Centric Energy Corp.
TSX VENTURE : CTE

Centric Energy Corp.

January 15, 2008 11:23 ET

Centric Energy Corp.: Update of Russia & Mali Activities

LONDON, ENGLAND--(Marketwire - Jan. 15, 2008) - The Board of Centric Energy Corp. (TSX VENTURE:CTE) is pleased to provide an update on its activities in Russia and Mali.

RUSSIA

Drilling operations are continuing on the South Temryuk 1 well located near Krasnodar, southern Russia, to which Centric is contributing as part of its option agreement with Arax Energy.

As previously announced, the first full-diameter core was drilled from a depth of 3250 to 3257 metres in the top of the shallower target horizon. Subsequently, while preparing for a second core, the drilling pipe and core barrel became stuck in the hole. It took several weeks to recover the stuck pipe and return to drilling.

Subsequently, another five cores, each 7 metres long, have been drilled from 3287 to 3322 metres in a sequence of interbedded sandstones and shales, and two more cores in a thick sandstone interval from 3415 to 3429 metres. Laboratory results from these cores are not yet available but ultra-violet examination of cores from the shallower sequence, 3287 to 3322 metres, shows fluorescence which possibly could be indicative of light hydrocarbons. The cores have been sent for laboratory analysis to measure reservoir properties and any residual hydrocarbon content.

A full suite of wireline logs is now being run, which will allow correlation with offset wells and, in combination with the data from the cores, proper evaluation of the prospective reservoir intervals. Results of the evaluation will be released when available.

MALI

Stock exchange approval has been obtained for the farmout to Heritage Oil Corporation, which was previously announced. Preliminary approval has also been obtained from the Government of Mali and final approval is expected to be received by the end of January, completing the conditions precedent.

Meanwhile, Heritage has commenced discussions with seismic contractors and has also entered discussions with other companies operating in Mali with a view to coordinating seismic acquisition activities.

ON BEHALF OF CENTRIC ENERGY CORP.

Alec E. Robinson, President and CEO

This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Statements:

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Centric's periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Centric Energy Corp. does not assume the obligation to update any forward-looking statement except as required by applicable securities laws.

Cautionary Statement:

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Centric Energy Corp.
    Brooke Cote
    Investor Relations
    Toll Free: 1-800-962-7189
    Website: www.centricenergy.com