Canadian 88 Announces Intention to Purchase Further Shares.

CALGARY, ALBERTA--(BUSINESS WIRE)--March 1, 1999-- Canadian 88 Energy C(TSE:EEE.) (Alberta Stock Exchange:EEE.) (AMEX:EEE) Canadian 88 Energy Corp. (Canadian 88) announced today that it intends to purchase for cancellation up to 2,500,000 of its Common Shares, representing approximately 2.6 percent of Canadian 88's public float of approximately 96,075,819 Common Shares (and representing approximately 2.4 percent of Canadian 88's 105,042,430 issued and outstanding Common Shares).

The purchases may commence on March 3, 1999 and terminate on March 2, 2000, or on such earlier date as Canadian 88 may complete its purchases pursuant to the notices of intention to make a normal course issuer bid filed with The Toronto Stock Exchange. Purchases will be made on the open market through the facilities of The Toronto Stock Exchange in accordance with its rules and by-laws. The price to be paid will be the market price of such shares at the time of acquisition.

Canadian 88 has purchased 638,800 of its Common Shares within the past 12 months at an average purchase price of $5.92 per share.

Canadian 88 believes that the market price of its Common Shares could be such that their purchase may be an attractive and appropriate use for corporate funds in light of potential benefits to remaining shareholders.