Contact Announces Significant Oil and Gas Reserves Value Increase

- August 2nd, 2010

Contact Exploration Inc. (TSX VENTURE:CEX) announced the results from the March 31st, 2010 year-end evaluation of its oil and gas assets as assessed by the independent firm of Martin & Brusset Associates of Calgary.

Contact Exploration Inc. (TSX VENTURE:CEX) announced the results from the March 31st, 2010 year-end evaluation of its oil and gas assets as assessed by the independent firm of Martin & Brusset Associates of Calgary.

The press release is quoted as saying:

Net Proved oil reserves increased in 2010 by 119% above reserve volumes reported in 2009 to 147,000 barrels from 67,000 barrels. Net present value of Net Proved oil reserves (discounted at 10%) increased by 130% from $1,313,000 to $3,026,000. Contact is pleased to announce the appointment of Bruce Allford as a Director of the Company and as Corporate Secretary. Mr. Allford is a partner with the Calgary law firm, Burnet, Duckworth & Palmer LLP.

Click here to access the entire press release

Click here to access Contact Exploration Inc. Corporate Site

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