Arawak Graduates to the TSX

("Arawak" or the "Company") is pleased to announce that the Company has received conditional approval from the Toronto Stock Exchange ("TSX") for the listing of its common shares on the TSX, subject to meeting the final listing requirements of the TSX and obtaining TSX Venture Exchange approval for delisting. The common shares of the Company will be listed and begin trading on the TSX at the opening of trading on November 1st, 2006. The shares will be de-listed from the TSX Venture Exchange at the close of trading on the prior trading day.

Company President and CEO, Alastair McBain said: "The graduation of Arawak to the TSX marks an important step in the growth of the Company. The listing will raise our profile, broaden the range of investors able to participate in Arawak's future development, and improve the Company's access to capital." Trading on the TSX will remain under the stock symbol "ABG."

Arawak's common shares are listed for trading on the TSX Venture Exchange under the symbol "ABG". The Company is engaged in the exploration, development and production of oil and natural gas in Kazakhstan, Russia and Azerbaijan.

The Company's asset in the Azerbaijan Republic is its interest in the Exploration, Development and Production Sharing Agreement ("EDPSA") for the South West Gobustan fields. Commonwealth Gobustan Limited ("CGL") holds an 80% interest in the EDPSA with the remaining 20% held by SOCAR Oil Affiliate. Arawak holds a 37.17% interest in CGL with the remaining 62.83% being held by two affiliates of China National Petroleum Corporation. Arawak's assets in Russia are held through ZAO PechoraNefteGas ("PNG") and LLC NK Recher-Komi ("Recher-Komi") in which Arawak has a 50% interest with the remaining interest being held by Lundin Petroleum AB. In Kazakhstan, Arawak's assets are held through its 100% wholly-owned subsidiary Altius Energy Corporation.