Caspian Energy Company News

Caspian Energy and partners announced spudding of an exploration well between the two producing wells in the East Zhagabulak field of Kazakhstan.

Caspian Energy has entered into an agreement to sell a 10% interest in Aral Petroleum Capital LLP to AsiaStar Petroleum Limited

Caspian Energy announced that Mr. Michael Nobbs has been appointed to Caspian's board of directors.

No definitive agreements have been entered into with any party in connection with a farm-out or sale of the North Block to date, according to Caspian Energy.

Caspian Energy announced that the previously disclosed amendments to the terms of the Company's US $16,000,000 aggregate principal amount Secured Convertible Debentures, due March 2, 2011, were approved.

Caspian Energy is canceling its AIM listing effective March 3, 2009.

Caspiam announced that its oil revenues before transportation costs for the three months ending June 30, 2008 were $3,363,412, compared to $1,889,400 in the corresponding period of 2007.

Caspian Energy issued an operational update for the three and six months ending June 30, 2008.

Caspian Energy announced that Aral Petroleum has logged and determined the second well in its post-salt drilling program, Aransay #711, as a dry hole and is preparing to plug the well.

Caspian Energy has now reached a depth of 2,430 meters in its first exploration well, Baktygaryn #703, in its post-salt drilling program.

Dubai-government funded investment company Dubai World has discreetly set up a venture for petroleum acquisitions abroad, according to people familiar with the matter, the latest Gulf company seeking new reserves beyond their oil-rich countries.

Caspian Energy Inc. reported that Aral Petroleum Capital LLP ("Aral"), in which the Company holds a 50% indirect interest, will spud the first exploration well, Baktygaryn #703, in its post-salt drilling program in mid-February.

Caspian Energy Inc. said that Aral Petroleum Capital LLP, in which it holds a 50% indirect interest, has completed fishing operations and retrieved the lost wire line and logging tool from East Zhagabulak #301 in Kazakhstan.

Caspian Energy Inc. said that Charles J. Summers, the current Chief Operating Officer, has also been appointed as President of the Company.

Caspian Energy Inc. said that Aral Petroleum Capital LLP has finished drilling its third exploration well, Zhagabulak #303, to a total depth of 4630 meters.

Caspian Energy has completed intermediate logging over the primary target in the East Zhagabulak #303 well and has encountered 80 feet of net pay.

Caspian Energy has completed a flow-test in the Zhagabulak Area in the southeast corner of the North Block.

Aral Petroleum has completed a successful flow-test in the Zhagabulak Area in the southeast corner of the North Block.

Caspian Energy says its affiliate, Aral Petroleum Capital LLP, in which the Company holds a 50% indirect interest, spudded its second exploration well, East Zhagabulak #302.

Caspian Energy has started drilling its first exploration well in the North Block of Kazakhstan.

SOCAR and Britain's Caspian Energy Group intend to sign a revised contract to develop the onshore Kyurovdag oil field.