Canadian 88 Energy Corp. Announces Completion of Equity Financing.

CALGARY, Alberta--(BUSINESS WIRE)--April 28, 1998--Canadian 88 Energy Corp. (TSE:EEE.) (Alberta Stock Exchange:EEE.) (AMEX:EEE) of Calgary, Alberta announced today that it has completed the issue of 5,000,000 common shares at $7.40 per share, for gross proceeds of $37 million, pursuant to an underwriting agreement entered into on April 3, 1998. The underwriting syndicate was led by Goepel McDermid Inc. The other members of the syndicate were Maison Placements Canada Inc., Peters & Co. Limited, Credit Suisse First Boston Securities Canada Inc. and Research Capital Corporation. Proceeds of the issue will be used for Canadian 88's capital expenditure program which is estimated to be a minimum of $175 million in 1998.

In addition, Canadian 88 committed on April 6, 1998 to issue 1,290,323 flow-through common shares to a single purchaser on a private placement basis at a price of $7.75 per share for gross proceeds of $10 million.

Canadian 88 Energy Corp. is an independent exploration and production company with shares listed for trading on the Toronto, Alberta and American Stock Exchanges under the trading symbol "EEE".

"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: Any statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties. Canadian 88's actual results could differ materially from those expressed or implied by such forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to: competition, general economic conditions, currency fluctuations and other risks detailed in Canadian 88's filings with the U.S. Securities and Exchange Commission.

CONTACT: Canadian 88 Energy Corp.

Greg Noval, 403/974-8800