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July 31, 2007
CYGAM ENERGY INC. PROVIDES UPDATE ON OPERATIONS IN TUNISIA AND ON EXERCISE OF WARRANTS.
CYGAM ENERGY INC. (TSX Venture Exchange: CYG) )
Calgary, Alberta, July 31, 2007. Cygam Energy Inc. (“Cygam” or the “Corporation”) is pleased to announce that drilling of the Bhayra Rigo #1 well on the Jorf permit commenced on July 30, 2007. The exploratory well will be drilled to approximately 2,500 metres in order to test a large Permian age reef structure which had been identified through the interpretation of older vintage seismic data. A new 166 km 2D seismic program, acquired at the beginning of 2007, confirmed the presence of this structure and of several other anomalies, also interpreted as potential reef build-ups. The well is expected to take until the end of August to reach the final depth.
The Jorf permit, located onshore south-central Tunisia, encompasses an area of approximately one million acres. The northern boundary of the exploration permit is within 35 kilometres of the Gulf of Gabes. Major oil and gas pipelines from the giant El Borma oil and gas field and other southern Tunisian oil fields traverse the Jorf block (within 40 kilometres from the Bharya Rigo # 1 well) and connect to the La Skhira oil terminal in the Gulf of Gabes.
Cygam is also pleased to announce that the shareholders of the Corporation have exercised warrants to purchase 2,056,000 common shares of the Corporation at a price of $ 0.80 per share. The resulting proceeds to Cygam total $1,644,800. A total of 2,400,000 warrants were originally issued in the brokered private placement completed in October, 2005. In accordance with the terms of the issuance, the remaining 344,000 warrants expired on July 11, 2007.
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 on 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 2.7 million net acres). Visit the Cygam website at www.cygamenergyinc.com for more information about the Corporation.
For further information, please contact:
For further information please contact:
Dario Sodero, President or
Ali Rawji, Chief Financial Officer
Tel: (403) 802-6983, Fax: (403) 802-6984
E-mail: dario.sodero@cygamenergyinc.com or ali.rawji@cygamenergyinc.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release