Canada Energy Partners Inc. (TSX VENTURE:CE) ("Canada Energy" or the "Company")
is pleased to update activity proximal to its Monias property. In Q4 2009, Shell
Oil drilled its Monias 4-11-81-21 1.5 miles from Canada Energy's Monias lease
line. Logs and cores on the 4-11 showed extraordinary reservoir thickness and
quality. In the summer-fall 2010, Shell followed up the 4-11 with five
horizontal wells drilled to within 150m-800m of Canada Energy's lease line.
Completion operations were performed on two of the wells (see attached map) in
December 2010. These two wells were tested at restricted rates of 7.1 and 6.5
million cubic feet respectively. Completion operations are currently being
conducted on the three remaining wells, all of which are even closer to the
Company's lease line than the first two horizontal wells. Those results must be
released within 30 days of completion and the Company will announce those
results. The Company has permitted a drilling location directly offsetting the
Shell wells.


Canada Energy has 42 net Montney sections and recent transactions in the Montney
trend continue to confirm the value of the Company's land base. Sasol (a global
petrochemical group from South Africa) paid Talisman $1.05 billion for 40 net
sections representing a 50% interest in the Farrell Project adjacent to Canada
Energy's Peace River Block. The China National Offshore Oil Corporation just
announced the acquisition of a 50% interest in Encana's Cutbank Ridge
Project,southeast of the Company's land basefor $5.4 billion. Based upon details
released by Encana, the Company estimates that CNOOC paid on average $4.4
million for each net undeveloped section.


The Company expects to release its year-end 2010 reserves later this month.

Canada Energy is an active oil and gas exploration and development company.The
Company possesses a large concentrated land position in a high-impact,
multi-zone, natural gas-bearing area in northeast British Columbia.


To view a map of the Monias Property, please go to the following link:
http://media3.marketwire.com/docs/cemo304.pdf


On behalf of the Board of Directors of Canada Energy Partners Inc.

John Proust, Chairman

www.canadaenergypartners.com

Forward Looking Statements: This news release contains forward looking
statements relating to expected or anticipated flow rates, timing for drilling
and completion operations, future events and operations, number of wells to be
drilled, timing of projects and anticipated results that are forward looking in
nature and, as a result, are subject to certain risks and uncertainties, such as
general economic, market and business conditions, the regulatory process and
actions, technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential delays or
changes in plans, the occurrence of unexpected events, and the company's
capability to execute and implement future plans. Actual results achieved may
vary from the information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors. There is no representation by
the company that actual results achieved during the forecast period will be the
same in whole or in part as that forecast.
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