should not be placed
on them because Crew can give no assurance that they will prove to be correct.
Since forward looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. The closing of the
offering could be delayed if Crew is not able to obtain the necessary regulatory
and stock exchange approvals on the timelines it has planned. The offering will
not be completed at all if these approvals are not obtained or some other
condition to the closing is not satisfied. Accordingly, there is a risk that the
offering will not be completed within the anticipated time or at all. The
intended use of the net proceeds of the offering by Crew might change if the
board of directors of Crew determines that it would be in the best interests of
Crew to deploy the proceeds for some other purpose, such as an acquisition.


The forward looking statements contained in this press release are made as of
the date hereof and Crew undertakes no obligations to update publicly or revise
any forward looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

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