Canada Energy Partners Inc. announced that it has executed a non-binding Letter of Intent with the Government of Gabon, West Africa. Both parties have entered negotiations to conclude a binding Profit-Sharing Agreement between CEP and the Government for the re-development of the Konzi Oil field located 9 kilometres off the coast of Gabon, close to the oil terminal and loading facilities at Port Gentil, Gabon. The Konzi Oil project is a former producing asset of TotalEnergies in Gabon which was taken offline due to pipeline constraints imposed by the Gabon Oil Company's Mboumba field located on-shore, near the Konzi oil field. The pipeline capacity restraints have been resolved and capacity has been allocated to production from the region. During its production life Konzi produced more than 18 million barrels of light (API 29) oil from 14 wells on two shallow water platforms. Konzi's production was 600 barrels of oil per day when operations were halted. CEP plans, upon a successful negotiation of a Profit-Sharing Agreement with the government of Gabon, to upgrade the facilities and production equipment, rework three wells and get meaningful production online as soon as possible. Based on the Company's initial due diligence, reserves and recovery of identified economic resources can be greatly enhanced with the use of modern oil and gas production techniques and equipment. CEP has commissioned McDaniel & Associates from Calgary, Alberta, Canada to produce a National Instrument 53-101 Reserve report containing a development plan and an estimate of the economics for the project.