CYGAM ENERGY INC.
ANNOUNCES COMMENCEMENT OF DRILLING AT SUD REMADA IN
TUNISIA.
CYGAM ENERGY INC. (TSX Venture Exchange: CYG)
Calgary,
Alberta,
March 28, 2008. Cygam
Energy Inc. (“Cygam” or the “Corporation”) is pleased to announce
the commencement of drilling of the TT-2 exploratory well on the Sud
Remada permit operated by Storm Ventures International Inc.
The TT-2 well is being
drilled on a large Ordovician structure, with indicated areal extent
of approximately 70 square kilometres, which was mapped on the basis
of extensive older vintage seismic coverage and new 2-D seismic data
acquired in mid 2007. The well will be drilled approximately one
kilometre from an older well (TT-1), drilled in 1959, which
recovered light oil and gas on limited tests. New 2D seismic data
indicates that the TT-2 location should encounter the target
Ordovician Bir Ben Tartar sandstones 15 to 20 metres higher than in
the TT-1 well. It is expected that drilling and testing operations
in this 1,600 metre well will last approximately 30 days.
The Sud Remada permit covers
an area of 1,173,215 acres and has exploratory potential in the
Ordovician, Silurian Acacus and Triassic Ras Hamia formations. All
three zones have commercial production in adjoining blocks in
Tunisia and
Libya.
The 2D seismic program conducted over the Block during 2007 has also
delineated additional prospective structures which are under review
for future drilling. The Corporation has a 14% working interest in
the TT-2 well and the Sud Remada permit.
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
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 2.7 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. In particular, various factors can cause delays or
prevent the Corporation from carrying out the Bhayra Rigo # 1
testing program as scheduled, including but not limited to
unavailability of equipment and manpower. The existence of
discoveries in structures and formations in the regions where Cygam
has permits does not necessarily assure that the company will be
successful. 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.
