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CALGARY, ALBERTA--(Marketwire - March 4, 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) announces that it has granted an aggregate of 900,000 stock options to the six directors of the Corporation, effective March 3, 2011. Each option entitles the holder thereof to purchase one common share in the capital of the Corporation at a price of $0.09 per share. The stock options expire on or before the fifth anniversary of the date of issue.

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.