Candax Energy Inc. Press Releases

Candax Announces Chairman Appointment

Tue, 29 Jun 2010 13:49:00 -0400

TORONTO, ONTARIO--(Marketwire - June 29, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) announces that Benoit Debray has been appointed by the Board of Candax as Non-Executive Chairman. Mr. Debray has 27 years of experience in the international E&P and oilfield service industries. Until recently, he was the Chief Operating Officer and a board member of Geoservices, a former subsidiary of Geofinance N.V. Prior to joining Geoservices, Mr. Debray was drilling and production deputy director for the French Institute of Petroleum. His initial position in the E&P industry was with Elf Aquitaine as a reservoir engineer and he has extensive service industry and operations experience in well testing and production logging, R&D, marketing and key account management. Mr. Debray graduated with a degree in petroleum engineering and mechanical engineering from Ecole Centrale de Nantes and he holds an Executive MBA from HEC Paris.

Murray Grant, Director of Candax and Partner of Actis LLP, commented:

"We welcome the appointment of Benoit Debray as Chairman of Candax and note his extensive upstream experience in the past. I would like to take this opportunity to thank Adrian Loader for his contribution and commitment to Candax over the past two and a half years and in particular the role that he played in the strategic process that resulted in the investment in Candax by Geofinance N.V."

In other news, Candax announces that it has withdrawn the farm-out process with EAX, Candax's 40% partner on Block 1101 in Madagascar. Candax will remain operator and will pursue the Partners' goal of drilling an exploration well whilst reviewing its strategic options.

Candax Energy Inc. is an international energy company with its head office in Toronto and offices in London, Tunis, and Madagascar. The Candax group is engaged in exploration and the production of oil and gas and power generation in Tunisia and holds an interest in an exploration permit in Madagascar.

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax Energy Inc.
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com
        www.candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Provides Update on Chaal Permit

Tue, 15 Jun 2010 17:30:00 -0400

TORONTO, ONTARIO--(Marketwire - June 15, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) announces that Falcan Chaal Petroleum Limited ("Falcan Chaal"), a 100% owned subsidiary of Candax, and the operator of the Chaal Permit (the "Permit") has received notification from Tunisia's Directeur General de l'Energie that its request for an extension to the Permit has not been accepted and that the Permit has been canceled. Having requested a one year extension with the intention of testing the commerciality of the Chaal-1 gas discovery, Candax and its partners contest this decision which, if upheld, may result in penalties being incurred.

Richard Norris, President & CEO commented:

"Given the hard work and good faith shown by all parties in concluding the farm-out with SacOil Holdings Limited as announced on May 11, which guaranteed sufficient funds to perform the side-track and test the Chaal-1 discovery, we are disappointed by the current decision of the Directeur General de l'Energie. With the support of the existing Partners we were anticipating a rapid spud of the proposed side track which was planned to confirm the commerciality of the Chaal-1 discovery. Although the refusal of the extension is clearly an unexpected and discouraging development, we intend to pursue all avenues open to us to reinstate the Permit to enable planned operations on Chaal."

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax Energy Inc.
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com
        www.candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Commences Work-over Program at Ezzaouia

Mon, 14 Jun 2010 08:00:00 -0400

TORONTO, ONTARIO--(Marketwire - June 14, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) is pleased to announce the start of the two well side-track program on the Maretap-operated Ezzaouia field, following a successful final inspection of the Ulysse rig and the commencement of operations.

The workover program includes two sidetracks to existing, but non-producing wells, as well as contingent work-overs on two further wells. The first sidetrack, EZZ-5ST, will target the same Cretaceous Zebbag dolomite zones which were found to contain bypassed oil by EZZ-10ST in 2007 and which initially produced at approximately 2,500 bopd. The second sidetrack, EZZ-2ST will target the lower zones of the Jurassic M'Rabtine reservoir in order to investigate potentially unproduced oil zones and to overcome the mechanical problems which led to the shutdown of EZZ-2 in early 2009. These side-tracks are expected to take between 25 and 30 days each to complete. Results of the two sidetracks will be announced after the work-over program has been finalized.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Receives $6.4 Million from Geofinance Exercise of Warrants

Thu, 27 May 2010 09:16:00 -0400

TORONTO, ONTARIO--(Marketwire - May 27, 2010) -

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

Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX) is pleased to announce that Geofinance N.V. ("Geofinance") has exercised warrants to acquire 75,666,666 common shares of Candax at an exercise price of $0.08462 per common share, being the volume weighted average trading price calculated based on the last five days of trading. The total proceeds to Candax from this warrant exercise were $6,402,913. The acquisition of the common shares issued upon the exercise of the warrants increased the number of common shares of Candax held by Geofinance's ownership to 220,111,110 common shares, representing 56.5% of those outstanding. The common shares issued upon exercise of the warrants are subject to a hold period which expires on August 1, 2010.

Matthieu Milandri, Chief Financial Officer commented,

"We are pleased that Geofinance has decided to continue to invest in Candax. We believe it shows the confidence Geofinance has in Candax's future and assets. These equity proceeds increase Candax's financial flexibility at a time when the Company is designing significant work programs on its main assets."

About Candax Energy Inc.

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Finalizes Subordinated Working Capital Loan with Geofinance N.V.

Wed, 19 May 2010 17:17:00 -0400

TORONTO, ONTARIO--(Marketwire - May 19, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) is pleased to announce that the documentation for the previously announced EUR 2,000,000 (C$2,600,000) subordinated working capital loan (the "Shareholder Loan") with Geofinance N.V. ("Geofinance") has been executed.

The Shareholder Loan is available immediately for working capital requirements of Candax and utilization will be subject to Geofinance's approval. The Shareholder Loan has an interest rate of 3.5% per annum and a maturity date of July 15, 2014. The Shareholder Loan is subordinated to the Amendment and Restatement Agreement provided by Bank of Scotland plc and repayments are governed by a subordination agreement entered into by Candax, Geofinance and Bank of Scotland plc.

About Candax Energy Inc.

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com
        www.candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Reports First Quarter 2010 Results

Fri, 14 May 2010 17:41:00 -0400

TORONTO, ONTARIO--(Marketwire - May 14, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) reports revenues of $Nil for the first quarter of 2010 compared to $8.3 million for the same period in 2009. Due to the lack of revenues in the first quarter, the Company had negative cash flow from its operating activities of $8.8 million compared to positive cash flow of $5.1 million for the same period in 2009. Candax recorded a loss of $3.6 million ($0.02 per common share) for the three months ended March 31, 2010, compared to a loss of $13.9 million ($0.08 per common share) for the same period in 2009. The loss was substantially less for the first quarter of 2010 compared to the same period in 2009 as there was no depletion charge related to oil sales in the first quarter of 2010.

Candax's net average production for the first quarter of 2010 was 265 boepd, compared to 1,651 boepd in the same period for 2009. Production was comprised of 265 bopd compared to 1,063 bopd and 3.5 mmcf/d in 2009. The decrease in production is primarily attributable to the current shut-in of the El Bibane field pending the Phase 2 workover which is scheduled for the second quarter 2010. Production from Ezzaouia in the first quarter of 2010 was also lower than in 2009 due to the natural depletion of the field and the absence of capital expenditures while waiting for a suitable workover rig to arrive in Tunisia.

As at March 31, 2010, Candax had cash and cash equivalents of $1.8 million which amount was increased to $14.8 million on April 1, 2010 when the $13.0 million in proceeds from the issuance of common shares to Geofinance NV were received. The Company had utilized US$43.9 million of its US$45.0 million credit facility as at March 31, 2010. Capital expenditures in the first quarter were $1.3 million. Candax's first quarter 2010 Interim Consolidated Financial Statements and Management's Discussion and Analysis may be viewed under the Candax profile at www.sedar.com.

Richard Norris, President & CEO stated: "While expected, these results show that there is a lot of work to be done to reestablish Candax as a sound and forward-looking oil and gas company. We are focused on improving production with the second phase of the program on El Bibane to perform workovers on wells EBB3 and EBB4 and the work plan on Ezzaouia, which will commence shortly now that the rig has been installed on the field. In parallel, to allow the Company to progress its other assets, Candax has executed a farm-out agreement with SacOil Holdings Limited ("SacOil") on the Chaal Permit (as announced on May 11, 2010), which remains subject to conditions precedent, including the approval of a one-year extension of the license. If approved, this farm-out agreement provides that SacOil will carry Candax on the sidetrack to be drilled (up to a gross amount of US$8 million). On Madagascar, we have entered into a heads of agreement with our partner in the block, EAX, to assign 40% of our 60% working interest to EAX, in exchange for a carry on the first well. We expect to enter into a binding farm-out agreement shortly."

About Candax Energy Inc.

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward- looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com.

Source: Candax Energy Inc.

Candax Enters Into Farm-Out Agreement on Chaal Permit

Tue, 11 May 2010 11:13:00 -0400

TORONTO, ONTARIO--(Marketwire - May 11, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) announces that the Company has entered into a Farm-Out Agreement (the "Agreement") on the Chaal Permit with SacOil Holdings Limited, an international upstream oil and gas company ("SacOil"), listed on the Johannesburg Stock Exchange ("JSE").

The Agreement provides for SacOil to earn a 55% interest in the Chaal permit by paying for 80% of the costs related to the drilling of a sidetrack to the previously drilled Chaal-1 well, up to a limit of US$6.4 million (corresponding to a gross estimated cost of the sidetrack of US$8 million). Candax, through its wholly owned subsidiary Falcan Chaal Petroleum Limited will retain operatorship and an 18.75% interest in the field and Candax partners SMIP (Societe de Maintenance d'Installations Petrolieres) and Mitsubishi Corporation will hold 6.25% and 20%, respectively. SacOil will also pay Candax US$3.6 million at the time a development plan for the field is approved by the Tunisian authorities, which is expected to occur after the sidetrack has demonstrated commercial quantities of natural gas.

A one-year extension of the Chaal permit is a condition precedent to the Agreement, which also remains subject to certain other conditions precedent, including, but not limited to, the acceptance of the Agreement by the Tunisian authorities, the Bank of Scotland (lender to Candax) and the shareholders of SacOil. Candax and its partners intend to initiate formal discussions with the Tunisian authorities very shortly on the possibility of an extension.

Richard Norris, CEO of Candax, stated: "We are pleased to enter into this Agreement with a financially strong partner, which if accepted, will allow us to move forward with the exciting Chaal project and commence designing the best possible solutions to ensure commercial gas flows from the Chaal-1 appraisal side track. Not only will this farm-out potentially allow for flow testing appraisal of the Chaal-1 discovery, but it will also limit the cash commitment of Candax at a time when our efforts are focused on restoring production at El Bibane, which remains key in generating positive cash flows again."

SacOil (formerly SA Mineral Resources Corporation Limited) was historically a diversified mineral resources company focused on the exploration and evaluation of diversified mineral resources deposits and the development of mineral resource based projects in Africa. SacOil was listed in 1994 on the venture capital sector of the JSE and has since been relisted under the oil and gas subsector of the JSE as its focus changed to being an integrated oil and gas entity refocused on acquiring oil and gas assets in Africa. SacOil has strong institutional backing and its current shareholders include Investec Bank Limited, Metropolitan Asset Managers and the South African Export Fund. SacOil's two major institutional shareholders, Investec Bank Limited (which has assets under management in excess of GBP 52 billion) and Metropolitan Asset Managers (which has assets under management in excess of US$13 billion) financially support SacOil's transactions.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Provides Operations Update

Thu, 22 Apr 2010 08:39:00 -0400

TORONTO, ONTARIO--(Marketwire - April 22, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) reports that the work-over intended to reconnect the parted tubing on the El Bibane 3 (EBB-3) well has been completed. The work-over commenced on March 19 and the jack-up barge was released on April 2.

The work-over successfully retrieved the parted tubing from the well and it was determined that a packer failure and slippage of the entire down-hole production string had occurred which caused the original tubing break. After repair, the well was initially restarted under gas-lift on April 12, with evidence of liquids coming to surface, but this was curtailed by surface valve problems. Once the surface valve was reopened the gas-lift pressure remained low and no further liquids were seen on surface. Subsequent tests indicate that the replaced tubing failed, most likely at approximately the same depth as the original break. Although this result is clearly disappointing, the reconnection work-over was always considered to be a temporary fix to the existing tubing configuration, and it was recognized from the outset that further work would be required for a permanent solution, which work is planned for Phase 2 of the well interventions.

Candax is now focused on planning of Phase 2 of the EBB-3 and EBB-4 well interventions that will replace the entire damaged tubing string and reduce water production with the objective being the restoration of oil production to levels at or above those last experienced in mid-2009. Phase 2 will be a rig-based intervention that is expected to commence mid-year and until the well interventions are undertaken, wells EBB-3 and EBB-4 will remain shut-in. Candax is approaching the design and implementation of Phase 2 with due care and attention, in consultation with partners and other stakeholders.

On the Ezzaouia field, production has resumed at normal levels on EZZ-17 following four days shut-in due to flow-line problems. EZZ-17 continues to produce over 200 bopd on natural flow. Candax also reports that the rig which will be used for the side-track campaign on EZZ-2 and EZZ-5 arrived in Zarzis on Thursday, April 15, and mobilization to the EZZ-5 well location was completed over the weekend. The rig-up is expected to be completed by Sunday, April 25 at which time the rig will undergo a final inspection prior to commencing work.

About Candax Energy Inc.

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com
        www.candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Reports 2009 Results

Thu, 01 Apr 2010 08:48:00 -0400

TORONTO, ONTARIO--(Marketwire - April 1, 2010) -

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

Candax Energy Inc. (TSX:CAX) today announced its financial results for the year ended December 31, 2009. The financial results are presented in accordance with Canadian GAAP and the reporting currency is Canadian dollars.

Revenues for the year were $28.1 million compared to $34.8 million in 2008. The decrease in revenue was due to lower average oil prices in 2009 compared to 2008 although net sales volumes were higher in 2009 than in 2008. In 2009, 423,882 barrels of oil were sold at an average price US$52.25 compared to 317,296 barrels at an average price of US$95.86. Production decreased in 2009 to 818 bopd from 2008 of 1,056 bopd as a result of production problems on the offshore El-Bibane field.

The Company generated positive cash flow from its operating activities of $11.7 million in 2009 as compared to $13.6 million in 2008.

Candax reports a loss for 2009 of $61.2 million ($0.36 per common share) compared to a loss of $13.1 million ($0.08 per common share) for 2008. The 2009 loss includes a charge for depletion, depreciation and amortization (DD&A) of $45.6 million (2008 - $25.7 million). The significant increase in DD&A in 2009 over 2008 is due primarily to a higher unit of production rate resulting from a downward revision to proven reserves as at December 31, 2009 as compared to the position at December 31, 2008. As well, a non-cash asset impairment charge of $20.6 million was taken after giving consideration to the carrying cost of certain exploration and appraisal assets as well as a general asset impairment charge. Capital additions in 2009 were $7.3 million, compared to $66.2 million in 2008.

As at December 31, 2009, Candax held cash and cash equivalents of $9.8 million. The amount drawn down by the Company under its borrowing base facility was $46.1 million at December 31, 2009 of which $8.4 million is classified as current.

Candax has filed its audited financial statements and accompanying notes for the financial year ended December 31, 2009 and related management's discussion and analysis with the Canadian securities regulatory authorities. Copies of these disclosure documents may be obtained under the profile of Candax at www.sedar.com.

Year End Reserves

Candax also announces an update to its net reserves as of December 31, 2009, with total Proven plus Probable Reserves (2P) of oil 3.5 MMbbls (2008 - 3.9 MMbbls) and 4.6 MMboe. Proved Reserves of oil were 1.1 MMbbls (2008 - 2.0 MMbbls) and 1.5 MMboe. The reduction in Proved Reserves is largely due to the production of reserves during the year and the underperformance of certain Ezzaouia wells, the delay in the drilling programs of the Ezzaouia and Robbana sidetracks and the continuing technical difficulties in the El Bibane wells.

The net present value (NPV) of the future cash flows (escalated price forecast, after tax and discounted at 10%) attributable to the 2P reserves is valued at $138.5 million (compared to $165.5 million in 2008). An independent engineering report was prepared by Ryder Scott Company Petroleum Consultants for all of Candax's producing properties in Tunisia. The report was prepared in accordance with NI 51-101 guidelines and more details on the reserves and valuations will be available in the Company's Annual Information Form which will be filed on SEDAR.

The Contingent Resources have not been updated from those reported in Company's AIF filed on SEDAR on April 8, 2008.

About Candax Energy Inc.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.

Candax Closes Private Placement With Geofinance NV and Finalizes Facility Restructuring With Bank of Scotland

Thu, 01 Apr 2010 07:52:00 -0400

TORONTO, ONTARIO--(Marketwire - April 1, 2010) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) is pleased to announce that the private placement (the "Transaction") by the Company of 144,444,444 units of the Company (the "Units") at the price of C$0.09 per Unit for gross proceeds of C$13,000,000 to Geofinance N.V. ("Geofinance") pursuant to an investment agreement dated January 29, 2010 between Candax and Geofinance, as amended from time to time (the "Agreement") and announced in press releases of the Company dated February 1, 2010 and March 10, 2010 closed effective March 31, 2010. Each Unit is comprised of one common share of the Company ("Common Share") and 0.6 of one common share purchase warrant (each whole warrant a "Warrant"). The Warrants may be exercised for a period of one year from the date of the closing of the Transaction at a price equal to the current market price (calculated on the basis of a five day volume weighted average trading price for the Common Shares on the TSX) on the date of exercise. The Warrants are transferable and contain standard anti-dilution provisions in the event that the Company should undertake a share reorganization, a rights offering, a special distribution or a capital reorganization. The securities issued pursuant to the Transaction are subject to a four month hold period and receipt of final approval from the Toronto Stock Exchange.

In support of Candax and concurrent with the closing of the Transaction, Geofinance has agreed to provide up to EUR2,000,000 to be available to Candax in the form of a subordinated working capital loan to be drawn upon at the request of Candax and provided at the discretion of Geofinance. The Board and Bank of Scotland have approved in principle the entering into of a subordinated working capital loan. Formal documentation has not been drafted and completion is subject to applicable securities laws and regulatory approval.

Bank of Scotland

Candax has concluded an Amendment and Restatement Agreement (the "Agreement") with the Bank of Scotland in relation to its Borrowing Base Facility. The Agreement provides for the extension of the final maturity date of the facility to June 30, 2014 and rescheduling of repayments while splitting outstanding amounts into two tranches; the Borrowing Base Amount and an Excess Tranche. Interest on the Borrowing Base Amount is calculated at US$ LIBOR plus 4% and on the Excess Tranche at US$ LIBOR plus 9.5%. Restructuring fees of US$900,000 are expected to be payable on December 31, 2010. The timing of the repayment obligations of the Company which amount to US$8 million for the next 12 months will be dependent upon cash flow generated from operations but are required to be paid, in any case, no later than December 31, 2010.

Board of Directors

As part of the additional terms of the Transaction, John Cullen, Adrian Jackson and Michael Wood have tendered their resignations as directors of Candax. New members of the board are Thomas Rebilly, Dr. Richard Norris and Stephen Drinkwater. Biographies of the new directors were disclosed in the Company's press release of March 10, 2010. Messrs. Adrian Loader, Murray Grant and Christopher Irwin will remain on the board of directors of Candax.

Candax Management

Management changes include the resignations of Don Munn, Executive Vice President, Business Development, John Willis, Chief Operating Officer, and David Wilson, Executive Vice President, Technical. Michael Wood, President & Chief Executive Officer and Hywel John, Chief Financial Officer have agreed to resign following the filing of year-end reporting documents. All resigning management members have entered into settlement agreements with Geofinance and have agreed to assist with the transition for a period of time. New members of management are Dr. Richard Norris, who will replace Michael Wood as President & Chief Executive Officer, Matthieu Milandri who will replace Hywel John as Chief Financial Officer and Bertrand Launois, who will replace John Willis as Chief Operating Officer. Biographies of the new members of Candax management were disclosed in the Company's press release of March 10, 2010.

Adrian Loader, Chairman of Candax stated:

"I am delighted with the investment in Candax by Geofinance which will enhance Candax's prospects by strengthening the balance sheet and bringing additional technical support to the Company. I would like to thank the departing directors and the outgoing management team for their contribution and commitment, especially in recent months, and to wish them well for the future. At the same time I would like to extend a warm welcome to the incoming directors to the Board and management team, and to wish them every success in their new roles."

Thomas Rebilly, Director stated:

"Geofinance is very pleased to enter into the capital of Candax as a new shareholder. The injection of new equity is a means not only to resume necessary activity, but also to revalue the portfolio of assets. Candax has clear potential for growth that needs to be nurtured and encouraged. We look forward to supporting the new management who by focusing on pragmatic and achievable steps can develop this value for all shareholders."

About Candax Energy Inc.

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Candax
        Charlotte May
        Corporate Secretary
        416 364 3353
        cmay@candax.com

        CHF Investor Relations
        Jeanny So
        Account Manager
        416 868 1079 ext. 225
        jeanny@chfir.com

Source: Candax Energy Inc.