Arawak Releases 2008 Reserves Summary

Arawak has announced the results of its independent reserves evaluation as at December 31, 2008. Evaluations were conducted by McDaniel & Associates Consultants Ltd for Kazakhstan, and Ryder Scott Company, L.P. for Russia and Azerbaijan, and were prepared in accordance with standards set out under the National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators ("NI 51-101").

The Company's proved(5) reserves ("1P") totaled 36.99 million barrels of oil equivalent ("boe") as at December 31, 2008, a decline of 7% from the 39.93 million boe recorded as at December 31, 2007(4). Arawak's probable(6) reserves increased 6% to 24.86 million boe as at December 31, 2008 compared with 23.41 million boe a year ago. Overall, the Company's net proved plus probable reserves ("2P") declined 2% to 61.85 million boe.

Arawak's total working interest production in 2008 was 4.17 million boe, or 11,393 barrels of oil equivalent per day ("boepd"). At the beginning of March 2009, Arawak was producing approximately 14,300 boepd.

The assets included in the latest evaluation are a 100% working interest in the Akzhar, Besbolek, Alimbai and Karataikyz oil fields and a 40% participation in the Saigak oil field, all in Kazakhstan, a 50% working interest in the North Irael and Sotchemyu-Talyu oil fields in Russia, and a 29.7% holding in the South West Gobustan oil and gas blocks in Azerbaijan.


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