CXZ Canext Energy Ltd

Canext Energy Ltd. ("Canext" or the "Company") (TSX VENTURE:CXZ) is pleased to
announce its operating and financial results for the three months ended March
31, 2009.




                            Three Months Ended                             
                        March 31,  December 31,          March 31,         
                            2009          2008  % Change     2008  % Change
----------------------------------------------------------------------------

Production (boe/d)         1,173         1,103         6%   1,096         7%

Highlights ($000's)
Revenue                    3,447         4,579       -25%   5,385       -36%
Funds from operations        584         1,921       -70%   2,342       -75%
Net loss                     938           536        75%     784        20%
Capital spending           1,492         6,767       -78%   2,956       -50%

Per Common Share
Funds from operations       0.01          0.02       -69%    0.03       -78%
Net loss                    0.01          0.01        76%    0.01         6%

Balance Sheet at period
 end ($ 000's)
Property, plant and
 equipment                66,069        66,998        -1%  60,194        10%
Working capital
 deficiency excluding
 bank debt                   779         6,038       -87%   1,168       -33%
Bank debt                  8,249         2,082       296%   9,695       -15%
Shareholders' equity      55,417        57,259        -3%  47,657        16%

Wt average shares 000's   87,981        88,273         0%  76,294        15%
Outstanding at period
 end 000's                87,981        87,981         0%  76,228        15%

Revenue $/boe              32.66         45.10       -28%   53.99       -40%
Royalty $/boe              (8.35)        (8.40)       -1%  (10.96)      -24%
Opcost $/boe              (13.28)       (13.41)       -1%  (13.74)       -3%
Transportation $/boe       (0.48)        (0.46)        4%   (0.39)       23%
Operating Netback $/boe    10.55         22.83       -54%   28.90       -63%
G&A                        (4.63)        (3.80)       22%   (4.19)       11%



Canext did not drill any wells in the first quarter of 2009. The Company focused
on low risk completion and tie-in efforts while maintaining a strong balance
sheet. Production average 1,173 boe/d up 6% from the fourth quarter. The
production increase came from two (0.8 net) new wells which more than offset
production declines and downtime due to several freeze offs in January and third
party compressor modifications at Pouce Coupe. In addition, the Company shut-in
approximately 35 boe/d due to low prices and high operating costs.


On March 3, 2009 the Alberta government announced drilling credits of $200/meter
for wells drilled after April 1, 2009 and royalty incentives (maximum 5%
royalty) for wells brought on production after April 1, 2009. At the end of the
quarter the Company had four (2.3 net) wells which had not been placed on-stream
and would qualify for the reduced royalty. One of the wells (45% WI) has since
been brought on-stream at Pouce Coupe while another well (25% WI) at Pouce is
planned for after break-up. Timing for tie-in of the other wells will depend on
strategic decisions including best use of funds and/or natural gas prices.


Pouce Coupe Montney/Doig Update

During the first quarter of 2009 Canext completed its third horizontal well (45%
working interest) in the Montney formation. The well was completed with only
three fracs to test the zone and the completion technique. Production commenced
on April 16 and has averaged 560 mscf/d and 60 barrels of oil per day. Based on
the positive results, Canext is currently reviewing a plan with its partners to
complete an additional five fracs in June to increase production. The Company
believes the economics are favourable given the 5% royalty and the fact the well
is already tied in.


Due to continued short term weakness in natural gas prices the Company has
deferred its plans to drill additional horizontals wells at Pouce Coupe this
year. The decision will be re-evaluated from time to time based on gas price
outlook and available funds.


Sweeney

The Company shut-in approximately 200 boe/d from three (1.7 net) wells at
Sweeney on April 8, 2009 for spring break-up. One well was placed back on
production on May 18 and the other wells are expected to come on line in the
next week or two.


During the downtime, the Company completed additional detailed pressure build-up
analysis on all wells in the field. The results suggested two of the wells have
high near wellbore skin damage (+42 and + 24) and therefore, if stimulated,
production could be increased. Prior to being shut-in the wells were producing
20 and 40 bbls/d with less than a 4% water cut. If stimulated, the theoretical
productive capacity would be over 150 and 200 bbls/d respectively. The best well
in field indicated no near wellbore damage and was producing 240 bbls/d prior to
being shut-in for break-up. The Company is currently evaluating stimulation
programs with its partners.


The Company is proceeding to scout and survey three (1.8 net) locations to drill
new quarter sections directly offsetting the best producer. One of the locations
will be contingent on success and/or available funds. This program should
commence late summer or early fall. The Company estimates these lower risk wells
could provide a significant economic benefit given they would qualify for a
drilling credit and lower royalties.


Property Disposition

Canext is currently evaluating opportunities to sell certain non core assets.
The Company has signed a letter of intent on its Worsley property. The acquirer
is currently completing due diligence and if favorable, the transaction is
expected to close on May 29, 2009. If successful, the proceeds will be initially
applied to reduce debt and then to fund an expanded development drilling program
at Sweeney.


Outlook

Due to continued weakness in natural gas prices, the 2009 capital program has
been reduced to $5,000,000 from $7,000,000. Based on the reduced spending the
Company is revising its estimated 2009 average production to 1,100 boe/d from
1,200 boe/d. This implies a modest increase from the 2008 average production of
1,066 boe/d.


The Company's current production mix is weighted heavily (80%) towards natural
gas. With the recent Montney oil production and high impact lower risk Sweeney
opportunities, the production mix is expected to get oilier throughout the year.
The increased oil weighting will have a positive impact on netbacks and cash
flow.


Canext has taken certain steps to reduce its general and administrative (G&A)
and field operating costs. The majority of these cost savings will be realized
in the second half of the year and are expected to improve the netbacks and
strengthen the cash flow.


The Company will continue to evaluate merger and acquisition opportunities which
can be completed to the benefit of all Canext's shareholders. The objective is
to strengthen the balance sheet and cash flow allowing for an expanded
development drilling program.


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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