Veritas Caspian Completes 2006 Work Program

Caspian Services, Inc.

Caspian Services, Inc. said that Veritas Caspian LLP has successfully completed the 2006 work season for its data library project in the Kazakh sector of the Caspian Sea.

The first year of this multi-year project proved a resounding success with the full 660 km 2D seismic work plan being completed ahead of schedule. Early completion allowed for the acquisition of approximately 370 km of additional 2D seismic data during the work season. Detailed planning is now well underway for the 2007 work season, which will begin in April.

Kerry Doyle, President, Veritas Caspian, commented, "Our current acquisition plans are for a five year program over the entire open acreage of the Kazakh sector of the Caspian Sea. The success of the first season is a tremendous affirmation of Veritas Caspian's capabilities and commitment to this project. Operations in the Caspian Sea present many challenges, but the efforts demonstrated by the crews have been outstanding and are beginning to illuminate the high potential of this key hydrocarbon region."

Veritas Caspian LLP is a joint venture between Caspian Services, Inc.'s subsidiary, Kazmorgeophysica CJSC, and Veritas DGC Ltd. The joint venture has the exclusive rights to acquire seismic data over the entire open acreage of the Kazakh sector of the Caspian Sea.

Caspian Services, Inc. is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan. The Company provides seismic data acquisition services; maintains a fleet of vessels that it commissions to oil and gas exploration companies engaged in development activities in the north Caspian Sea and other oilfield services such as lodging and desalinated water in the Port of Bautino. The Company maintains corporate offices in Almaty and Aktau, Kazakhstan and Salt Lake City, Utah.