CXZ Canext Energy Ltd

Canext Energy Ltd. ("Canext" or "the Company") (TSX VENTURE:CXZ) is pleased to
announce its bank credit facility has been increased to $14,000,000 as a result
of the bank annual review. As at December 31, 2008, Canext had a working capital
deficiency of $8,100,000 (unaudited) which included $2,082,000 of bank debt.
Even at current oil and gas prices the Company can comfortably fund its
$7,000,000 capital program through a combination of cash flow from operations
and bank debt.


On March 3, 2009, the Alberta Government announced a new well incentive program
and a drilling royalty credit for new wells. Wells brought on production after
April 1, 2009 will pay a 5% royalty for the first 12 months, subject to certain
limits. In addition, a drilling credit of $200 per meter drilled can be earned
and applied to Alberta Crown royalties subject to certain limits. More details
can be found on the Alberta Government website.


These programs will have an immediate positive impact on Canext's operations and
cash flow. The Company is planning to complete its third Montney horizontal well
(45% interest) at Pouce Coupe this month. The well will be brought on production
in April at a 5% royalty compared to a 25-30% royalty at $5.00/mscf under the
current royalty framework. In addition, the Company will tie-in another
horizontal (25% interest) and a vertical well (100% interest) in the second and
third quarters of 2009 which will qualify for these incentive volumes.


The Company estimates the drilling credit ($200/m) would have the effect of
lowering the finding and development costs ("F&D"). Based on 2008 results, F&D
for Pouce Coupe Montney gas would drop from $2.00/mscf to $1.72/mscf (14%
reduction) and for the Sweeney Triassic oil it would drop from $10.00/bbl to
$8.00/bbl (20% reduction).


The economic benefit of drilling Sweeney wells has improved significantly. Based
on $40/bbl US WTI, the Company estimates the recycle ratio (netback/F&D) would
be 3.5 assuming the 5% royalty, historical operating costs and the lower F&D.


Canext has placed an updated presentation on its website.

Reader advisory:

The term "BOE" may be misleading, particularly if used in isolation. In
accordance with NI 51-101, a BOE conversion ratio for natural gas of 6 mscf: 1
bbl has been used which is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. 


Investors are cautioned that the preceding statement of the Company may include
certain estimates, assumptions and other forward-looking information. The actual
future performance, developments and/or results of the Company may differ
materially from any or all of the forward-looking statements, which include
current expectations, estimates and projections, in all or part attributable to
general economic conditions and other risks, uncertainties and circumstances
partly or totally outside the control of the Company, including natural gas/oil
prices, reserve estimates, drilling risks, future production of gas and oil,
rates of inflation, changes in future costs and expenses related to the
activities involving the exploration, development and production of gas and oil
hedging, financing availability and other risks related to financial activities.

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