Cygam Energy Inc.
TSX VENTURE : CYG

Cygam Energy Inc.

July 11, 2008 09:00 ET

Cygam Energy Inc. Announces Commencement of Testing Operations in Tunisia

CALGARY, ALBERTA--(Marketwire - July 11, 2008) - Cygam Energy Inc. ("Cygam" or the "Corporation") (TSX VENTURE:CYG) is pleased to provide an update on the TT2 exploration well operated by Storm Ventures International Inc. ("SVI") of Calgary, on the Remada Sud Permit in Southern Tunisia.

The Corporation announces that the Schlumberger stimulation equipment is onsite and operations have commenced to artificially fracture and production test several zones of interest in the well. The TT2 well encountered potentially significant light oil and gas shows in the primary Ordovician Bir Ben Tartar formation while coring. Secondary zones of interest which encountered hydrocarbon potential during drilling will also be tested. The Sud Remada permit is located in the Ghadames Basin and is approximately 1.2 million acres in size. Cygam's working interest in the well and in the entire permit is 14%. SVI is the operator and has a 71% working interest; Madalena Ventures Inc. is also a partner with a 15% interest in the well.

Cygam is a Calgary based exploration company with producing oil and gas properties in Canada and extensive international exploration concessions. The main focus of the Corporation is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean region. Cygam currently holds various interests in five exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing approximately 4 million gross acres (approximately 2.8 million net acres). Visit the Cygam website at www.cygamenergyinc.com for more information about Cygam.

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding interpretation of seismic and well data, future plans and objectives of Cygam Energy Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated or expected in such statements. Cygam does not undertake any obligations to update forward-looking statements except as required by applicable securities laws. In particular, various factors can cause delays or prevent the Corporation from carrying out its testing and completion programs as scheduled, including but not limited to unavailability of equipment, funding and manpower or delays in the equipment reaching the Sud Remada permit. There is no certainty that the Sud Remada testing and fracture stimulation programs will be carried out as scheduled or that they will be successful in establishing commerciality. Important factors that could cause actual results to differ materially from Cygam's expectations are risks detailed herein and from time to time in the continuous disclosure filings made by Cygam with securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

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

Contact Information

  • Cygam Energy Inc.
    Dario Sodero
    President and Chief Executive Officer
    (403) 802-6983
    (403) 802-6984 (FAX)
    or
    Cygam Energy Inc.
    Ali Rawji
    Chief Financial Officer
    (403) 802-6983
    (403) 802-6984 (FAX)
    Website: www.cygamenergyinc.com