Canadian Energy Exploration Inc. Announces Private Placement Equity Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


Canadian Energy Exploration Inc. (the "Corporation") (TSX VENTURE:XPL) is
pleased to announce that pursuant to an engagement letter (the "Engagement
Letter") between the Corporation and Casimir Capital Ltd. (the "Agent"), the
Corporation intends to complete a brokered private placement (the "Offering") of
units of the Corporation ("Units") and common shares of the Corporation issued
on a "flow-through share" basis ("Flow-Through Shares"), subject to receipt of
applicable regulatory approvals and compliance with applicable laws. 


Pursuant to the Engagement Letter, the Agent will offer up to 33,333,334 Units
at a subscription price of $0.09 per Unit and 30,000,000 Flow-Through Shares at
a subscription price of $0.10 per share for aggregate gross proceeds of up to
(Cdn) $6,000,000 (the Units and the Flow-Through Shares are collectively
referred to as the "Offered Securities"). Each Unit will consist of one common
share in the capital of the Corporation ("Common Share") and one half of a
Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle the
holder to purchase one additional Common Share at a purchase price of $0.15 per
share for a period of 18 months from the date of the initial closing of the
Offering. The Corporation has also granted the Agent an option to increase the
size of the Offering by an additional 15% above the number of Offered Securities
stated above, for additional gross proceeds of up to $900,000. 


The closing of the Offering is expected to occur on or about June 14, 2011 and
is subject to the completion of formal documentation and regulatory approval,
including the conditional approval of the TSX Venture Exchange.


The Engagement Letter provides that the Agent will receive a commission and an
option to purchase that number of Common Shares as is equal to seven percent of
the number of Offered Securities issued pursuant to the Offering at a
subscription price of $0.09 per share, such option being exercisable for a
period of 18 months from the date of the initial closing of the Offering. 


The proceeds from the sale of Flow-Through Shares will be used to incur certain
types of Canadian Exploration Expense ("CEE") and/or deemed CEE as defined in
the Income Tax Act (Canada) and such CEE or deemed CEE will be renounced to
subscribers of Flow-Through Shares for the 2011 taxation year. The net proceeds
from the sale of the Units will be used to fund the Company's ongoing
exploration and development activities and for general working capital purposes.
All securities issued in connection with the Offering will be subject to a four
month hold period.


About Canadian Energy Exploration Inc.

Canadian Energy is an oil and gas company engaged in the exploration for, and
the acquisition, development and production of, oil and natural gas reserves
primarily in Western Canada. The Company's common shares trade on the TSX
Venture Exchange under the symbol "XPL".


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities of Canadian Energy in any jurisdiction in which
such offer, solicitation or sale would be unlawful. The securities to be offered
have not been and will not be registered under the United States Securities Act
of 1933, as amended, or any state securities laws and may not be offered or sold
within the United States or to or for the account or benefit of a U.S. Person
absent registration or an applicable exemption from the registration
requirements of such Act or laws.


Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of
applicable securities laws relating to the proposal to complete the Offering,
including statements regarding the terms and conditions of the Offering and the
use of proceeds of the Offering. Readers are cautioned to not place undue
reliance on forward-looking statements. Forward-looking statements are based on
certain key assumptions made by the Corporation, including assumptions regarding
the ultimate terms of the proposed Offering, the satisfaction of conditions to
the completion of the Offering and the receipt of all regulatory and stock
exchange approvals. Actual results and developments may differ materially from
those contemplated by these statements depending on, among other things, the
risks that the parties will not proceed with the Offering, that the ultimate
terms of the Offering will differ from those that currently are contemplated or
that the Offering will not be successfully completed for any reason (including
the failure to obtain the required approvals or clearances from regulatory
authorities). The forward-looking statements in this news release are made as of
the date of this release and the Corporation undertakes no obligation to update
publicly or revise any forward-looking statements whether as a result of new
information or otherwise, except as required by applicable securities laws. The
Corporation undertakes no obligation to comment on analyses, expectations or
statements made by third-parties in respect of the Corporation or its financial
or operating results or (as applicable) their securities.
Canadian Energy Exploration Inc. (TSXV:XPL)
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