Cenovus to hold conference call and webcast on fourth quarter and year-end 2010 results on Friday, February 18, 2011

CALGARY, Alberta (February 11, 2011) - Cenovus Energy (TSX, NYSE: CVE) will release its fourth quarter and year-end 2010 results on Friday, February 18, 2011. The news release will provide consolidated fourth quarter and year-end 2010 operating and financial information. Financial statements will be available on the company's website, www.cenovus.com.

A conference call and webcast to discuss the results will be held for the investment community the same day at 9:00 a.m. MT (11:00 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call. An archived recording of the call will be available from approximately 2:00 p.m. MT on February 18 until midnight February 25, 2011 by dialing 800-642-1687 or 416-849-0833 and entering conference password 37605409.

A live audio webcast of the conference call will also be available via Cenovus's website, www.cenovus.com, or via the following URL:

http://w.on24.com/r.htm?e=279331&s=1&k=BCB46B8CFBC84FB26745AB8DFEC841F1

Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian, integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. Its enterprise value is approximately $30 billion. For more information, visit www.cenovus.com.

CENOVUS CONTACTS:

Investors: Media:
Susan Grey
Director, Investor Relations
403-766-4751
Rhona DelFrari
Manager, Media Relations
403-766-4740
James Fann
Analyst, Investor Relations
403-766-6700
Reg Curren
Advisor, Media Relations
403-766-2004