No Definitive Agreement for North Block Divestiture

Caspian previously announced on November 5, 2009 that in order to fund its ongoing obligations, it was pursuing a farm-out or sale of the North Block. In this regard, several parties indicated interest and the Company previously entered into a non-binding letter of intent to complete a farm-out arrangement for a portion of its 50% interest in Aral Petroleum Capital LLP, which letter of intent has since expired.

Negotiations to execute a definitive agreement are continuing, however the outcome of these discussions cannot be determined with certainty.

No definitive agreements have been entered into with any party in connection with a farm-out or sale of the North Block to date, and the Company will issue a further press release in the event that any such definitive agreements are entered into in the future.