Cygam Energy Inc.

Cygam Energy Inc.

April 18, 2012 09:31 ET

CYGAM Announces Results of BJA-2 Well

CALGARY, ALBERTA--(Marketwire - April 18, 2012) - CYGAM Energy Inc. (TSX VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil and gas company with interests in Tunisia and Italy, announced today the it has been advised by the Operator, Chinook Energy Inc, that the BJA-2 exploration well, located on the Sud Remada permit onshore Tunisia, was plugged and abandoned on April 15, 2012 after reaching total depth of 1702 m. The Ordovician reservoirs were encountered structurally lower than forecast and were wet. The BJA 2 well fulfills all outstanding exploratory drilling commitments on the permit and the partners will incorporate the well results before proposing the next exploratory location planned for late 2012 or early 2013. CYGAM participated for its 14% direct working interest in the well.

The Foradex 14 drilling rig will begin moving to the TT16 Horizontal development well on the BTT concession within the next few days. The TT16 well is the first Horizontal test on the Bir Ben Tartar Field and is planned to have a 1,000 metre horizontal section followed by an 8 stage completion. Drilling and Completion operations are expected to commence within 25 days and complete in June 2012.

About CYGAM Energy Inc.

CYGAM is a Calgary based exploration company with extensive international exploration permits and producing properties in Tunisia. The main focus of the Company is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in seven exploratory permits in Italy and three exploratory permits in Tunisia encompassing approximately 2.7 million gross acres.

For further information visit our website at

Forward Looking Information

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Cygam Energy Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for our resources, competition and dependence on key personnel. These risks, as well as others, could cause actual results and events to vary significantly. Cygam Energy Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

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.

Contact Information