Caspian Energy Completes Testing at East Zhagabulak #302

Caspian Energy reports that Aral Petroleum Capital LLP, in which the Company holds a 50% indirect interest, has completed a flow-test in the Zhagabulak Area in the southeast corner of the North Block.

The Company's second exploration well, East Zhagabulak #302, reached a total depth of 4950 meters (16240 feet) and perforated approximately 104.5 meters (342.6 feet) in Middle Carboniferous. The exploration well was acidized and tested in two intervals. Neither interval would sustain flow.

"While EZ #302 logs indicate hydrocarbons and we have recovered some oil, the well will not flow continuously" said Charles Summers, Caspian Energy Inc. Chief Operations Officer. "Although we hoped for a better outcome, we plan to change the stimulation program for upcoming wells, in particular wells 213 and 303. The well, 302, will be shut in pending further evaluation".

Our third exploration location, EZ #303, approximately 5.2 km. southwest of well 302, is drilling at 3400 meters. The results of this well will be known at some point during the fourth quarter of 2006. There is a secondary target beneath the Carboniferous; therefore, the well was permitted to 5700 meters (18,696 feet).

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