Canadian Phoenix Resources (TSX VENTURE:CXP) announces the results for the second quarter of its 2012 fiscal year.

2012 SECOND QUARTER HIGHLIGHTS

• The Corporation held $78.7 million in cash and cash equivalents and maintained a working capital surplus of $78.5 million as at June 30, 2012.

• The Corporation's cash and cash equivalents per common share and net asset value per common share were $1.37 as at June 30, 2012.

• Net and comprehensive loss was $44 thousand, or $nil per share, including a $69 thousand impairment of assets and liabilities held for sale.

• The Corporation earned $238 thousand in interest income during the quarter.

• The Corporation repurchased 581,200 of its common shares during the quarter at a volume-weighted average price of $1.19 per share by way of a Normal Course Issuer Bid, reducing the number of common shares issued and outstanding to 57,387,218 as at June 30, 2012.

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.