Canadian Energy Exploration Inc. Announces Closing of 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 it has closed its previously announced equity financing
(see Canadian Energy's press release dated May 20, 2011) and has issued
20,933,000 units of the Corporation ("Units") at a subscription price of $0.09
per Unit and 39,970,000 common shares of the Corporation at a subscription price
of $0.10 per share issued on a "flow-through" basis under the Income Tax Act
(Canada) ("Flow-Through Shares") for aggregate gross proceeds of Cdn$5,880,970.
Each Unit consists of one common share in the capital of the Corporation (a
"Common Share") and one half of a Common Share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant entitles the holder to purchase one
additional Common Share at a purchase price of $0.15 per share until December
15, 2011.


Casimir Capital Ltd. (the "Agent") acted as agent and was paid a cash commission
and was granted warrants ("Agent's Warrants") to purchase 4,263,210 Common
Shares at a subscription price of $0.09 per share, such Agent's Warrants being
exercisable until December 15, 2011.


The Agent has the option to increase the size of the offering by an additional
15% and therefore additional closings may occur under 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 Corporation'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 expiring on October 16, 2011.


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,
additional closings 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.

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