Cygam Energy Inc.
TSX VENTURE : CYG

Cygam Energy Inc.

June 15, 2009 09:00 ET

Cygam Energy Inc. Announces Regional Completion of a Marine Seismic Survey Around the C.R148.VG Permit Area, Offshore Sicily

CALGARY, ALBERTA--(Marketwire - June 15, 2009) - Cygam Energy Inc. ("Cygam" or the "Corporation") (TSX VENTURE:CYG) is pleased to announce the acquisition of a state of the art 2D marine seismic survey around and across the C.R148.VG permit operated by Cygam's wholly owned subsidiary, Vega Oil S.p.A. ("Vega").

Petroleum Geo-Services (PGS), a Norwegian geophysical company providing a broad range of seismic services, recently completed a non-exclusive 900 kilometres survey using new dual sensor "GeoStreamer" technology on behalf of Cygam and other industry partners. Cygam committed to purchase a minimum of 200 kilometres of the entire program in order to better evaluate a large structure, named Aretusa and located in the central part of the permit, which has already been mapped with existing older-vintage seismic data. Cygam also intends to determine if there is a potential correlation with the Mila field, located some 45 kilometres to the north-west. The Mila field production tested the Triassic Taormina formation at 3,000 barrels of oil per day.

Vega has a 100% working interest in the C.R148.VG exploration permit, located offshore south-eastern Sicily in water depths of approximately 100 metres. Other companies active in the Mediterranean Basin have given Cygam some preliminary expressions of interest to participate in this permit on a joint venture basis.

Following processing and interpretation of this new seismic data, Vega plans to acquire a 3D seismic survey of approximately 100 square kilometres to further investigate the Aretusa structure and establish the exact drilling location for the proposed exploratory well.

Cygam is a Calgary based exploration company with producing oil and gas properties in Canada and Tunisia and extensive international exploration concessions. The main focus of the Corporation is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean region. Cygam currently holds various interests in six exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing approximately 4 million gross acres (approximately 2.8 million net acres). Visit the Cygam website at www.cygamenergy.com for more information about Cygam.

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding interpretation of seismic and well data, future plans and objectives of Cygam Energy Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated or expected in such statements. Cygam does not undertake any obligations to update forward-looking statements except as required by applicable securities laws. In particular, various factors can cause delays or prevent the operator from carrying out its production testing and development programs as scheduled, including but not limited to unavailability of equipment, funding and manpower or delays in the operations planned for the C.R148.VG permit. There is no certainty that all the seismic surveys will be completed, or that they will establish a drilling location, or that a well will be drilled, or that hydrocarbons will be discovered in commercial quantities on the permit. Although Cygam has had preliminary expressions of interest from potential partners to participate in a joint venture to explore the C.R148.VG permit, no firm commitments or agreements are in place, and in the absence of such agreements Cygam would not be able to fund exploration on the permit from current resources. A potential correlation with the Mila field has not been established and there is no assurance it will be, and if such a correlation is established there is no assurance of a commercial discovery on the C.R148.VG permit. Important factors that could cause actual results to differ materially from Cygam's expectations are risks detailed herein and from time to time in the continuous disclosure filings made by Cygam with securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

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

Contact Information

  • Cygam Energy Inc.
    Dario Sodero
    President
    (403) 802-6983
    or
    Cygam Energy Inc.
    Ali Rawji
    Chief Financial Officer
    (403) 802-6983
    (403) 802-6984 (FAX)
    Website: www.cygamenergy.com