Computer Modelling Group Ltd.

Computer Modelling Group Ltd.

April 24, 2007 11:01 ET

Computer Modelling Group Announces Additional Research Funding for the Development of Its Newest Generation of Reservoir Simulation Software

CALGARY, ALBERTA--(CCNMatthews - April 24, 2007) - Computer Modelling Group Ltd. ("CMG")(TSX:CMG) today announced that CMG Reservoir Simulation Foundation ("the Foundation"), the sole holder of CMG's Non-Voting Shares, has agreed, subject to certain termination rights, to fund up to a maximum of $5.2 million to cover 50 percent of CMG's estimated share of the joint venture project costs in the development of the newest generation of reservoir simulation software over the duration of the project.

"We are very appreciative of the support provided to us by the Foundation", said Kenneth M. Dedeluk, President and CEO of CMG. "Their support of research endeavours in the advancement of reservoir simulation technology is a significant benefit to our company and to the petroleum industry worldwide."

Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. Clients apply CMG's computer software technology to increase recovery from existing and future reserves. The Company, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, and Caracas. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centres in 43 countries. CMG's common shares are listed on the TSX and trade under the symbol CMG. For more information, please visit CMG's web site at

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

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