Kairiki Won't Extend Chorbane Permit Acquisition's Closing Date

Kairiki Energy has elected not to extend the closing date for the acquisition of the Chorbane Permit in Tunisia past October 31, 2008 and as a result will not complete the proposed transaction.

Kairiki is focussing its efforts on crystallizing the value of its Philippine assets following its successful drilling campaign in Service Contract 54 and also on its other Tunisian and Italian Permits (Kerkouane and Pantelleria) which were recently acquired.