XPL Canadian Energy Exploration Inc.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Standard Exploration Ltd. ("Standard") (TSX VENTURE:SDE) and Canadian Energy
Exploration Inc. ("Canadian Energy") (TSX VENTURE:XPL) are pleased to announce
the successful closing of the previously announced (on August 20, 2012)
acquisition of Canadian Energy by Standard by way of plan of arrangement
pursuant the provisions of the Business Corporations Act (Alberta) (the
"Arrangement"). Pursuant to the Arrangement, Standard acquired all of the issued
and outstanding common shares of Canadian Energy (the "Canadian Energy Shares")
(whereby each Canadian Energy Share was exchanged for 0.13986 (the "Exchange
Ratio") of a common share of Standard (a "Standard Share")). Standard issued an
aggregate of 17,978,619 Standard Shares, for the acquisition of all of the
issued and outstanding Canadian Energy Shares. After the completion of the
Arrangement, there are 81,430,907 Standard Shares issued and outstanding on a
non-diluted basis. 


As a result of the completion of the Arrangement, Canadian Energy is now a
wholly-owned subsidiary of Standard. Each of the former officers and directors
of Canadian Energy have resigned from Canadian Energy and pursuant to the
Arrangement, Standard has appointed John McGilvray, previously a member of the
board of directors of Canadian Energy, to the board of directors of Standard.


In addition, options to acquire Canadian Energy Shares and warrants to acquire
Canadian Energy Shares shall, in accordance with their respective terms, cease
to constitute a right to acquire Canadian Energy Shares and shall now constitute
a right to acquire Standard Shares (as adjusted by the Exchange Ratio). Standard
and Canadian Energy anticipate that the Canadian Energy Shares will be delisted
from trading on the TSX Venture Exchange within two to three business days.


Standard is in a position to continue their focus on mergers/acquisitions and
continue to develop drilling opportunities. Standard currently has:




--  $6.5 million in cash 
--  $6.2 million proved plus probable reserves, discounted at 10%, effective
    March 31, 2012 
--  75-80 boe/d of which 90% is oil 
--  Net operating income estimate of $65,000 per month or $780,000/annum 



In the very near term (to the end of 2012), Standard plans to spend $1.3 million
on drilling and seismic activities to fulfill a flow thru obligation of Canadian
Energy.


Sayer Securities Inc. acted as exclusive financial advisor to Canadian Energy
with respect to the Arrangement. 


The Arrangement has been conditionally accepted by the TSX Venture Exchange.
Final acceptance of the TSX Venture Exchange is subject to the satisfaction of a
number of customary conditions.


READER ADVISORIES

Forward-Looking Information - This press release contains forward-looking
statements and forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" and similar expressions are intended to identify
forward-looking information or statements. More particularly and without
limitation, this press release contains forward looking statements and
information concerning the combined company's exploration and development
activities, working capital, production, reserves, cash flow, undeveloped land
holdings, anticipated benefits from the Arrangement and concerning the delisting
of the Canadian Energy Shares from the TSX Venture Exchange. The forward-looking
statements and information are based on certain key expectations and assumptions
made by Standard and Canadian Energy, including expectations and assumptions
concerning prevailing commodity prices and exchange rates, applicable royalty
rates and tax laws; future well production rates and reserve volumes; the timing
of receipt of regulatory approvals, the performance of existing wells; the
success obtained in drilling new wells; and the sufficiency of budgeted capital
expenditures in carrying out planned activities; and the availability and cost
of labour and services. Although Standard and Canadian Energy believe that the
expectations and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be placed on the
forward looking statements and information because Standard and Canadian Energy
can give no assurance that they will prove to be correct. Since forward-looking
statements and information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. 


These include, but are not limited to, the risks associated with the oil and gas
industry in general such as operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to reserves,
production, costs and expenses; health, safety and environmental risks;
commodity price and exchange rate fluctuations; marketing and transportation;
loss of markets; environmental risks; competition; incorrect assessment of the
value of acquisitions; failure to realize the anticipated benefits of
acquisitions; ability to access sufficient capital from internal and external
sources; failure to obtain required regulatory and other approvals; and changes
in legislation, including but not limited to tax laws, royalties and
environmental regulations. There are risks also inherent in the nature of the
proposed Transaction, including failure to realize anticipated synergies or cost
savings; risks regarding the integration of the two entities; incorrect
assessments of the values of the other entity; and failure to obtain the
required regulatory and other third party approvals. Accordingly, readers should
not place undue reliance on the forward-looking statements and information
contained in this press release concerning these times. Readers are cautioned
that the foregoing list of factors is not exhaustive. Additional information on
these and other factors that could affect Standard's or the combined company's
operations or financial results are included in reports on file with applicable
securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). The forward-looking statements and information contained in
this press release are made as of the date hereof and Standard and Canadian
Energy undertake no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Standard Exploration Ltd.
Ronald P. Wiebe
President & Chief Executive Officer
(403) 262-4450
info@standardexploration.com

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