Calibre Energy, Inc. Provides Update on Bina-Bawi 1 Exploration Well in Kurdistan



    WASHINGTON & HOUSTON, March 22 /CNW/ - Calibre Energy, Inc.,
(OTCBB:CBRE), ("Calibre") announced that the Bina-Bawi 1 exploration well was
waiting on material and testing equipment for the planned testing of the well.

    As previously announced, the Bina-Bawi 1 reached a total depth of 3,355
meters (11,007 feet) and awaits the commencement of testing to determine the
productive and commercial potential of at least three zones intersected by the
well. The Joint Venture has agreed to commence testing to determine the
productive and commercial potential of at least three zones intersected by the
well. Furthermore, the Joint Venture anticipates drilling the Bina-Bawi 2
appraisal well upon the completion of the Bina-Bawi 1 in order to evaluate and
test the prospective intervals in the Upper Cretaceous.

    ABOUT CALIBRE ENERGY, INC.

    Headquartered in Washington, DC with operating offices in Houston, TX,
Calibre Energy, Inc. is an early stage oil and gas company focused on the
creation of shareholder value through the development of world class
unconventional and untapped domestic and international oil and gas resources
with domestic operations in the Barnett and Fayetteville Shales and
international operations in Iraqi-Kurdistan.

    FORWARD LOOKING STATEMENTS

    This press release contains forward looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, regarding future results,
levels of activity, events, trends or plans. We have based these
forward-looking statements on our current expectations and projections about
such future results, levels of activity, events, trends or plans. These
forward looking statements are not guarantees and are subject to known and
unknown risks, uncertainties and assumptions about us that may cause our
actual results, levels of activity, events, trends or plans to be materially
different from any future results, levels of activity, events, trends or plans
expressed or implied by such forward-looking statements. In some cases, you
can identify forward-looking statements by terminology such as guidance, may,
will, should, could, would, expect, plan, anticipate, believe, estimate,
continue or the negative of such terms or other such expressions. As they
pertain to our business, in general, important factors that could cause our
actual results to differ materially from our expectations, include but are not
limited to those factors disclosed in our Annual Report on Form 10-KSB, our
other filings with the Securities and Exchange Commission, as well as our
other public documents and press releases. Readers are cautioned not to place
undue reliance on our forward looking statements, as they speak only as of the
date made. Such statements are not guarantees of future performance or events
and we undertake no obligation to disclose any revision to these forward
looking statements to reflect events or circumstances occurring after the date
hereof.




For further information:

For further information: Calibre Energy, Inc. O. Oliver Pennington, III,
202-223-4401 Fax: 202-223-4406 Please visit our Web site:
www.calibreenergy.com

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CALIBRE ENERGY, INC.

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