Caspian Energy Inc.
TSX : CEK
AIM : CEK

July 14, 2008 09:30 ET

Caspian Energy Inc.: Aransay #711 Post-Salt Spud

LONDON, UNITED KINGDOM--(Marketwire - July 14, 2008) -

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN

Caspian Energy Inc (the "Company")(TSX:CEK)(AIM:CEK), an oil and gas exploration company operating in Kazakhstan, today announces that Aral Petroleum Capital LLP ("Aral"), in which the Company holds a 50% indirect interest, has spudded the second well in its post-salt drilling programme, Aransay #711.

Whilst the interpretation of the Soviet-era seismic originally acquired by the Company identified a deeper target in the pre-salt sediments, this shallow target was one of several post-salt drilling targets revealed by Aral's regional 2D seismic survey covering the west and north areas of the North Block.

Aransay #711

The vertical well, Aransay#711, is designed to test sandstone reservoirs in the Triassic, in a trap associated with one of the several Permian Kungurian salt ridges running through the North Block. At the Aransay #711 location the Triassic is interpreted to be trapped against a fault created by salt movement. Flat-based seismic anomalies, at approximately 700 meters depth and terminating at the fault.

The well will be drilled to an estimated total depth of 800 metres and this depth is expected to be reached and the well logged in approximately 14 days.

Commenting on the programme, Charles Summers, President and COO of Caspian said:

"This is our second well in the post-salt drilling programme. The seismic interpretation for this location is very encouraging and at such a shallow drilling depth the interpretation will be tested in a very short timeframe."

CAUTIONARY NOTE

Some of the statements and information contained in this news release may include certain estimates, assumptions and other forward-looking information. The actual performance, developments and/or results of the Company may differ materially from any or all of the forward-looking statements, which include current expectations, estimates and projections, in all or in part attributable to general economic conditions, and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including oil prices, imprecision of reserve estimates, drilling risks, future production of gas and oil, rates of inflation, changes in future costs and expenses related to the activities involving the exploration, development, production and transportation of oil, hedging, financing availability and other risks related to financial activities, and environmental and geopolitical risks. Further information which may cause results to differ materially from those projected in the forward-looking statements is contained in the Company's filings with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

The information in this release has been reviewed by Kenneth Hopkins, AAPG, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Mr. Hopkins is Director of Exploration for Aral and a consultant for Caspian Energy Inc., is a certified professional geologist and has over 25 years experience in oil and gas exploration and production.

Contact Information

  • Bell Pottinger Corporate and Financial
    Ann-marie Wilkinson/Sarah Williams
    00 44 (0)20 7861 3232
    or
    Jefferies International Limited
    Jack Pryde
    00 44 (0)20 7029 8000