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.