CEI Coelacanth Energy Inc

Carmen Energy Inc. (TSX VENTURE:CEI) ("Carmen" or the "Corporation") announces
that it has entered into a purchase and sale agreement ("PSA") to sell the
Corporation's 60% non-operated working interest in certain oil and gas assets
(the "Assets") in the Viking-Kinsella area of Alberta, namely the Corporation's
16-17-049-12 W4 well.


The PSA has been entered into with two companies, both of which are considerate
"related parties" to the Corporation under applicable securities laws. R & D
Asset Management Ltd. and Red Mountain Resources Ltd. are owned or controlled by
Mr. Tyler Rice, the Corporation's President and by Mr. Randy Harrison, a
director of the Corporation, respectively. As the sale will constitute a
"related party transaction" under applicable securities laws, the Corporation
intends to call an annual and special meeting of the Corporation's shareholders
prior to February 28, 2013 to approve the sale of the Assets. 


The Corporation has been searching for a purchaser for these Assets for several
months, with the aim of selling these Assets to reduce Carmen's working capital
deficiency (unaudited at June 30, 2012 of approximately $140,000), outstanding
notes payable (unaudited at June 30, 2012 of approximately $350,000) and other
obligations (consisting primarily of unaudited asset retirement obligations of
approximately $98,000). The independent board members of the Corporation have
approved the PSA after the Corporation unsuccessfully canvassed a number of
parties to find a purchaser for the Assets.


The purchase price for the Assets of $678,600 was agreed to by the parties based
on the net present value of proved and probable reserves, as calculated in the
independent reserve report prepared for the Corporation for the year ended
September 30, 2012, and will be adjusted for actual production to the effective
date of January 1, 2013. The purchase price will be comprised of cash,
forgiveness of the notes payable held by each of the Purchasers, assumption of
the remaining note payable owing by the Corporation by the Purchasers and
termination of all Gross Overriding Royalties ("GORRs") held by the Purchasers
as well terminating the balance of the GORRs associated with the note payable on
the remaining lands held by the Corporation.


Archie Nesbitt, an independent member of the Board of Directors (the "Board")
stated that, "the execution of the PSA is crucial to rectifying the
Corporation's working capital deficiency as well as to ensure the viability of
the Corporation as we rebrand and rebuild after the drilling of three dry
wells".


Completion of the asset sale transaction will be conditional upon receipt of
approval from the transaction from the TSX Venture Exchange (the "Exchange") as
well as approval of the Corporation's shareholders.


The Corporation is also pleased to announce that it has filed its reports under
section 2.1 of National Instrument 51-101 - Standards of Disclosure for Oil &
Gas Activities for the year ending September 30, 2012, on the Corporation's
SEDAR profile at www.sedar.com.


The Corporation also announces that the Board has approved a resolution to
change the Corporations' name to "Margaux Resources Ltd.", subject to Exchange
and shareholder approval at the forthcoming Annual Special Meeting of the
Corporation. 


Additionally, the Corporation is pleased to announce the appointment of Randy
Harrison as a member of the Corporation's audit committee, effective
immediately. 


About Carmen Energy Inc.: Carmen is based in Calgary, Alberta and a publicly
traded oil and gas exploration and production company. The focus is on
exploration and development of Western Canadian Sedimentary Basin based oil and
gas properties. The current projects are the Jumpbush properties in south
eastern Alberta. 


FORWARD LOOKING INFORMATION

Certain information in this news release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties and
assumptions. This forward-looking information includes, among other things, the
approval of shareholders' with at the forthcoming AGM for both the change of
name and conditions relating to the related party transaction and information
with respect to the Corporation's beliefs, plans, expectations, anticipations,
estimates and intentions and the activities of the Corporation. The words "may",
"could", "should", "would", "suspect", "outlook", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "target" and similar words and
expressions are used to identify forward-looking information. . The
forward-looking information in this news release describes the Corporation's
expectations as of the date of this news release.


The results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events. Material
factors which could cause actual results or events to differ materially from
such forward-looking information include, among others, the risks associated
with the oil and gas industry in general, risks arising from general economic
conditions and adverse industry events, risks arising from operations generally,
reliance on contractual rights such as licences and leases in the conduct of its
business, the uncertainty of reserve and resource estimates; the uncertainty of
estimates and projections relating to reserves, resources, production, costs and
expenses; reliance on third parties, reliance on key personnel, possible failure
of the business model or business plan or the inability to implement the
business model or business plan as planned, competition, environmental matters,
and insurance or lack thereof; failure to realize the anticipated benefits of
acquisitions including the Acquisition; ability to access sufficient capital
from internal and external sources; changes in legislation, including but not
limited to tax laws, royalties and environmental regulations.


The Corporation cautions that the foregoing list of material factors is not
exhaustive. When relying on the Corporation's forward-looking information to
make decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. The Corporation has
assumed a certain progression, which may not be realized. It has also assumed
that the material factors referred to in the previous paragraph will not cause
such forward-looking information to differ materially from actual results or
events. However, the list of these factors is not exhaustive and is subject to
change and there can be no assurance that such assumptions will reflect the
actual outcome of such items or factors.


Completion of the transaction is subject to a number of conditions, including
Exchange acceptance and disinterested Shareholder approval. The transaction
cannot close until the required Shareholder approval is obtained. There can be
no assurance that the transaction will be completed as proposed or at all. 


Investors are cautioned that, except as disclosed in the Management Information
Circular to be prepared in connection with the transaction, any information
released or received with respect to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securities of the
Corporation should be considered highly speculative. 


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release. 


THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE
EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES
NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Carmen Energy Inc.
Tyler Rice
President
(403) 537-5590

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