Cancen Oil Canada Inc. has signed a memorandum of understanding dated May 15, 2012 (the "MOU") with a private group (the "Private Group") to develop oilfield waste management opportunities in Alberta, including fracturing oil recycling and storage, oilfield waste management, and clean oil marketing (the "Transaction"). The Private Group is an oilfield services company that conducts business throughout Western Canada.

As part of the MOU, Cancen intends to convert the New Sarepta Oilfield Waste Management Facility (the "New Sarepta Facility"), as an Alberta Energy Resources Conservation Board regulated custom treating, oilfield waste management and fluid disposal facility in New Sarepta, Alberta into a hydrocarbon recycling facility for the sole and exclusive benefit and use of the Private Group.

Tags: Cancen Oil Canada Inc.