Calibre Energy, Inc. Announces Update on First Well in Iraqi Kurdistan

WASHINGTON & HOUSTON--()--Calibre Energy, Inc., (OTCBB:CBRE) (Calibre), an American-based independent natural gas and oil exploration and development company, announces the Bina-Bawi-1 exploration well was at a depth of 2,112 meters (6,929 feet) and has completed running 9 5/8 casing and is currently drilling ahead to a total depth estimated to be 2,900 meters (9,514 feet). The Bina-Bawi-1 is the first well in Calibres planned multi-well exploration and development drilling program in Kurdistan. The primary objectives of the well are the Cretaceous, the Qurachina Formation in the Triassic, and the Chiazaire Formation in the Permian.

Calibre is participating in the Bina-Bawi-1 through an Exploration and Production Sharing Agreement (EPSA) with the Kurdistan Regional Government (KRG) of the Republic of Iraq in the Arbil Province, covering the Bina-Bawi structure. Calibre has a 10 percent interest in the EPSA through a participation agreement with Hawler Energy Ltd., a privately-held oil and gas exploration company based in Houston, Texas. A&T Petroleum, a wholly-owned subsidiary of Turkish-based Petoil, is the operator. While other parts of Iraq remain mired in violence and unrest, the semi- autonomous region of Kurdistan has been the most peaceful and stable region of Iraq since the creation of the no-fly zones in 1991.

The Bina-Bawi structure is a 28 kilometer by 7 kilometer anticline immediately northwest of the Taq-Taq Field where Genel Enerji and Addax Petroleum recently announced test results from the Taq-Taq 4 well which flowed at an initial aggregate maximum rate of 29,790 barrels per day from three separate reservoir intervals in the Cretaceous. The flow rates were reported to be constrained by the limited capacity of surface testing facilities. Genel Enerji and Addax Petroleum are currently drilling an appraisal well and expect initial export of oil from the Taq Taq Field in 2007. Addax Petroleum in their November 2006 presentation estimated that the Taq Taq Field has current STOIP of 1.2 to 2.7 billion barrels with expected STOIP of 1.9 billion barrels.

ABOUT CALIBRE ENERGY, INC.

Headquartered in Washington, DC with operating offices in Houston, Texas, Calibre Energy, Inc. is an early stage oil and gas company focused on the creation of shareholder value through the development of world class unconventional and untapped domestic and international oil and gas resources with domestic operations in the Barnett and Fayetteville Shales and international operations in Iraqi-Kurdistan.

FORWARD LOOKING STATEMENTS

This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future results, levels of activity, events, trends or plans. We have based these forward-looking statements on our current expectations and projections about such future results, levels of activity, events, trends or plans. These forward looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, events, trends or plans to be materially different from any future results, levels of activity, events, trends or plans expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as guidance, may, will, should, could, would, expect, plan, anticipate, believe, estimate, continue or the negative of such terms or other such expressions. As they pertain to our business, in general, important factors that could cause our actual results to differ materially from our expectations, include but are not limited to those factors disclosed in our Annual Report on Form 10-KSB, our other filings with the Securities and Exchange Commission, as well as our other public documents and press releases. Readers are cautioned not to place undue reliance on our forward looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward looking statements to reflect events or circumstances occurring after the date hereof.

Please visit our Web site: www.calibreenergy.com

Contacts

Calibre Energy, Inc.
O. Oliver Pennington, III, 202-223-4401
Fax: 202-223-4406

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Contacts

Calibre Energy, Inc.
O. Oliver Pennington, III, 202-223-4401
Fax: 202-223-4406