Cygam Energy Inc.
TSX VENTURE : CYG

Cygam Energy Inc.

March 22, 2006 09:00 ET

Cygam Energy Inc. Announces Corporate Appointment

CALGARY, ALBERTA--(CCNMatthews - March 22, 2006) - Cygam Energy Inc. (TSX VENTURE:CYG) ("Cygam" or "the Corporation") is pleased to announce the appointment of Mr. Peter Haverson to the Board of Directors of the Corporation.

Mr. Haverson brings to Cygam a wealth of international drilling experience having worked in the oil and gas business for over 30 years. He was involved in all types of onshore and offshore drilling operations whilst employed by British Petroleum (UK) Ltd. from 1974 to 1982. From 1982 to 1990 he supervised offshore drilling operations in the Beaufort Sea for Gulf Canada and affiliated entities; from 1990 to 1992 he was Operations Manager for Asamera Egypt Limited which operated in the Egyptian Red Sea. From 1992 to1998 he was the General Manager for International Petroleum Corporation in Tripoli, Libya, where he managed all onshore operations in the Sirte Basin. In 1999 he returned to Egypt where he was General Manager and Director for Vanguard Resources, overseeing operations in the Eastern Desert and Red Sea areas until 2001. Since 2001 he has been employed by Petro Canada as Manager of Global Drilling & Completions and is currently based in London, England.

Mr. Haverson received a B.Sc. Honours degree in Mechanical Engineering from the City University in London, England, in 1974. Mr. Haverson is a Director of Exceed Capital Holdings Ltd., a company listed on the TSX Venture Exchange.

Mr. Haverson will provide valuable assistance in evaluating drilling programs and procedures on all the international permits acquired by the Corporation.

Pursuant to his appointment to the Board of Directors of Cygam, Mr. Haverson has been granted 250,000 stock options under the Corporation's Stock Option Plan at an exercise price of $0.90 per share.

The Corporation has also granted 100,000 stock options at an exercise price of $0.90 per share to a consultant who provides legal and related services in Tunisia.

Cygam is an 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 permits, primarily in Italy, Tunisia and the Mediterranean basin. Cygam currently holds various interests in five exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing approximately 4 million gross acres (approximately 3 million net acres). Extensive seismic data from Tunisia and Italy is currently being re-interpreted and re-processed in Calgary in order to finalize drilling locations.

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

Contact Information