2009-08-04-2009-07-01

To buy subsidiary Wilderness Energy UK Ltd., gaining 25-50% nonop WI between on 9 exploration licenses covering 1972 gross sq. km.

Cirrus Energy Corp., Calgary, (Toronto Venture: CYR) plans to acquire Wilderness Energy UK Ltd. from privately held, Calgary-based Wilderness Energy Corp. for approximately C$1.05 million in stock. Cirrus will issue 500,000 shares to Wilderness as consideration.. Wilderness Energy UK has assets in the U.K. North Sea including nonoperated interests ranging from 25% to 50% in eight exploration licenses in the central and northern North Sea and one exploration license in the southern North Sea. Gross acreage under license is 1,972 square kilometers (800 net square kilometers) and there are currently one gas and 15 medium-to-heavy oil prospects and leads identified. The licenses expire in 2012 or later. Wilderness Energy UK will become a subsidiary of Cirrus. All of the licenses were jointly acquired by Wilderness Energy UK and Silverstone CNS Ltd., who operates all of the licenses. There are no firm well commitments and ongoing work commitments during the next two years are estimated to total £700,000 (US$1.15 million) net to Wilderness Energy UK, which includes lease rentals and geological and geophysical work. Cirrus president and chief executive David Taylor says; "This acquisition provides an attractive low-cost entry into the U.K. North Sea. The licenses contain significant exploration potential particularly for heavy oil, which has recently benefited from improved fiscal terms. As there are no firm drilling commitments in the acquired U.K. licenses, Cirrus remains fully in control of its investment decisions but at the same time gains exposure to significant exploration upside and further opportunities in an additional attractive low-risk jurisdiction."