September 21, 2009 11:19 ET

Circumpacific Energy Corporation: News Release

CALGARY, ALBERTA--(Marketwire - Sept. 21, 2009) - Circumpacific Energy Corporation (TSX VENTURE:CER) is pleased to announce that as part of its ongoing asset rationalization, the Company has disposed of its entire interest in two properties. Through Circumpacific's technical review in late 2008, it was determined that these properties were fully exploited and provided no upside to the Company.

Hume, Saskatchewan

CER received $125,000 cash for its 12.5% working interest in one producing well and 50% in one nonproducing quarter section in the area. Net production for the last half of calendar year 2008 was 2.1 BOPD. The sale equated to $59,524 per flowing BOE or four times cash flow. Closing occurred during Q3 2009 with an effective date of January 1, 2009.

Spring Coulee, Alberta

In September 2009, CER closed the sale of its Spring Coulee interest for $12,500 cash. This 100% owned and operated property has one oil well producing approximately 0.5 BOPD equating to $25,000 flowing BOE. Due to the low production volume, this property has been operating as a cost centre to for the past year.

The sale of these two assets reduces the Company's future abandonment liability and potential environmental risk.

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

Contact Information