2009-09-21-2009-08-04-2009-08-04

Acquired 25.479% interest in L11b license offshore The Netherlands, including L11b-A gas field, pipeline connection and NGT trunk pipeline system.

The Cirrus Energy Nederland B.V. subsidiary of Cirrus Energy Corp., Calgary, (Toronto: CYR) has acquired a 25.479% interest in the L11b license, including the L11b-A gas field, pipeline connection and NGT trunk pipeline system offshore The Netherlands, from the L11b Group, operated by Chevron Exploration and Production Netherlands B.V. in exchange for royalties and future liabilities. Cirrus Nederland executed the agreement as operator of the L8-D Group, which has nearby assets. In the acquisition, Cirrus Nederland will give the sellers an overriding royalty over gross revenues from future gas and condensate production from the field. Cirrus also will take on abandonment liabilities for the platform and wells, a cost estimated at US$7.12 million (€5 million) for the Cirrus interest. The L8-D Group includes Cirrus Nederland (operator with a 25.479% interest), Taqa Energy B.V. (15%), DSM Energie B.V. (2.88%), Energy06 Investments B.V. (1.341%), EWE AG (13.4%) and EBN (41.9%). The L8-D group will use the L11b-A platform and pipeline to develop the L8-D Field and transport production. The L8-D group drilled the L11b-A06 well, which previously was called the L11-13 well, and tested it at a maximum stabilized flow rate of 306 million cubic feet per day of gas on a 48/64-in. choke with 2,900 psi of flowing wellhead pressure. The L11b-A field is nearly completed and wells are shut in. The L8-D group will drill a second well late in 2009. Cirrus will remain the legal operator of the L11b license and development activity, but Taqa will manage platform operations.