CIRCUMPACIFIC ENERGY CORPORATION
TSX VENTURE : CER

CIRCUMPACIFIC ENERGY CORPORATION

August 24, 2009 19:20 ET

Circumpacific Energy Corporation: News Release

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2009) - Circumpacific Energy Corporation (TSX VENTURE:CER) ('Circumpacific') has given notice dated 14 August, 2009 that an annual and special general meeting of its shareholders will be held at 15th Floor, 1040 West Georgia Street, Vancouver on Thursday, November 26, 2009, at 10:00am Vancouver time.

Circumpacific is an independent oil and natural gas producer engaged in the acquisition, exploration, production and development of oil and natural gas properties in North America. The company's focus is primarily on oil production in Alberta and Saskatchewan.

The general meeting has been called by the board of Circumpacific in response to a requisition received from its Australian shareholder Drillsearch Energy Limited ('Drillsearch'). That requisition seeks to remove three of four current directors of Circumpacific, including all independent directors, and to replace them with Drillsearch's own chairman and executive officers.

A majority of the existing Circumpacific board has recommended that shareholders vote against their removal on the basis that the resolutions proposed by Drillsearch would give Drillsearch complete control of the Circumpacific board, and would leave Circumpacific with no independent directors.

Current independent chairman, Mr. Roger Tidmarsh, referred to the significant achievements of the existing Circumpacific board in recent times including the extinguishment of more than $3 million in debt by capital raising, preservation of cash reserves in excess of $2 million, recruitment of a dynamic new management team, and increased sales revenues over the past 12 months.

Mr. Tidmarsh expressed concern that the proposed replacement of the board with Drillsearch's nominees would not be in the best interests of Circumpacific and its shareholders as a whole, and that Drillsearch's crusade to eliminate Circumpacific's independent directors was regrettable. Mr. Tidmarsh pointed out that there are hundreds of shareholders in Circumpacific aside from Drillsearch, and the interests of minority shareholders should not be ignored.

For further information contact Mr. Roger Tidmarsh rtidmarsh@circumpacific.com. A copy of the notice calling the meeting, together with the Information Circular and other relevant material, is available on SEDAR at www.sedar.com or the Company's website http://www.circumpacific.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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