Ceres Capital Corp.

August 24, 2009 09:00 ET

Ceres Capital Corp. Announces Drilling Update and Results of Land Sale

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2009) - Ceres Capital Corp. (the "Company" or "Ceres") (TSX VENTURE:SRS) is pleased to provide the following operational update.

After spring break-up the company undertook completion operations on the two remaining Bakken exploration wells from the winter drilling program. Both wells, while providing encouraging information, were deemed non economical. One well is suspended pending conversion to a water disposal well while the second well will be recompleted in the Lodgepole Formation.

In March 2009 Reliable shot a 29 km 2D seismic program to delineate the Kirkella 5-10 Bakken discovery well which had initial production rates of 112 barrels of oil per day.

In June 2009, using information from the recent seismic program, Reliable drilled 4 wells (3.9net) at Kirkella Manitoba as part of the summer drilling program. Of the four wells, three were cased for completion while the fourth, an exploratory well, was abandoned. One of the cased wells offsets the 5-10 discovery well. The second cased well was a step out exploration well drilled to assess the upcoming August land sale. Completion of these two wells will commence on August 24, 2009. The third well, targeting the Lodgepole formation, was completed and placed on production and has averaged 11 barrels of oil per day.

The Company also announces that it was successful at the recent August Manitoba land sale, acquiring an additional 800 acres of land. The sale included a quarter section (160 acres) that is directly offsetting the Company's Bakken discovery well. The Company now owns 55,221 acres of undeveloped land in Saskatchewan and Manitoba. The Company has a further option on 20,151 acres of land in the Kirkella area.

Ceres's President and CEO Murray Swanson stated "The overall results of the seismic and drilling program are very encouraging. The information from the two wells offsetting the discovery indicate the existence of a Bakken pool on the Company's lands and provide the Company with additional drilling locations. The results of the Lodgepole well confirm the existence of another play type on our lands while providing valuable technical information for future Lodgepole locations."

About Ceres and Reliable

Ceres is an Alberta based public company listed on the TSX Venture Exchange and conducts its operations through Reliable Energy Ltd, a wholly owned subsidiary. The Company is currently focused on two core areas in the Western Canadian Sedimentary Basin. The first core area consists of an unconventional resource play in the Bakken/Three Forks formation situated on the Saskatchewan - Manitoba border. The second is a Devonian reef play in central Alberta.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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