Released By CANADIAN 88 ENERGY CORP. News Release
July 24, 2000

CLOSING OF $215 MILLION (CAD) CREDIT FACILITY

Canadian 88 Energy Corp. announces that it has arranged and closed a $215 million credit facility underwritten by The Toronto-Dominion Bank ("TD") and Duke Capital Partners, LLC ("Duke Capital").  Proceeds of the credit facility will be used to retire existing bank debt and for general corporate purposes.

A portion of the secured credit facility will be syndicated immediately, led by TD, and a further portion will be replaced within 90 days by a subordinated term loan to be arranged and syndicated at market terms by Duke Capital.

"This transaction will provide a sound financial base for Canadian 88, enabling it to proceed with its aggressive capital program planned for the next 12 months" commented Joseph L. Pritchett, III, President and CEO.  "Accelerated exploration and development of the Corporation's excellent inventory of natural gas prospects should create significant shareholder value."

Following this transaction, total debt outstanding was $206 million.  For the balance of 2000, capital expenditures will be funded from cash flow and minor asset dispositions which are scheduled to close over the next 60 days.

Duke Capital Partners, LLC and Duke Energy Hydrocarbons, L.L.C., which holds 19.4 percent of the common shares of Canadian 88, are both subsidiaries of Duke Energy of Charlotte, N.C.  Duke Capital provides structured finance, financial advisory, investment banking and asset management services to a select client base.

TD Securities acted as Lead Arranger in this transaction and Duke Capital acted as Syndication Agent.

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 Exchanges and the information contained herein has neither been approved nor disapproved by the respective Exchanges.  For further information regarding this press release, please contact:

Canadian 88 Energy Corp.
700, 400-3rd Ave. S.W.
Calgary, AB
T2P 4H2

Contact: Joseph L. Pritchett, III (Canadian 88)
Phone: (403) 974-8800
24 Hour Phone: (704) 382-8333
Email: media_relations@duke-energy.com
Contact: Donald R. Gardner (Canadian 88)
Phone: (403) 974-8800
24 Hour Phone: (704) 382-8333
Email: dgardner@cdn88energy.com