Cygam Energy Inc.

Cygam Energy Inc.

April 20, 2011 09:30 ET

CYGAM Energy Inc. Announces Board and New Management Group

CALGARY, ALBERTA--(Marketwire - April 20, 2011) - CYGAM Energy Inc. ("CYGAM" or the "Company") (TSX VENTURE:CYG) is pleased to announce the following board and management changes:

Mr. Gary Hyde will assume the position of COO and will be appointed to the Board of Directors with immediate effect. He will also assume the position of CEO effective April 29, 2011, after the filing of the Company's annual financial statements.

Mr. Brad Goldie will assume the position of Vice-President Business Development with immediate effect. He will also assume the position of President effective April 29, 2011, after the filing of the Company's annual financial statements.

Mr. Giuseppe Rigo, the current CEO, and Mr. Dario Sodero, the current President, will resign from their respective positions effective April 29, 2011. Mr. Rigo will continue in his role of Executive Chairman of the Board of Directors, and Mr. Sodero will continue in his role as a director.

Mr. Derrick Armstrong and Mr. Drew Burgess will resign from the Board of Directors effective April 29, 2011.

Mr. Ali Rawji will resign from his position of Chief Financial Officer effective June 1, 2011.

Effective April 29, 2011, the Board of Directors will consist of Giuseppe Rigo (Executive Chairman), Gary Hyde (Chief Executive Officer and Chief Operating Officer), Dario Sodero, Peter Haverson and Alec Silenzi.

New Management Group

The New Management Group will be led by Gary Hyde as Chief Executive Officer, Chief Operating Officer, Director and Brad Goldie as President & VP Business Development. CYGAM is very pleased to have Mr. Hyde and Mr. Goldie join the Company and provide their experienced leadership and international expertise to manage and develop the Company's significant assets, and lead the Company as it works to build out its portfolio with a focus on new exploration and development opportunities in its core region. Mr. Hyde and Mr. Goldie are an experienced management team with a track record in managing and growing international oil and gas companies.

The New Management Group has a solid track record of creating value in high-growth, junior oil and gas companies. Mr. Hyde is a professional engineer with over 30 years of industry experience in both international and domestic oil and gas exploration and development with independent and major oil and gas companies. Most recently Mr. Hyde held the position of Chief Operating Officer of MENA Hydrocarbons Inc., a private Alberta company engaged in oil and gas exploration with a focus in the Middle East, North Africa and the Mediterranean region. Prior to that he was the Chief Operating Officer of Pearl Exploration and Production from October 2005 to March 2008, where he oversaw significant production growth. From December 2003 to February 2005, he was Vice-President Operations and Production for Calpine Natural Gas Trust LP. From From 1999 to 2002 he held various positions with AEC International/Encana Corporation, including Business Development Advisor and Vice-President International Operations. Prior to that, he held senior development engineering positions with Santa Fe Energy Resources SE Asia (1997 to 1998) and Imperial Oil Limited (1981 to 1997).

Mr. Brad Goldie is a professional geoscientist with 30 years of experience in the petroleum industry. He has significant operational, management and business development experience, and oversaw significant discoveries in Egypt, Yemen, Gulf of Mexico, Ecuador, Argentina and Canada. Most recently, he held the position of Vice-President Exploration of MENA Hydrocarbons Inc. Prior to that he was the Manager of Business Development and Manager of Exploration for Egypt for TransGlobe Energy Corporation from 2005 to 2010, where he played an instrumental role in their rapid growth in Egypt. From 1998 to 2005 he held various positions with AEC International/EnCana, including Manager - USA Gulf of Mexico and Senior Staff Geophysicist in West Africa, Ecuador, Colombia and Argentina. Prior to that, he was a Senior Staff Geophysicist in Yemen and Western Canada for Nexen (1994 to 1998), Senior Geophysicist in Western Canada for Bow Valley Energy (1987 to 1994), and Geophysicist in Western Canada and East Coast, Canada for Suncor (1980 to 1987).

In connection with Mr. Hyde's and Mr. Goldie's appointments, they will receive an initial allocation of 1,200,000 stock options each, subject to approval by the TSX Venture Exchange, exercisable at the closing price of the Company's common shares on the TSX-Venture Exchange on the day before issuance of the options, which is expected to be 2 days after the release of the Company's year-end financial statements. The options shall vest one-third immediately, one-third on the first anniversary of issuance, and one-third on the second anniversary of issuance.

Giuseppe Rigo, Chairman of CYGAM stated: "We are delighted to have people of Gary's and Brad's calibre join the CYGAM team and I am certain that through their significant oil and gas industry experience and their plans for growing CYGAM they will bring huge benefits to the company and create value for the shareholders."

Mr. Rigo also stated: "On behalf of CYGAM and the Board of Directors I wish to express my sincere thanks and appreciation to Dario Sodero, a founding director, Ali Rawji, Derrick Armstrong and Drew Burgess for their long and faithful service to CYGAM, their many contributions and their dedication to the CYGAM's development over the last five years."

CYGAM is a Calgary-based exploration company with producing exploration properties in Canada and extensive international exploration permits. 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 6 exploratory permits in Italy and 4 exploratory permits in Tunisia encompassing approximately over 3.5 million gross acres (approximately 1.8 million net acres before pending farm-outs). Visit the CYGAM website at for more information about CYGAM.

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

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