Caspian Energy Inc.

December 07, 2009 20:43 ET

Caspian Energy Inc. Announces Court Date for Hearing on Dissident Shareholders' Application in Relation to December 1, 2009 Shareholders' Vote

CALGARY, ALBERTA--(Marketwire - Dec. 7, 2009) - Caspian Energy Inc. (TSX:CEK) ("Caspian" or the "Company") announced today that Mr. Maurizio Barnaba, a director of the Company, and certain other shareholders (collectively, the "Dissident Shareholders") have commenced an application in the Ontario Superior Court seeking, among other things, an order declaring that the vote taken at the special meeting of the Company's shareholders on Tuesday December 1, 2009 approving the previously disclosed amendments to the terms of the Company's US$16,000,000 aggregate principal amount Secured Convertible Debentures due March 2, 2011 is invalid and of no force or effect. The application is scheduled to be heard on December 16, 2009.

The Company believes that the Dissident Shareholders' allegations are wholly without merit and will vigorously defend the validity of the vote.

Caspian is an oil and gas exploration and development company, operating in Kazakhstan where it has a number of targets in the highly prospective Aktobe Oblast of Western Kazakhstan. The Company holds an exclusive licence which entitles it to explore and develop certain oil and gas properties known as the "North Block", an area of 3,458 square km, through a 50% stake in Aral Petroleum Capital LLP.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Caspian. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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