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Canadian Phoenix releases first quarter results

24 May 2012
CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix" or the "Corporation") (TSX VENTURE:CXP), a junior oil and gas exploration, development and production company seeking to invest its cash holdings of over $79 million, announces the results for the first quarter of its 2012 fiscal year.

The Corporation, through a Special Committee of the Board of Directors, continues to seek investment opportunities in the oil and gas sector. Neither the exact timing, nor the form of an appropriate transaction is known, but potential opportunities continue to be assessed.

The Corporation's unaudited condensed consolidated interim financial statements and related MD&A for the three months ended March 31, 2012 can be found at and on the Corporation's website at www.canadian-