Contact Exploration Inc.
TSX VENTURE : CEX

Contact Exploration Inc.

November 20, 2006 09:00 ET

Contact Acquires Columbia Natural Resources

CALGARY, ALBERTA--(CCNMatthews - Nov. 20, 2006) - Contact Exploration Inc. (TSX VENTURE:CEX) is pleased to announce the acquisition of all of the issued and outstanding shares of Columbia Natural Resources Canada Limited ("CNR"), a private company. The consideration paid was a combination of cash and assumption of liabilities.

CNR owns oil and gas rights over approximately 90,000 acres located in New Brunswick, in close proximity to Contact's Stoney Creek project. The CNR acreage contains several existing well bores with re-completion potential and associated production equipment. CNR's assets also include a regional aeromag survey, 2-D seismic surveys and additional geological and geophysical information relating to this region which is also Contacts focus of operations. CNR has significant unused tax losses.

The complimentary nature of CNR's New Brunswick oil and gas assets makes it a perfect fit for Contact. Contact intends to evaluate the CNR geological and geophysical information with a view to further exploration of the newly acquired lands.

"This acquisition was a good fit for us strategically," states Terry Brown, President of Contact Exploration, "We have significantly increased our land position in what is one of our core areas, the Stoney Creek region of New Brunswick. We are currently very active in this area and the acquired package including land, data, equipment and tax losses is very attractive to us and came at an opportune time."

About Contact

Contact Exploration Inc. is a junior exploration company with a focus on Canadian East Coast onshore exploration. Contact has interests in approximately 2.3 million acres onshore Nova Scotia including its 25% working interest in the developing Coal Bed Methane play at Cumberland, approximately 160,000 acres onshore West Newfoundland and 165,000 acres onshore New Brunswick which includes the Stoney Creek Field.

Certain statements contained herein may constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe that the expectations reflected in the forward-looking statements are reasonable based upon management's current views but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date hereof. We do not intend, and do not assume any obligation, to update conclusions, forecasts or projections that may be contained in these forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by these forward-looking statements will occur, or if they do, that any benefits may be derived from them. Past results have been applied in drawing a conclusion or making a forecast or projection set out in the forward-looking information.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of factors that may include, but are not limited to: the impact of government regulation, potential delays or changes in plans with respect to exploration and development projects, success of exploration and development activities, general industry and market conditions and other risks detailed from time to time in Contact's Annual Information Form and Management's Discussion and Analysis, both of which may be found at www.sedar.com.


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