Canadian 88 Board Rejects Canadian Superior Proposal.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--May 9, 2001

The Board of Directors of Canadian 88 Energy Corp.(TSE:EEE.) (AMEX:EEE) today rejected a merger proposal from Canadian Superior Energy Inc. that was made public April 26, 2001.

Duke Energy, which owns approximately 20 per cent of Canadian 88 shares, has confirmed to the Board that it does not support the Canadian Superior proposal. The Board noted that the proposed merger did not offer enhanced liquidity or incremental value for Canadian 88 shareholders. Canadian Superior offers no cash inducement to Canadian 88 shareholders and the implied share exchange ratio is well below historical average ratios. Canadian Superior Energy is less than one-tenth the size of Canadian 88 Energy. The net effect of the merger proposal would be to change the Canadian 88 management team, which is successfully engineering a financial and operational turnaround, without a meaningful contribution of assets, reserves, production or cash flow from Canadian Superior.

Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with its head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto and American Stock Exchanges.

      For further information please contact:
Canadian 88 Energy Corp.
700, 400-3rd Ave. S.W.
Calgary, AB
T2P 4H2

The information contained herein has neither been approved nor disapproved by the respective Exchanges.