Caspian Services Wins $5.1M Seismic Contract

Caspian Services, Inc. said that its wholly owned subsidiary, TatArka LLP, has signed a contract with EPC Munai, LLP to provide 2D seismic data acquisition services. EPC Munai LLP is a Kazakhstan based oil and gas exploration company with licensed territory in the Atyrau oblast of western Kazakhstan. The contract calls for TatArka to conduct 1,000 kilometers of land-based 2D seismic acquisition work, beginning in early April 2007. The contract value is US$5.1 million.

John Scott, Chief Operating Officer of Caspian Services noted, "Since entering the seismic acquisition services industry in May 2004, Caspian Services has made a concerted effort to become the preeminent seismic services provider in Kazakhstan and the Kazakh sector of the Caspian Sea. We believe this contract was awarded to TatArka in recognition of our reputation as a leader in the industry and we look forward to working closely with EPC Munai on this project."

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 geophysical and seismic data acquisition services; maintains a fleet of vessels that it commissions to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and is building a marine base facility in the Port of Bautino. The Company maintains corporate offices in Almaty, Kazakhstan, Aktau, Kazakhstan and Salt Lake City, Utah