CE Canada Energy Partners Inc

Canada Energy Partners Inc. ("Canada Energy" or the "Company") (TSX VENTURE:CE)
is pleased to report the results of an interim reserve study of the Company's
Montney lands, performed by GLJ Petroleum Consultants Ltd. ("GLJ"), effective
December 31st, 2010. Recent successful drilling by the Company and its JV
Partner at Peace River and by Shell adjacent to the Monias property has resulted
in the attribution of significant reserves. The GLJ reserve update coupled with
the coal bed methane reserve report by Netherland Sewell (April, 2010) show
dramatic reserve growth over the previous year. 


GLJ ascribed Company interest reserves of 7.65 billion cubic feet equivalent
("BCFe") of proved reserves and proved plus probable reserves ("2P") of 22.01
BCFe on its Montney lands. Company Interest reserves means the Company's working
interest share before deduction of royalties and including any royalty interest
of the Company. The undiscounted projected net cash flow is estimated to be
$17.19 million from the proved reserves and $64.28 million from the 2P reserves.
The present value discounted at 10% ("PV10") of the proved reserves is $4.91
million and $19.07 million for the 2P reserves. 77.5% of these 2P reserves were
attributable to the Monias property and 22.5% to the Peace River property. The
Company interest reserves as reported by Netherland Sewell at fiscal year-end
April 30, 2010 were 0.27 BCF proved and 15.50 BCF 2P from the Peace River CBM
Project. 


The combined total of the Montney and CBM proved reserves is 7.9 BCF and 2P is
37.5 BCF representing a 142% increase in year-over-year 2P reserves. CIBC has
reported that the average sales price for 2P gas reserves in Western Canada in
2010 was $1.95 per thousand cubic feet ("mcf").


There have been three transactions in the Montney play in the last 90 days
representing $7.5 billion of financial commitments from international energy
companies. Most recently, on March 8th, Talisman and Sasol announced a second
Joint Venture in the Montney on Talisman's Cypress A Project. Sasol will pay
$1.05 billion for a 50% interest in the Cypress A Project. CIBC estimates the
transaction metrics at $0.19 per thousand cubic feet equivalent ("mcfe") of
contingent resource and $36,000 per acre. Canada Energy Partners owns 27,239 net
acres (42 net sections) of Montney rights.


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.


BCFe may be misleading, particularly if used in isolation. A BCFe conversion
ratio of 1 bbl: 6 mcf is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. The estimated values disclosed do not represent
fair market value.


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

John Proust, Chairman

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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