2009-08-17-2008-08-01

To acquire 100% interest in K10a license in North Sea.

Cirrus Energy Nederland BV, a subsidiary of Cirrus Energy Corp., Calgary, (Toronto Venture: CYR) plans to acquire 100% interest in the K10a license in the North Sea from Kassel, Germany-based Wintershall Noordzee BV and Petro-Canada Netherlands BV, a subsidiary of Petro-Canada, Calgary, (NYSE: PCZ) in exchange for an undisclosed overriding royalty from future production. Cirrus will acquire 66.9% from Wintershall and 33.1% from Petro-Canada Netherlands. The license contains the undeveloped K10-Bravo oil field offshore the Netherlands under the K10-B production platform. Cirrus will be operator. The K10-B2 well previously tested at up to 890 barrels of oil per day, and the K10-B7 tested at up to 336 barrels per day. Cirrus plans to initially drill one or more step-out exploration and appraisal wells on the field in the first half of 2009 using the already contracted Noble Lynda Bossler drilling rig, operated by Noble Corp., Houston (NYSE: NE). Cirrus president David Taylor says, "The K10-Bravo oil field provides Cirrus with an exciting opportunity to develop a proven oil accumulation. A particular advantage is the presence of the existing K10-B platform which may significantly reduce both the development cost and time to first production."