CALGARY, ALBERTA -- (Marketwired) -- 07/04/13 -- CYGAM Energy Inc. ("CYGAM") (TSX VENTURE: CYG) is pleased to provide an operational update regarding the El Bell exploration well on the Sud Remada permit and activities on the TT Field in the Bir Ben Tartar Production Concession (the "BBT Concession") in Tunisia. Through a wholly-owned subsidiary, CYGAM holds a 14% working interest in the Sud Remada permit and the BBT Concession. The Sud Remada permit and the BBT Concession are held under Production Sharing Agreements with Enterprise Tunisienne D'Activites de Petrolieres ("ETAP") together with joint venture partner Chinook Energy (86% interest and operator).
The El Bell-1 exploration well on the Sud Remada permit has been cased and suspended pending further analysis of wireline testing information. Depending on the results of further interpretation, the well will either be completed and production tested in the target Ordovician zone, completed for use as a water source well in a shallow water bearing zone, or abandoned.
The well was spud June 6, drilled to a total depth of 1,375 meters, evaluated and rig released on June 24, 2013 at an estimated gross cost of $3.4 million.
The Foradex 14 drilling rig has been moved back to the BBT Concession where it will perform completion and workover operations for approximately ten days prior to moving to the next development well location, TT20. TT20 will be the third of a planned six to seven well 2013 drilling program on the TT Field.
About CYGAM Energy Inc.
CYGAM is a Calgary based exploration company with extensive international exploration permits and a producing property in Tunisia. The main focus of CYGAM 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 permits in Italy plus three exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 2.6 million gross acres.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
In the interest of providing shareholders and potential investors with information regarding CYGAM, including management's assessment of the future plans and operations of CYGAM, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. In particular, this news release contains, without limitation, forward-looking statements pertaining to: results of wireline data evaluation, well testing; future drilling; operations (including the number of wells, locations, timing and target zones); and potential uses for the El Bel-1 exploration well.
With respect to the forward-looking statements contained in this news release, CYGAM has made assumptions regarding, among other things: the ability of the Operator to continue to operate in Tunisia with limited logistical, security and operational issues; the ability of the Operator to obtain equipment in a timely manner and to carry out drilling and completion operations; the results of geological, geophysical and reservoir analysis and testing and completion operations; commodity prices; the receipt of required regulatory approvals; global economic conditions. Although CYGAM believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause CYGAM's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation: political and security risks associated with the Operator's Tunisian operations, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, delays in projects and/or operations, wells not performing as expected, delays resulting from or inability to obtain the required regulatory approvals, CYGAM's ability to access sufficient capital from internal and external sources; and risks associated with the operation of CYGAM's assets by third parties, including the limited ability of CYGAM to exercise influence over the operation of those assets or their associated costs, the timing and amount of capital expenditures, the operator's expertise and financial resources, the approval of other participants, and the selection of technology and risk management practices. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could effect CYGAM's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and CYGAM does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
CYGAM Energy Inc.
President and Chief Executive Officer
403 605 5117
CYGAM Energy Inc.
Chief Financial Officer
403 452 6883