Contact Exploration Inc.
TSX VENTURE : CEX

Contact Exploration Inc.

November 19, 2007 09:20 ET

Contact Exploration Inc.: Oil Production Increases With Acquisition of Saskatchewan Properties

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2007) - Contact Exploration Inc. ("Contact") (TSX VENTURE:CEX) is pleased to announce the purchase of approximately 25 barrels per day of oil production in southeastern Saskatchewan, augmenting Contact's current oil production in New Brunswick.

Contact has completed the purchase of approximately 25 bbl/day of oil production in southeastern Saskatchewan from a private company for a total purchase price of $200,000. The wells have all been drilled within the last two years. Contact will operate the majority of the properties and will have an average working interest of 85%.

The acquisition will be retroactive to October 1, 2007 and has increased Contact's total production rate for the month of October to 53 bbl/day, compared to September's rate of 22 bbl/day. The average sale price for Contact's October production was $79 per barrel. Contact's total production year-to-date to October 31, 2007 has exceeded 7,000 barrels, inclusive of this acquisition.

"We are very pleased to have acquired additional oil production at a reasonable price, especially in light of the current escalation of oil prices," commented Darcy Spady, Contact's President. "Although our core business and focus is Atlantic Canada, we will continue to strategically evaluate similar small market exploration and production opportunities as they present themselves."

About Contact

Contact Exploration Inc. is a junior exploration company with a focus on Canadian East Coast onshore exploration. Contact's land claims and holdings are located in close proximity to the largest consumption markets in North American with pipeline and refinery infrastructure in place.

Contact has onshore interests in approximately 700,000 acres in Nova Scotia, approximately 160,000 acres in west Newfoundland and 165,000 acres in New Brunswick which includes the Stoney Creek Field (approximately 5,500 acres), a field with estimated proved and probable reserves of 1.2 million barrels of oil and 6.5 bcf of natural gas. In addition to the Atlantic Canadian properties, Contact has producing oil assets in southeastern Saskatchewan.

Certain statements contained herein may constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe that the expectations reflected in the forward-looking statements are reasonable based upon management's current views but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date hereof. We do not intend, and do not assume any obligation, to update conclusions, forecasts or projections that may be contained in these forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by these forward-looking statements will occur, or if they do, that any benefits may be derived from them. Past results have been applied in drawing a conclusion or making a forecast or projection set out in the forward-looking information.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of factors that may include, but are not limited to: the impact of government regulation, potential delays or changes in plans with respect to exploration and development projects, success of exploration and development activities, general industry and market conditions and other risks detailed from time to time in Contact's Annual Information Form and Management's Discussion and Analysis, both of which may be found at www.sedar.com.

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

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