CANADIAN PHOENIX ANNOUNCES NEW INTERIM CFO

Dec 20, 2010, 17:19 ET from Canadian Phoenix Resources Corp.

Symbol: CXP-TSXV

CALGARY, Dec. 20 /PRNewswire-FirstCall/ - CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix" or the "Corporation") announces that, effective December 20, 2010, Mr. John Downes has been appointed interim Chief Financial Officer, replacing Mr. Tim Moran.  Mr. Downes has over 10 years of management and accounting experience in the natural resource and lending sectors. Mr. Downes holds a Bachelor of Commerce degree from the University of Victoria and he is a member of the Institute of Chartered Accountants of British Columbia.  Pursuant to the Corporation's Stock Option Plan, the Board has granted 75,000 stock options to Mr. Downes. The options, which vest immediately, have an exercise price of $1.40 (the closing share price prior to the grant date) and a five year term to expiry.

The Board wishes to thank Mr. Moran for his dedication and service to Canadian Phoenix since first joining the Corporation in 2009, including his tenure as Chief Financial Officer since February 2010, and wishes him every success in the future.

About Canadian Phoenix

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company with operations in Western Canada.  Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canadian Phoenix Resources Corp.