Centric Energy Corp.
TSX VENTURE : CTE

Centric Energy Corp.

December 16, 2010 12:46 ET

Centric Energy Corp.: Kenyan Court Dismisses Legal Action

LONDON, ENGLAND--(Marketwire - Dec. 16, 2010) - Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE:CTE) is pleased to announce that the Kenyan High Court has today issued a ruling which dismisses as "without merit" the Application filed by Interstate Petroleum Ltd. against the Ministry of Energy, Kenya, and has awarded all costs to the Ministry of Energy, Centric Energy and others.

The Application was filed by Interstate Petroleum Ltd ("the Applicant") against the Permanent Secretary, Kenyan Ministry of Energy (the "Respondent") seeking a judicial review of the administrative process that led to the issuance of exploration permits in respect of six blocks in northwest Kenya, which included the area of Centric Energy's Block 10BA Production Sharing Contract. This Application resulted in Centric Energy, among others, being named as an "Interested Party" to the proceedings. A hearing was held at the High Court in Kitale, Kenya, on November 16th and today's ruling is the result of that hearing.

The High Court ruled against Interstate Petroleum on all points and stated that the Application was "without merit". All costs were awarded to the Respondent and the Interested Parties, including Centric Energy. The Applicant has the right of appeal and if it wishes to do so must file notice of appeal before the end of January, 2011.

"Centric Energy is very pleased with the High Court ruling, which comprehensively dismisses the Application of Interstate Petroleum," stated Alec Robinson, Centric Energy's President & CEO. "We will now be able to move forward more confidently with the exploration programme in this area and with other pending business matters."

ON BEHALF OF CENTRIC ENERGY CORP.

"Alec Robinson"
President and Chief Executive Officer

This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Centric Energy Corp.
    Alec E. Robinson
    Toll Free: +1 (800) 962-7189 or +44 207 222 8512
    www.centricenergy.com