Canadian Leader Energy Inc. Announces Operating Results for Year Ended December 31, 1994.

CALGARY, Alberta--(BUSINESS WIRE)--May 16, 1995--Canadian Leader Energy (Alberta Stock Exchange:LOL) today reported its operating results for the year ended December 31, 1994. Cash flow from operations was $555,000 ($0.05 per share) on revenues of $1,739,000. Canadian Leader produced an average of 1,056 thousand cubic feet per day of natural gas and 176 barrels per day of oil and natural gas liquids for the year. Net earnings for the year was $13,000 ($0.00 per share).

In January, 1995, Canadian Leader purchased Sunlite Oil Company Limited and a portion of Canadian Oil & Gas Limited Partnership - I which has raised Company production to 3.5 MMcf/d natural gas and 300 barrels per day of oil and natural gas liquids. Properties developed in 1994, which are to be tied in during 1995 will add an additional 3 MMcf/d natural gas and 100 barrels per day of oil and natural gas liquids.

Canadian Leader Energy Inc. is a public company which shares trade on both the Toronto and Alberta stock exchanges under the trading symbol "LOL." -0-

Note to Editors: Neither the Toronto nor Alberta stock exchanges has approved or disapproved the contents contained herein.

CONTACT: Canadian Leader Energy, Inc.

Jeffrey L. Standen

or

Paul W.M. Read, 403/264-1095