CE Franklin Ltd. Shareholder Rights Plan Update

CALGARY, April 23, 2012 /PRNewswire/ - CE Franklin Ltd. (NASDAQ: CFK) (TSX: CFT) announced that it has been notified by the Toronto Stock Exchange (the "TSX") that the TSX will defer consideration of the acceptance of CE Franklin Ltd.'s Shareholder Rights Plan (the "Rights Plan") until May 31, 2012.  A condition of acceptance of the Rights Plan by the TSX after the aforementioned time would be that requisite shareholder approval be obtained within six months of the adoption of the Rights Plan by the board of directors on April 18, 2012.

Shareholders should note that the Rights Plan remains in effect while TSX defers its review of the Rights Plan. A copy of the Rights Plan is available at www.sedar.com.

About CE Franklin

For more than 75 years, CE Franklin has been a leading supplier of products and services to the energy industry. CE Franklin distributes pipe, valves, flanges, fittings, production equipment, tubular products and other general oilfield supplies to oil and gas producers in Canada as well as to the oil sands, refining, heavy oil, petrochemical, forestry and mining industries. These products are distributed through its 39 branches, which are situated in towns and cities serving particular oil and gas fields of the western Canadian sedimentary basin.

Forward-looking Statements: The information in this news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and other applicable securities legislation. All statements, other than statements of historical facts, that address activities, events, outcomes and other matters that CE Franklin plans, expects, intends, assumes, believes, budgets, predicts, forecasts, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements and refer to the Form 20-F or our annual information form for further detail.

SOURCE CE Franklin Ltd.