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 and six months ended
June 30, 2009.




                                     Three Months Ended    Six Months Ended
                                                   June                June
                                         2009      2008      2009      2008
----------------------------------------------------------------------------
Average daily production
Oil and NGLs bbls/d                       152       140       197       158
Natural gas (mcf/d)                     5,059     5,613     5,321     5,567
Production (boe/d)                        995     1,076     1,083     1,086

Highlights ($000's)
Revenue                                 2,399     6,524     5,846    11,909
Funds from operations                     347     3,479       931     5,821
Net income/(loss)                      (2,024)      376    (2,962)     (408)
Capital spending                          697     1,582     2,489     4,538
Acquisitions/(Dispositions)            (2,896)   (6,024)   (3,196)   (6,024)

Per Common Share
Funds from operations                    0.00      0.05      0.01      0.08
Net earnings/(loss)                     (0.02)     0.00     (0.03)    (0.01)

Balance Sheet at period end (000's)
Property, plant and equipment                              61,750    52,713
Working capital surplus/(deficit)                          (6,482)    6,793
Shareholders' equity                                       53,639    58,021

Wt average shares 000's                87,981    77,036    87,981    76,665
Outstanding at period end 000's                            87,981    88,485

Revenue $/boe                           26.49     66.65     29.81     60.26
Royalty $/boe                           (4.72)   (13.16)    (6.67)   (12.05)
Opcost $/boe                           (11.36)   (10.82)   (12.39)   (12.29)
Transportation $/boe                    (0.45)    (0.43)    (0.47)    (0.41)
Operating Netback $/boe                  9.96     42.24     10.28     35.51
G&A $/boe                               (5.53)    (5.63)    (5.05)    (4.91)

(1) Funds from operations and operating netbacks as presented do not have
    any standardized meaning prescribed by Canadian GAAP and therefore they
    may not be comparable with the calculation of similar measures for
    other entities.



Highlights:

- Production averaged 995 boe/d down 7.5% from same period last year due to
Sweeney oil production being shut-in for 62% of the quarter due to spring
break-up, resulting in a loss of 120 boe/d,


- Sold 1,150 mcf/d (190 boe/d) of producing assets at Worsley which closed on
May 29, 2009,


- Net debt was reduced to $6,482,000 down 28% from the first quarter of 2009,

- Operating costs per boe declined 14% from the first quarter of 2009,

- Funds from operations for Q2 2009 declined to $347,000 primarily due to a 64%
drop in realized natural gas prices and a 50% drop in oil and NGL prices as
compared to the same period in 2008,


- Operating netback averaged $9.96/boe and was negatively impacted by less
production from Sweeney which had an average operating netback of $20.29/boe.


Second Quarter Summary

Canext has emerged a stronger company following its most challenging quarter to
date. Despite a sharp reduction in natural gas prices combined with a lengthy
shut-in of its highest netback property, the Company maintained positive funds
from operations. Canext continued to move forward with its highly focused and
opportunistic business plan. Non-core short life natural gas reserves were sold
to strengthen the balance sheet which will allow the Company to redirect capital
into its higher value oil play at Sweeney.


In June the Company elected to shut-in 240 - 300 mcf/d (40 - 50 boe/d) of high
operating cost production. If natural gas prices continue to weaken additional
production may be shut-in.


Operational Update

Pouce Coupe

During the second quarter the Company brought on-stream its second Montney
horizontal well (45% WI) at Pouce Coupe. As discussed in the April 22, 2009
press release, the well was stimulated with three - 100 tonne foam fracs to test
a new completion technique. Results to date are encouraging with production
stabilizing at 90 - 100 boe/d (net 40 - 45 boe/d). However, the Company and its
partners have elected to defer the final five fracs until natural gas prices
recover. This has delayed the start-up of an incremental net 70-90 boe/d.


Production at Pouce Coupe averaged 392 boe/d for the second quarter which was up
from the first quarter despite having approximately 200 boe/d off line for 14
days for a third party plant turnaround.


Subsequent to the quarter a non operated Montney horizontal well (25% WI) was
brought on-stream at restricted rates of 1,200 mcf/d (300 mcf/d net or 50
boe/d).


Due to continued weak natural gas prices, the Company has deferred the tie-in of
a 100% well at Pouce Coupe which tested 800 mcf/d (130 boe/d) from the Upper and
Lower Montney. The tie-in route has been surveyed and the right of way is being
acquired which will allow the Company to quickly proceed with a tie-in once
conditions improve. Given the current climate for natural gas, the Company has
also deferred drilling additional wells at Pouce and has farmed out its 62.5% WI
in a shallow (non Montney) gas test.


Senior producers continue to be active proving up acreage directly offsetting
Canext. The Company has an inventory of 32 net horizontals based on three wells
per section in the Lower Montney and two wells per section in the Upper Montney.


Sweeney

Sweeney/Clear Prairie production averaged 132 boe/d for the second quarter down
from 253 boe/d in the first quarter. On-stream efficiency was only 38% for the
second quarter due to spring break-up limiting the ability of the Company to
truck out its oil production. The net effect was a loss of 120 boe/d. The 8-32
well continues to produce at 240 - 250 boe/d (140 - 150 boe/d net) with a high
pumping fluid level.


The Company recently acidized two wells which had shown high skin damage
limiting production. One well increased production from 30 bbls/d to 130 bbls/d
with a high fluid level however, the watercut increased from 4% to 75%
eliminating any gain in oil production. The second well was stimulated and saw
only a minor increase in production. Additional technical work including more
detailed core analysis will be conducted to help understand the damage
mechanism.


The Company is currently drilling a step out well (60% WI) at Sweeney. The well
encountered the target zone as expected and has been plugged back to begin
drilling a 250 m horizontal section in the zone of interest. The horizontal will
be left open hole to allow for increased inflow with reduced drawdown which will
maximize oil production while minimizing water production. A second well (60%)
is planned directly offsetting the prolific 8-32 well. This vertical well will
be drilled immediately after the horizontal.


The Company plans to move forward with additional oil infill and step out
locations this winter to maximize its return under the Alberta drilling and
incentive program which pays $200/m for drilling new wells and reduces the first
year royalty to 5%.


Outlook

The stronger balance sheet has allowed the Company to take a disciplined
approach to the timing of certain projects and temporarily suspend production at
higher operating cost properties. The Company is estimating approximately 290
boe/d remains off line pending a recovery in commodity prices. Production for
the third quarter is expected to average 900 boe/d. Capital spending in the
third quarter will be approximately $1,700,000 to drill, complete and equip a
60% WI horizontal and vertical well at Sweeney. The Company has budgeted
$5,000,000 for 2009 capital spending however, actual spending may be adjusted
based on the outlook for natural gas and/or oil prices.


Year end production is expected to return to 1,000 - 1,100 boe/d based on
additional production at Sweeney and assuming no recovery in gas prices. The
percentage of oil and liquids production is expected to increase to 40% from 20%
at the start of the year. The increased weighting on oil and lower royalties for
new wells are expected to significantly increase the operating netback and funds
from operations for the Company.


With the healthy balance sheet and impressive inventory of oil and natural gas
development projects, the Company is in a favorable position to react to those
opportunities which provide the best return for our shareholders.


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.
The Company's forward looking statements are expressly qualified in their
entirety by this cautionary statement. Except as required by law, the Company
undertakes no obligation to publicly update or revise any forward-looking
statements.

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