Investor

Presentation

TSX-V : COI January 2012

• Certain statements contained in this presentation regarding 2012 construction plans, capital expenditures, future facilities and expansions of services constitute "forward-looking statements". Such statements reflect the current views of Cancen with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation, general market conditions, commodity prices, interest rates and exchange rates, seasonality of operations, growth, acquisition strategy, integration of businesses into Cancen's operations, potential liabilities from acquisitions, dependence on senior management, regulation, competition, employees, labour unions, fuel costs, access to industry and technology, insurance, future capital needs, debt service and sales of additional common shares.

• Many other factors could also cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements and readers are cautioned that the foregoing list of factors is not exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from the projections described herein. The forward-looking statements in this presentation are expressly qualified by this cautionary statement. Cancen does not undertake any obligation to update or revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

• The forward-looking statements in this document are provided for the limited purpose of enabling potential investors to evaluate an investment in the shares of Cancen . Readers are cautioned that such statements may not be appropriate, and should not be used, for other purposes.

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Legal Disclaimer

Company Overview

• Oil Waste Processing & Remediation Company

• Specialized services to upstream energy companies in Western Canadian Sedimentary Basin

• Includes crude oil emulsion treatment, oilfield waste processing, disposal of produced waste and waste water

• 5 operating facilities in Alberta, one in British Columbia

• Additional pipeline of acquisition and greenfield opportunities identified in strategic locations

• Leveraging growth through acquisition strategy in fragmented market

• Qualifying Transaction acquisition of Chamberlain Disposal Facility in Nisku Zone, Alberta

• Proximal to major producers of 1A and 1B waste, and all major transportation corridors

• Acquired 5 facilities in Alberta, 1 in BC

• Organic expansion opportunities through expansion of service operations on

• Astra Midstream partnership announced January 3, 2012 for build out of a processing, terminalling, storage, custom treatment and blending network of facilities

• Cancen to own and operate the facilities while Astra markets services to Western Canadian Sedimentary Basin producers

• Cancen receives guaranteed storage fees, per barrel waste treatment fees and profit sharing on refined products

• Purpose is developing strategic sites into emulsion and crude oil terminal facilities, generating revenues from tipping, processing, and sale of crude

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Market Snapshot

• Listing: COI-TSXV

• RTO Completed October 2011

• 52 Week High/Low: $2.65/$0.30

• Current: $1.75 (26-JAN-2012)

• Shares Outstanding (mm): 51.25

• Shares Outstanding FD (mm): 83.5

• Net Debt (Cash): ($1.7m)

• Market Cap: Approx $96m

• Management & Insider Ownership: Approximately 70%

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Industry Overview

• Approximately 80% of Alberta established reserves recoverable via in situ methods • Steam, water or other solvents injected into a reservoir to reduce bitumen viscosity, allowing it to flow

to a vertical or horizontal wellbore

• Waste disposal market directly tied to a combination of drilling, completion and production activity • Canadian Association of Oilwell Drilling Contractors forecasting an average of 407 active rigs with

145,730 operating days throughout 2012, up from 2009 lows of 209 active rigs • According to CAPP – well permitting licenses are at decade high levels in AB, SK, and MB • Canada has 3rd largest crude oil reserves by Country, with CAPP forecasts anticipating production to

double in the next 15 years with new oil sands developments expected to contribute over $2.1 trillion to the Canadian economy by 2035

• Competitive, fragmented industry • 3 major competitors include CCS, Newalta, and Secure Energy Services

• Newalta spending $200 million expanding facilities through 2015 • Secure opened first facility October 2007, now has 15 operating facilities and a $650m market

capitalization • Secure estimates the energy services market to be in excess of $1.5 billion

• Industry competitive advantages include: • Proximity to major transportation corridors, and pipeline networks • Pricing and service capabilities

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Drilling Activity

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Producing Wells

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Oil & Gas Well Water Production 8

Relative Valuations

• Public comparables trade in the range of 7.0x – 10.0x EBITDA, with a premium paid for growth, specialty services or certain strategic assets

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• Based on industry pricing, Cancen is targeting each full service facility to contribute $3.0 million of cash flow once operational

• Industry pricing for services provided:

• $0.50 per barrel for standby storage

Company Ticker Equity

Value

Enterprise

Value

Trailing

Revenue

Forward

Revenue

Trailing

EBITDA

Forward

EBITDA

EV /

Revenue

LTM

EV /

Revenue

NTM

EV /

EBITDA

LTM

EV /

EBITDA

NTM

Newalta Corporation TSX:NAL $659 $978 $662 $710 $134 $160 1.48x 1.38x 7.31x 6.11x

Gibson Energy Inc. TSX:GEI $1,913 $2,446 $4,571 $4,182 $213 $247 0.54x 0.58x 11.46x 9.91x

Secure Energy Services Inc. TSX:SES $717 $790 $353 $698 $45 $92 2.24x 1.13x 17.66x 8.55x

BioteQ Environmental Technologies Inc. TSX:BQE $16 $11 $7 $11 -$3 $0 1.47x 1.00x - -

Ridgeline Energy Services Inc. TSXV:RLE $47 $47 $14 $0 3.44x - 105.29x -

Minimum 0.54x - - -

Average 1.83x 0.82x 28.34x 4.91x

Maximum 3.44x 1.38x 105.29x 9.91x

Precedent Transactions 10

• Given this industry is based on the ownership of strategic assets and ability to service the proximal energy industry players, there is a reasonable amount of M&A activity between mature players

• Past transactions have tended to occur in the range of 8.0x to 12.0x EBITDA

Valuation Mutiples

Acquirer Name Target Name Date Equity

Value

Enterprise

Value

EV /

Revenue

LTM

EV /

Revenue

NTM

EV /

EBITDA

LTM

EV /

EBITDA

NTM

Equity

Value /

Book

Value

Gibson Energy Inc. Palko Environmental Ltd. 10/17/2011 $72.26 $88.04 2.80x 2.60x 12.50x 11.80x 2.70x

Clean Harbors Inc. Peak Energy Services Ltd. 4/6/2011 $163.78 $202.34 1.10x - 5.60x - 1.00x

Azul Holding S.C.A. Velosi Limited 12/9/2010 $126.79 $128.14 0.70x 0.60x 6.30x 7.50x 1.70x

Multiple acquirers CCS Corporation 6/28/2007 $2,655.65 $3,166.33 1.70x 1.50x 10.80x 9.20x 4.20x

Minimum 0.70x - 5.60x - 1.00x

Median 1.40x 1.05x 8.55x 8.35x 2.20x

Maximum 2.80x 2.60x 12.50x 11.80x 4.20x

Prospects for Oilfield Services

Industry

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100

150

200

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450

500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

OSX Index

World Crude Index

EIA WTI ForecastInd

ex B

ase

d a

t 2002

Source: United States Energy Information Administration, New York Stock Exchange

OSX Index : Baker Hughes, Cameron Int’l., Diamond Offshore Drilling Inc., Global Industries Ltd., Halliburton Company, Lufkin Industries,

Inc., Nabors Industries, Inc., Noble Corporation, National Oilwell Varco, Inc., Oceaneering Int’l., Rowan Companies, Inc., Transocean Ltd.,

Schlumberger N.V., Tidewater Inc., Weatherford International, Ltd.

Increasing and projected oil prices suggest strong valuations for oilfield service companies (great time to invest)

STRATEGIC

PARTNERSHIP

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January 3, 2012 Announcement

JANUARY 3, 2012 EDMONTON, ALBERTA--(Marketwire - Jan. 3, 2012) CANCEN Oil Canada Inc. ("CANCEN" or the "Corporation") (TSX VENTURE:COI) announces that it has entered into three agreements with Astra Energy Canada Midstream Services Inc. ("Astra Midstream") whereby CANCEN will build or acquire a number of additional processing, terminalling, storage, custom treating, and blending facilites in specifically targeted locations in the Western Canadian Sedimentary Basin that will be marketed to producers by Astra Midstream. Management believes the arrangement with Astra Midstream will increase CANCEN's market penetration and market share while Astra Midstream brings to CANCEN the ability to access all producers through Astra Midstream's customer base in developing the relationship. These agreements will give CANCEN the ability to market the crude oil produced from all of its facilities to the worldwide market through Astra Energy Canada Inc and are described as follows. FACILITIES AGREEMENT The Facilities agreement provides: i. CANCEN will offer its full range of services (slop oil disposal, tank bottom disposal, vacuum truck receiving, custom treating, custom blending, truck steaming, and hot water sales) to Astra Midstream and producers at its existing facilities throughout the Western Canadian Sedimentary Basin. ii. Astra Midstream will utilize the CANCEN facilities to store, blend, purchase and sell oil processed at these facilities (the "Midstream Business"). iii. CANCEN will earn an annual fee from ASTRA MIDSTREAM based on the net revenues of the Midstream Business. iv. CANCEN has agreed, at its cost, to acquire, design and construct at least five (5) new facilities by October 1, 2014, at which CANCEN will offer its full range of services to producers including custom treating, blending terminalling, slop oil processing, solids handling, and landfill capabilities. MARKETING AGREEMENT CANCEN has appointed Astra Midstream as the independent marketing representative for CANCEN to promote and solicit orders for the facilities for which it will receive a monthly fee based on net revenues of the facilities. STORAGE AGREEMENT Astra Midstream and CANCEN will agree on the location, size and scope of the storage tanks, related blending facilities, pipeline connections and other equipment required to perform the storage and blending services in given market areas. CANCEN shall, at its cost, risk construct these facilities. Astra Midstream will have exclusive use of these blending and storage facilities for a monthly storage fee based on operational capacity to conduct the Midstream Business.

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Astra Midstream

• Astra Group is one of the world’s largest energy trading organizations – managing trading and transport of physical crude oil, petroleum products, and associated commodities

• Worldwide network facilitates 24 hour a day operations of logistics, trading, communications

• The Astra Group's experience in all aspects of the downstream markets allows it to operate as an effective partner with refiners, wholesale distributors, shipping company's terminal operators and producers.

• Financial Highlights of Astra Energy Canada:

• Total revenues in excess of US$3.0 Billion

• Customer base includes:

• 45 producers, with production in excess of 22 million barrels

• 20 refiners

• 45 traders

• Credit capacity of $4.0 Billion

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Astra Corporate Structure

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• Currently Astra:

• Owns a 40,000 barrel per day U.S. Oil Refinery in Tacoma Washington (USA)

• Controls approximately 11,000,000 barrels of strategically located owned and leased storage worldwide

• Operates a fleet of time chartered tankers

• Business operations include all sectors of the energy industry including ethanol, biodiesel, LPG, coal, natural gas, wind energy, and others.

Partnership Agreement

• At existing and new facilities – Cancen to offer full range of services to Astra and Astra’s customers

• Slop oil disposal, tank bottom disposal, vacuum truck receiving, custom treating, custom blending, truck steaming and hot water sales

• Enables Astra to get “closer” to the produced barrel – facilitating growth in trading market share

• Astra to be the exclusive marketing agent for Cancen’s facilities, and obligated to all off take oil from provision of Cancen services

• Leverages Astra’s customer base and balance sheet

• Cancen to be paid operating fees and split profits 50/50

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COMPANY OPERATIONS 17

Cancen Facilities

• Full service facility network allows “one stop shopping” to over 350 clients in Western Canada • Fee for service operations • Tipping fees • Sale of remediated products • Sale of upgraded crude • Terminalling services • Monthly storage fees

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• Currently owned by COI

• Planned Expansion

• Astra agreement obligates Cancen to 5 new facilities by 2014

• Target acquisitions with less than 5 year payback period and roughly 60% margins

• Focus on strategic facilities that can be operated in current condition, or with minimal refurbishing/expansion

• Acquire strategic assets that can be exploited through Cancen facilities to recover waste

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• Astra agreement includes payment to Cancen for operation of the facilities, treatment of waste streams, and delivery of crude to Astra trading

• Astra and Cancen to share 50/50 on profits generated by Astra’s 3rd party rental of storage capacity, sale of crude oil, or other Astra activities through Cancen facilities

Waste to Revenue Generation

Revenue Potential

• Terminalling / Blending : high volumes low margin contribution. Generates approximately $58,000,000 a year in revenue and make about $1,800,000 in Free Cash per facility

• Custom Treating : the price range on custom treating is a price sheet driven revenue. Heavy crude treating is priced between $15.00 to $20,00 per cube. Light is $7.50 to $10.00 Per cube • Average facility will process 25,000 to 40,000 cubes per month

• Slop Oil: slop oil has a zero cost base. It cost between $4.00 to $10.00 per cube to turn it into

pipeline spec oil. Slop Oil comes in the form of a waste stream with and can generate up to 100 per day at a small facility and 1000 barrels per day in a larger facility

• Water Disposal; is a price sheet driven pricing model and depending on the drilling activity in the area you can achieve pricing from $4.00 per cube to $25.00 per cube. • Waste disposal rated system and controlled by the ERCB the faculties can take between

350 cubes per day and 750 cubes per day • Includes approximately 4% skim oil which can be sold through Astra

• Landfill: Landfill is price sheet driven and the revenue is per tonne and generates between

$20.00 to $25.00 per cube • Landfill will take approximately 1,000,000 tones per year and the ops costs are

approximately $500,000 per year

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Chamberlain Facility

• Permitted for fluid disposal and treatment at roughly 6,000 barrels of liquid waste per day • 8 disposal wells on site

• Expanding to full service facility: • Solids remediation • Thermal remediation • Landfill • Disposal well • Custom treating/blending facility • Terminalling • Truck and tank wash facility

• Strategic location in “Refinery Row” • Nisku, Alberta • Proximity to highways and

transportation corridors • Proximity to pipeline infrastructure • Proximity to major producers of 1A

and 1B waste streams

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$7,000,000 of investment for capital infrastructure into this facility would give the Cancen 15,000 cubes of crude oil terminalling, 9,000 cubes of third party custom treating and 1,800 cubes of water disposal and 7,200 cubes of clean oil per month.

Planned Chamberlain Expansion

• The facility is designed to be capable of treating 260 m3 of oil/water emulsions and disposing of 200 m3 of produced water per day.

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Northern Alberta

• Disposal well acquired December 2011

• Planned expansion includes:

• North Dakota

• Utah

• Colorado

• Saskatchewan

• Additional facilities in Alberta

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$5,000,000 of investment for capital infrastructure into this facility would give the Cancen 23,000 cubes of crude oil terminalling, 2,400 cubes of third party custom treating and 360 cubes of water disposal 2,040 cubes of clean oil per month.

Alameda, Saskatchewan

• Alameda (Estevan/Weyburn) Saskatchewan is strategically located to service the Bakken

• Full service Custom Treating

• Class II Fluid Disposal

• Consists of a Class II disposal well with no surface facilities

• Approved to accept produced water generated from the Dawn Energy Inc. battery facility at 11-36-004-03-W2M.

• Capable of disposing of over 300 m3 of produced water per day. A custom treating facility will be designed to handle a minimum of 160 m3 of oil/water emulsions per day.

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New Sarepta, Alberta

• Oil Waste Processing Plant & Class Ib Fluid Disposal Facility

• Consists of over 7,000 bbl oil storage in three tank farms for the purpose of hydrocarbon recovery and physical separation of fluids and solids

• Approved to accept Alberta-generated non-dangerous oilfield wastes and imported non-hazardous oilfield wastes

• Includes boiler blowdown water, crude oil emulsions (residuals after treatment), pigging waste, and produced water

• Class 1b Fluid Disposal Facility is approved to accept non-dangerous oilfield waste fluids and non-oilfield (industrial) waste fluids that meet Class Ib disposal criteria

• Includes acid solutions (neutralized), boiler blowdown waters, caustic solutions (neutralized, spent), corrosion inhibitors, glycol solutions, hydrotest fluids, wash fluids, contaminated waters, produced waters, and well workover fluids, for deepwell disposal.

• Capable of disposing 240 m3 of Class Ib waste fluids per day and processing 30 m3 of crude oil emulsions.

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Legal, Alberta

• Class II Fluid Disposal

• Consists of a Class II disposal well with one (1) 750 bbl and one (1) 400 bbl aboveground storage tank within secondary containment

• Only approved to accept produced water for deepwell disposal

• Capable of disposing of over 300 m3 of produced water per day

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Edmonton, Alberta

• Land parcel within a heavy industrial district of County of Strathcona, Alberta to be developed into a full service facility

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Medicine Hat, Alberta

• Class Ib Fluid Disposal Well & slop oil processing facility

• two (2) 750 bbl water storage tanks

• three (3) open-top mud tanks

• Class Ib disposal well.

• Approved to accept non-dangerous oilfield waste fluids and non-oilfield (industrial) waste fluids that meet Class Ib disposal criteria

• Includes acid solutions (neutralized), boiler blowdown waters, caustic solutions (neutralized, spent), corrosion inhibitors, glycol solutions, hydrotest fluids, wash fluids, contaminated waters, produced waters, and well workover fluids, for deepwell disposal.

• Capable of disposing 240 m3 of Class Ib waste fluids per day.

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Fort Nelson, British Columbia

• Kotchko Lake Class Ib Fluid Disposal

• two (2) 400 bbl water storage tanks

• A non-hazardous (Class Ib) fluid disposal well

• Approved to accept non-hazardous oilfield and non-oilfield (industrial) waste fluids that meet Class Ib disposal criteria

• Acid solutions (neutralized), boiler blowdown waters, caustic solutions (neutralized, spent), corrosion inhibitors, glycol solutions, wash fluids, contaminated waters, produced waters, frac fluids, and well workover fluids, for deepwell disposal.

• Capable of disposing of 2,000 m3 of Class Ib waste fluids per day

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Gordondale, Alberta

• Silver Valley facility custom treating, blending and Class II Fluid disposal • 8’ by 30’ treater • three (3) 1000 bbl oil storage tanks • two (2) 1000 bbl water storage tanks • one (1) 12 bbl underground double-walled storage tank • candidate for a Class II disposal well

• Approved to accept third-party production fluids (oil/water emulsions) for treatment • Following conversion of the Class II disposal well – will have the ability to accept

third-party produced water for deepwell disposal

• Facility is currently capable of treating 160 m3 of oil/water emulsions per day is being upgraded to a stand-alone blending facility • Will be designed to handle a minimum of 700 m3 of oil per day

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Athabasca, Alberta

• Athabasca Class II Fluid Disposal

• two (2) 400 bbl water storage tanks

• one (1) 210 bbl water storage tank

• one (1) 990 bbl water storage tank

• one (1) 8,000-litre underground drain tank.

• Only approved to accept produced water for deepwell disposal.

• The facility is capable of disposing 150 m3 of produced water per day.

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Breton, Alberta

• Oilfield Waste Processing

• Class II Oilfield Landfill

• Consists of a weigh scale and three (3) lined treatment cells, where hydrocarbon-contaminated soils are stored and treated by natural biodegradation and mechanical processes

• Approved to accept crude oil contaminated soils and hydrocarbon-based drilling sump materials for treatment.

• Capable of treating 42,000 tonnes of soil at any given time

• Class II oilfield landfill will be designed and installed at this facility to handle non-hazardous oilfield solid wastes

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Kinsella, Alberta

• Custom Blending & Clean Oil Terminalling

• three (3) 2000 bbl

• one (1) 1000 bbl aboveground storage tanks within secondary containment and equipment required to facilitate custom blending and clean oil terminalling at the facility.

• Facility accepts clean crude oil by truck and is delivered into a pipeline system north of Hardisty.

• The facility is capable of blending and terminalling 450 m3 of clean crude oil per day.

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Technologies

• Cancen is technology agnostic - leveraging the best technologies available for each facility

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• Exclusive agreements in place with: • Global Green Matrix

Corp. for the exclusive use of IDES- Inc. and DryVac Services Canada’s proprietary technologies in remediation of existing tailings ponds and recovery of oil from waste streams

12 Month Objectives

• Contract revenue increases

• 1-3 year terms with oilfield waste producers to secure processing

space

• Commission Chamberlain facility

• Rework existing Class II Disposal Well and accept 3rd

party Class II waste fluids (anticipated February 2012)

• Install Natural Gas Pipeline (ATCO targets April 2012)

• Add additional tankage to allow for additional capacity (anticipated July 2012)

• Obtain new load/offload lines (anticipated July 2012)

• Increase Custom Treating Facility capacity (July 2012)

• Expand sales and marketing groups (September 2012)

• Greenfield Expansion

• Open facility in Estevan/Weyburn, Saskatchewan

• Open facility in Grande Prairie, BC

• Acquisition Opportunities

• US Disposal wells

• US tailings ponds

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Management

• Fred LaHaie, President

Mr. LaHaie has over 36 years experience in the oilfield service industry in Western Canada, USA, Europe, South America, Asia, Australia and the Middle East. Prior to becoming the President of Cancen Oil, Mr. LaHaie was employed as a senior manager at NQL Drilling Inc. (Vice President Operations 1995 to 2003), Terracore Drilling Ltd. (General Manager 2005 to 2007) and National Oilwell Varco (General Manager 2008 to 2010). In addition, Mr. LaHaie owned and operated a privately held oil and gas service company specializing in drilling services known as Intercept Rental Inc. from 2007 to 2010. Mr. LaHaie is an experienced manager and leader, and brings exceptional industry knowledge to Cancen Oil.

• Darryl Scase, CFO

Mr. Scase has been a practicing certified general accountant (CGA) since the early 1980s and is the founding partner of Scase & Partners Professional Accountants, which was established in 1989. Mr. Scase is a director and audit committee chair of Maple Leaf Restoration Inc., a TSX listed company, (June 2011 to present), the chairman of Chemicals by Sterling, a private chemical production company (January 2006 to present), and a director of Globality Communications Corporation (April 2011 to present). Mr. Scase brings financial experience to Cancen Oil from a wide variety of industries, ranging from agricultural to industrial.

• Rick Morawski, COO

Since 1985, Mr. Morawski has been the president of Reliable Excavating Ltd., an operator within the oil and gas industry that specializes in operation and repair of oilfield equipment. Reliable Excavating Ltd. provides commercial and industrial machinery and equipment to the oil and gas industry. Mr. Morawski brings essential knowledge of operations and oilfield equipment to Cancen Oil.

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Management

• Troy Tisdale, VP Sales & Technologies

Mr. Tisdale brings over 20 years of experience in the oilfield waste management industry to Cancen Oil, working for Canadian Oil Recovery Ltd. as an Operations Supervisor from 1990 to 1994, Newalta Corporation in a variety of management positions from 1994 to 2008, and Clean Harbors Canada as a Technical Services General Manager in 2008. Mr. Tisdale is a seasoned manager with considerable experience in sales, marketing, and assessment of new oilfield treatment technologies.

• Alicia Tropak, VP Environment

Ms. Tropak is a professional biologist with 10 years experience in regulatory affairs, environmental assessment, and project management. Ms. Tropak has worked as a conservation officer for Manitoba Conservation (2000 to 2005) and a project manager for Ecomark Ltd. (now Klohn Crippen Berger Limited) (2005 to 2009). Ms. Tropak has worked with Cancen Oil since its inception, and is responsible for facility site development, regulatory approvals, and maintenance of its environmental, health and safety programs.

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Board of Directors

• Darryl Scase

• Neil McLennan

• Marvin Jones

• Bruce Moisey

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