Cancen Oil Canada Inc. Announces First Quarter 2012 Results and Executive Appointments

EDMONTON, ALBERTA--(Marketwire - May 31, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Cancen Oil Canada Inc. ("Cancen" or the "Company") (TSX VENTURE:COI) is pleased to announce the filing of its quarterly financial results for the three month period ended March 31, 2012. The complete interim financial statements for Cancen for the three month period ended March 31, 2012 and management's discussion and analysis for the same period are available for viewing on SEDAR at www.SEDAR.com.

Cancen is also pleased to announce that it has appointed Ronald G. Panchuk as Director and Vice-President, Business Development and Legal and Christopher D. Scase as Chief Financial Officer, subject to the approval of the TSXV Venture Exchange (the "TSXV").

Mr. Panchuk has 27 years of experience as a legal consultant and commercial negotiator primarily for international oil and gas companies in Canada, the United States and the Middle East. Admitted as a Barrister and Solicitor in the Province of Alberta, he has an LLB from the University of Manitoba graduating in 1982. Mr. Panchuk has also served as Corporate Secretary of Azabache Energy Inc. (a TSXV listed company) from March 2010 to the present.

Mr. Scase obtained his Bachelor of Commerce Degree from the University of Calgary in 1995 and his CGA designation in 2001. He has worked in a public practice accounting firm since 1996 and has been managing partner of the firm's Calgary office since 2001. More recently he has been a director or officer of various private and public oil and gas companies operating in the Western Canada sedimentary basin.

The Company also announces that, further to its press release on April 9, 2012, that it has elected not to pursue the transaction contemplated in the letter agreement to acquire all of the outstanding shares of Sustainable Environmental Technologies Corp. The Company will continue to investigate market opportunities that will allow it to further enhance shareholder value.

About Cancen

Cancen is an energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin. The services provided by Cancen assist these companies with the treatment and sale of crude oil and the handling of by-products associated with oil and natural gas development and production. The services provided by Cancen include crude oil emulsion treatment, oilfield waste processing, and disposal of produced and waste water. As at the date hereof, the Corporation's services are provided at five facilities in Alberta and one facility in British Columbia.

This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The securities of Cancen have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This new release does not constitute an offer for sale of securities in the United States.