Cygam Energy Inc. Provides Additional Update on Drilling Operations in Tunisia

CALGARY, ALBERTA--(Marketwire - May 26, 2008) - Cygam Energy Inc. (TSX VENTURE:CYG) ("Cygam" or the "Corporation") is pleased to provide an additional update on the TT2 exploration well operated by Storm Ventures International Inc. ("SVI") of Calgary, on the Remada Sud Permit in Southern Tunisia.

Highlights:

- Potentially significant light oil and gas shows were encountered in the main objective (Ordovician Bir Ben Tartar) while coring. Good yellow fluorescence was observed in the cores.

- Presence of hydrocarbons was confirmed by one drill stem test which recovered light oil, gas and no water. The test was run approximately 50 meters below the top of the Bir Ben Tartar and log analysis indicates that the potential hydrocarbon column could extend up to approximately another 25 metres below the tested interval.

- Petrophysical analysis indicates that a secondary objective (Ordovician Jaffara formation) may also be hydrocarbon bearing.

- Potentially significant gas shows were also encountered while drilling through the Silurian Tanezzuft shale and sandstone sequence above the Bir Ben Tartar main objective.

The main target, the Ordovician Bir Ben Tartar formation, consisting of a massive sequence of sandstones with minor shale streaks, had potentially significant gas and oil shows while coring. Upon reaching total depth at 1,500 metres and after log evaluation, several zones of interest were identified in both the primary and secondary objectives and selected for testing.

Several open-hole drill stem tests were planned but, due to unpredictable mechanical failures, only one test was successfully completed which recovered oil and gas in the down-hole sampler, with no water. During testing operations, well-bore conditions deteriorated and the operator and its partners agreed to suspend testing and set casing to TD.

The operator is currently waiting for the arrival of stimulation equipment from outside Tunisia in order to artificially fracture and production test several zones of interest. It is expected that Schlumberger stimulation equipment should arrive on location by early July. In the meantime, the two cores (approximately 60 meters in total) cut in the Bir Ben Tartar formation have been shipped to Aberdeen, Scotland, for routine and special analyses. A detailed testing and stimulation program is also being prepared.

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.

Via [Market Wire]

Heerema completes Hasdrubal

VLISSINGEN, NETHERLANDS: Heerema Fabrication Group has completed construction of the Hasdrubal oil and gas platform at its Heerema Vlissingen construction yard. The topside has now been loaded on a barge for transportation to the Gulf of Gabes, 110 kilometers (68 miles) offshore Tunisia.

Construction of the platform began in June 2007 for BG Tunisia. The topside has five decks, weighs 1,450 tons and measures 46 meters by 30 meters by 29 meters (151 ft by 98 ft by 95 ft). The jacket weighs 1,000 tons and is 70 meters (230 ft) long.

The contract for the platform includes the final concept and design, as well as the transport to Tunisia. Heerema Vlissingen will provide training to BG Tunisia employees on location, particularly for offshore installation and hooking up the platform.

The Hasdrubal platform will be installed in water depths of 60 meters (197 ft). BG Tunisia is the operator of the Hasdrubal and owns the field together with ETAP. It is expected that the platform will be operational in 2009.

Via [Energy Current]

MAN LOST (Fatality)

In Tunisia, on the 10th May, Oil and Gas Company declared a man/vehicle lost situation in their area of operations, South Tunisia.

BRIEF DESCRIPTION OF THE INCIDENTS
Circumstances Before:

• On 9th May, One vehicle with a driver and two passengers went to perform routine work taking measurements on a pipeline, after which they were to return to their base. With increasingly bad weather, sandstorms with low visibility, for their return they decided to take a different track to the one they primarily utilized, they then became totally disorientated and lost the track they were travelling on.

Circumstances :

Two of the personnel left the vehicle to go to a high spot (sand dune) by foot to try to spot other tracks, lights or vehicles. At this stage the two personnel have become separated in the sand storm, one has
tried to contact the other without success, he then returned to the vehicle and waiting driver. Being unable to contact anyone due to no radio or mobile phone coverage, they remain at location with the vehicle.

On the 10th May, the Oil and Gas Company organised a search with the assistance of the army and army military helicopters, the search located the lost vehicle and its two occupants, the occupants although physically ok, were suffering from shock at the loss of their colleague. Searches continued for the rest of the day and following day to try to locate the man lost. On the 12th May, search crews
encountered CGGV crews working in the area, CGGV management were made aware of the man lost situation. CGGV mobilized 5 vehicles with 9 personnel to aid in the search for the man lost.

On 13th May, CGGV were informed that the man lost had been located but tragically was dead when located. The deceased was found almost 60 kilometres from the point were he was last seen by his colleagues, he had been without water, food or survival equipment.

WHAT WENT WRONG:

♦ Disregard of HSE rules concerning “Man/Vehicle lost procedure” (standard in our industry).
Always remain with your vehicle in case of breakdown or being lost
♦ Disregard of Journey Management
♦ Disregard of training / Instruction

CORRECTIVE ACTIONS AND RECOMMENDATIONS:

♦ Refresher training / instruction: personnel at all levels to be reinstructed on “man/vehicle lost” procedure, all
personnel to be made aware of this unfortunate man lost incident
♦ Behaviour training: behaviour properly monitored, training on understanding effects of poor behaviour.
♦ Communications: Ensure personnel have communications when working in remote locations, sat phone,
radios, mobile phone etc…
♦ Equipment: To have survival kits and sufficient food water with all teams working in remote locations
♦ Management commitment: To ensure systems are in place to monitor the behaviour of the workforce.
Initiate systems, where correct and good behaviour is recognised and rewarded.
WE CAN ONLY AVOID INCIDENTS BY CHANGING OUR BEHAVIOUR, IT ALL STARTS WITH YOU.

This is was an open letter send by CGG Veritas to all the oil business companies, a tragedy happened a couple of days ago leading to a death of a stuff lost in a sand storm somewhere in Al Borma area.

Tunisia: Tunis holds gas, oil conference in June

The Maghred and Mediterranean 6th conference on gas and oil will be held here 17-18 June, official sources told PANA here Monday.

Organised by "Global Pacific and Partners", an international organisation operating in gas and oil, the conference, to be attended by 30 experts, would deal with themes relating to liquefied natural gas, firm strategies, national oil company and new investment projects in the region.

Prior to the conference on 16 June, there will be presentation of the Maghred 3rd report on gas and oil.

Tunis - 19/05/2008

Winstar Resources extends strength of 2007 into first quarter of 2008

The Company achieved its operational objectives in the first quarter of
2008. Winstar produced an average of 1,893 boepd during the first quarter,
including 1,317 boepd in Tunisia, 336 boepd in Canada and 240 boepd in
Hungary. Winstar is currently producing a total of about 2,000 boepd.

Via [NewsWire]

Independent Resources secures three-year renewal for Ksar Hadada

AIM-quoted Independent Resources has received confirmation that exploration rights on the Ksar Hadada oil and gas exploration permit in Tunisia have been extended for a further three years.

The extension follows the completion of work to acquire new seismic and well data which indicate that Ksar Hadada, located in south-east Tunisia, may contain several new prospects in addition to the Sidi Toui and Oryx structures previously known to be present.

Via [Small Cap News]

Pioneer Reports First Quarter 2008 Results

DALLAS--(BUSINESS WIRE)--May 7, 2008--Pioneer Natural Resources Company (NYSE:PXD) today announced financial and operating results for the quarter ended March 31, 2008.

-- Reported first quarter net income of $130 million, or $1.09
per diluted share

-- Increased average daily oil and gas sales to 110,298 barrels
oil equivalent per day (BOEPD); 24% above comparable sales for
the first quarter of 2007

-- Posted 31% combined production growth from Spraberry, Raton
and Edwards fields from the prior year quarter

-- Announced initiatives to capture additional resource potential
of one billion barrels oil equivalent (BOE) in the Spraberry
field

-- Announced a new discovery in the Pierre Shale gas play in the
Raton Basin in southeastern Colorado with net resource
potential of more than two trillion cubic feet

-- Drilled three successful Silurian wells in Tunisia; two wells
included new discoveries in the Ordovician and TAGI formations

Scott Sheffield, Chairman and CEO, stated, "Delivering consistent, repeatable reserve and production growth was a key goal in our decision to refocus the Company's efforts on our onshore assets, particularly those in North America. Our first quarter results further demonstrate that this goal is being achieved. With the new opportunities we've announced in our two largest core areas (Spraberry and Raton), our active onshore drilling program and plans to expand drilling in 2009, we are highly confident that the Company will continue to deliver consistent growth and achieve our recently increased target for 14+% compound average annual growth (CAGR) in production per share and 20+% CAGR in after-tax cash flow through 2011.

"Pioneer has reached an important inflection point. From 2008 to 2009, based on current strip commodity prices and expected production growth, our after-tax cash flow is expected to grow by approximately 50%."

For the complete report go to [Pioneer Wesite]

Cairn set to explore Greenland’s frontier

Cairn Energy confirmed plans to start exploration work in the frontier area of Greenland in the second half as the company looks to repeat its success in India.

The oil and gas firm said it had agreed a contract to complete 2d seismic surveying work off the Arctic island, where it has acquired exploration licences covering a huge amount of under-explored territory.

Edinburgh-based Cairn also expects to start work in earnest off Tunisia, in acreage which the company acquired when it bought Plectrum Petroleum for £23m last year. The company is evaluating tenders for rigs to start drilling off the North African state in the second half.
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News of the developments came in an interim management statement covering the first quarter, issued by Cairn in compliance with new disclosure and transparency rules introduced by the Financial Services Authority.

In the statement, Cairn noted that the Indian subsidiary which controls acreage on which it made huge finds in Rajasthan state had won consent for a key pipeline. The company reiterated that it expected the pipeline to be built in time to start production from the huge Mangala field in 2009.

This should pave the way for a significant increase in output by Cairn, which produced 14,477 barrels oil daily from assets in India and Bangladesh on an entitlement basis in the first quarter.

Separately, Melrose Resources issued an interim management statement in which it said first-quarter entitlement production from assets in Egypt and Bulgaria was 8.7 billion cubic feet gas and 478 thousand barrels oil and condensate, up 64% on the same period in 2007.

Via [The Herald]

Tunisia hands oil permits to Algeria joint venture

TUNIS (Reuters) - Tunisia has awarded two oil and gas exploration permits to an Algerian-Tunisian joint venture as it seeks to attract more foreign investors into its energy sector, the energy ministry said on Wednesday.

The venture, named Numphyd, will invest $13 million to drill two wells in the Kaboudia offshore area near the southern town of Gabes and in Nord des Chotts in western Tunisia, the ministry said in a statement.

The permits cover a total area of 8,748 square kilometers.

Numphyd is a 50-50 venture of Algerian state energy giant Sonatrach and Tunisia's government-run Entreprise Tunisienne des Activites Petrolieres (ETAP).

ETAP also signed an agreement to sell Numphyd a 30 percent stake in the Nord des Chotts prospect.

Sandwiched between OPEC members Algeria and Libya, Tunisia needs to import most of its petroleum needs and hopes new discoveries of oil and gas will bolster domestic energy ouput.

The government aims to drill 15 new wells per year between 2007 and 2011, up from eight wells over the past five years.

Via [Reuters]