Canadian 88 Energy Corp. Announces Blackstone Test Results.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 6, 2001

Canadian 88 Energy Corp. (AMEX:EEE)(TSE:EEE.) of Calgary, Alberta announced today that it has successfully completed and production tested a significant deep natural gas well in Western Alberta.

The well, located at 4-10-45-16W5, is a major step out into the prolific Blackstone Devonian Swan Hills gas pool.

The Blackstone pool, located 240 kilometers (150 miles) northwest of Calgary, was discovered in 1984 and has produced 416 Bcf of sales gas from four wells to date and has an estimated 384 Bcf of sales gas remaining. Three wells are currently on production in the pool, ranging in production rate from 27 MMscf/d to 44 MMscf/d. Canadian 88 as operator, has a 37.5 percent working interest in the well.

Flow rates during the production test were restricted by the terms of the flaring permit. The well readily flowed at the maximum allowed rate of 9.8 MMscf/d on a 40/64 inch choke size with a flowing tubing pressure of 1,676 psi and only 4% bottom hole pressure drawdown. From this test data the production rate at the gathering system pressure is estimated to be 30 MMscf/d. The well flowed for three days on test and as has not yet recovered all of the completion fluid. The production rate after cleanup is expected to be higher than the current estimated rate.

The well confirms the company's Swan Hills reservoir expertise where three additional high impact Swan Hills prospects at Ram, Raven, and Cremona are planned to be drilled in the near future. A second well at Blackstone is also planned for 2002.

The 4-10 Blackstone well is scheduled to be tied in and put on production by February 2002. Due to restrictions in the existing gathering system, production will initially be limited to a rate of 10 MMscf/d. The well will reach its full production rate by late 2002 when expansion of the gathering system is completed.

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

Forward-Looking Information

This release contains statements that constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21 of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties including those described in our filings with Canadian and U.S. securities commissions, and that the actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. We have based these forward-looking statements on information currently available and disclaim any intention or obligation to update or revise any forward-looking statement.