December 07, 2012 at 18:20 PM EST
Canoel Announces Second Tranche Closing of Private Placement of Units

CALGARY, ALBERTA--(Marketwire - Dec. 7, 2012) -

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce, subject to regulatory approval, the completion of the second tranche of a non-brokered private placement of units ("Units"). Canoel issued an aggregate of 3,333,000 Units in this second tranche at a price of $0.06 per Unit for gross proceeds of approximately $199,980.

Each Unit consists of one common share in the capital of Canoel and one common share purchase warrant. Each common share purchase warrant entitles the holder thereof to purchase, subject to adjustment, one additional common share at an exercise price of $0.10 per share at any time on or before the date that is 24 months from the date of issuance of the common share purchase warrant.

In connection with this second tranche of the private placement, the Company will pay aggregate finder's fees of $15,998.40 in cash.

Unless permitted under securities legislation, the holders of these securities must not trade the security before April 7, 2013.

The proceeds from this offering will be used to finance the Company's operations and to augment its unallocated working capital. This transaction is subject to the submission of final documentation and final approval of the TSX Venture Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:

Canoel International Energy Ltd.

Jose Ramon Lopez Portillo

Chairman of the Board

(403) 938-8154

(403) 775-4474 (FAX)

info@canoelenergy.com

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