Cygam Energy Inc.

Cygam Energy Inc.

November 24, 2014 07:00 ET

Cygam Announces Receipt of Tax Assessments from Tunisian Authorities

CALGARY, ALBERTA--(Marketwired - Nov. 24, 2014) - CYGAM Energy Inc. (TSX VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil and gas company with interests in Tunisia and Italy, announces that its wholly owned subsidiary, Rigo Oil Company Limited ("Rigo"), which operates in Tunisia, has received tax assessments from the Tunisian tax authorities relating to taxation years 2010 through 2013.

The tax assessments indicate taxes owing by Rigo in the amount of $1.145 million (1.84 million Tunisian Dinars) for income taxes, withholding taxes and taxes on industrial, commercial and professional establishments, and penalties. The Company has filed its income tax returns in Tunisia under provisions under the Hydrocarbon Code and production sharing agreements which provide for an exemption from income taxes that are the responsibility of ETAP as the permit holder. Based on preliminary advice of its local tax advisors, the Company is challenging all of the assessments.

About CYGAM Energy Inc.

CYGAM is a Calgary based exploration company with extensive international exploration permits and a producing property in Tunisia. The main focus of CYGAM is the acquisition, exploration and development of international oil and gas permits, primarily in Italy and Tunisia. CYGAM currently holds various interests in five exploratory permits in Italy plus two exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 1.4 million gross acres.

Neither the 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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