Canadex Resources announces strategic review process

    TORONTO, April 30 /CNW/ - Canadex Resources Limited (the "Company")
announced on Friday, April 27 that it has initiated a strategic review process
of identifying and considering alternatives available to the Company to
enhance shareholder value and has formed a Special Committee consisting of all
the Company's independent directors to oversee the strategic review process.
While the Special Committee has been engaged in its review for some time, it
has recently engaged KPMG Corporate Finance Inc. as advisors to identify
alternatives to maximize shareholder value. The review will encompass careful
consideration of the Company's business plan and strategy, its future
prospects, the potential sale of the Company or its businesses and any other
alternative identified by the Special Committee and its advisors. The
initiation of this strategic review process is not in response to any specific
proposed transaction, nor can there be any assurance that it will lead to a
    Canadex is listed on the Toronto Stock Exchange, (TSX-CDX). The Company
owns non-operated interests in more than 400 oil and gas wells located in
Texas and surrounding states, producing approximately 500 boe/d weighted more
than 70% to gas production. The Company also operates a charter and school
busing business based in Ontario.

                               April 27, 2007
                         Nine Months Ended March 31

                                                          2007          2006
                                                          ----          ----
    Revenue                                       $ 17,795,522  $ 19,082,931

    Net Profit                                    $  2,336,091  $  3,181,464

    Diluted Earnings per Common Share             $       0.44  $       0.61

    Cash Flow                                     $  7,274,956  $  8,253,743

    Cash Flow per Common Share                    $       1.38  $       1.57

    Issued Common Shares                             5,281,005     5,251,005

For further information:

For further information: Vincent McEwan, Secretary-Treasurer, Canadex
Resources Limited, (905) 792-2700

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