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CALGARY, ALBERTA--(Marketwire - Feb. 28, 2011) -

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) has filed unaudited consolidated financial statements for the quarter ended December 31, 2010, management discussion and analysis (MD&A) and additional information required to be filed pursuant to the requirements of the Canadian Securities Administrators. Copies of these documents can be accessed electronically through the SEDAR system at [ www.sedar.com ].

The above documents describe all aspects of corporate activity and analyze in detail all the recently completed and the future activities planned in Argentina, Italy, Norway, Russia and Tunisia.

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.