Cygam Energy Inc.
TSX VENTURE : CYG

Cygam Energy Inc.

October 05, 2007 13:07 ET

Cygam Energy Inc. Provides Update on the Bhayra Rigo # 1 Well in Tunisia

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2007) - Cygam Energy Inc. (TSX VENTURE:CYG) ("Cygam" or the "Corporation") and its partners have decided to plug and abandon the Bhayra Rigo # 1 well after drilling to a total depth at 1739 meters. The well was drilled from 1126 meters to total depth with continued loss of circulation and therefore no drilling samples were recovered over the interval. Three cores were cut in order to gather information on the interval. Core no. 1 was obtained from 1306 to 1312.5 meters, core no. 2 from 1602 to 1611 meters and core no. 3 from 1730 to 1739 meters. Whilst the cores did show good intercrystalline, vuggy and fractured porosity in dolomitized carbonates, there was no evidence of hydrocarbons.

The log results and other data gathered will be reviewed to further assess the potential of several Permian structures within the Jorf exploration permit.

CYGAM is a Calgary based exploration company with producing exploration properties in Canada and extensive international exploration permits. 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 Basin. CYGAM currently holds various interests in five exploratory permits in Italy and four exploratory permits in Tunisia encompassing approximately 4 million gross acres (approximately 2.7 million net acres). Visit the CYGAM website at www.cygamenergyinc.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 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. In particular, various factors can cause delays in carrying out the Corporation's seismic and drilling plans, including but not limited to unavailability of equipment and manpower, and there is no certainty that the seismic and drilling programs will be carried out when scheduled. The existence of discoveries in structures and formations in the regions where Cygam has permits does not necessarily assure that the company will be successful. 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.

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