Meridian Capital International Fund Acquires Common Shares of Caspian Energy Inc.

GEORGETOWN, GRAND CAYMAN, CAYMAN ISLANDS, Dec. 2, 2011 /CNW/ - Meridian Capital International Fund ("Meridian") announced today that it has acquired, together with its joint actor, 11,416,001 common shares ("Shares") of Caspian Energy Inc. (the "Corporation") through market purchases over the Toronto Stock Exchange, representing 5.17% of the currently issued and outstanding Shares.  The weighted average price per Share paid was C$0.1281.

Meridian, together with its joint actor, now owns 13,691,363 Shares, 1,137,682 warrants to purchase Shares and US$9,343,371 aggregate principal amount of convertible debentures of the Corporation.  Assuming exercise of the warrants and conversion of the debentures at the conversion price of C$0.28 (and assuming an exchange rate of Cdn$1= US$0.9801), Meridian, together with its joint actor, will own  48,875,757 Shares, representing 19.09% of the Shares.

Meridian and its joint actor acquired the Shares for investment purposes. Meridian and/or its joint actor may increase or reduce its investment in the Corporation according to market conditions or other relevant factors.

This news release is being issued pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators.

A copy of the early warning report in respect of this acquisition will be available at www.sedar.com.

For further information:

For additional information, or for a copy of the early warning report filed in respect of the above, please contact:

Paul Marchand
Meridian Capital International Fund
Tel: [phone]
Email: [e-mail]