Pluris Energy Enters Into Letter of Intent



    
    Company to Acquire Substantial Producing Reserves, Golfo San Jorge Basin,
    Argentina
    

    VANCOUVER, British Columbia, Nov. 27 /CNW/ -- Pluris Energy Group Inc.
(OTC Bulletin Board:   PEYG) is pleased to announce that it has entered into a
Letter of Intent (the "LOI") with Clear S.R.L., of Comodoro Rivadavia,
Argentina ("Clear"), whereby the Company retains the exclusive right to
purchase and develop up to 100% of Clear's 186 square kilometer Cerro Negro
concession, Chubut Province, Golfo San Jorge Basin, Argentina ("Cerro Negro").
    Cerro Negro currently produces approximately 250 barrels of oil per day
and consists of multiple pay potential oil development opportunities ranging
from 3,000 feet to 5,000 feet in depth, with most oil production coming from
the lower member of the Bajo Barreal formation. The Block was first discovered
in 1956 by YPF, with discovery wells being drilled and completed in the mid
1980's. Based upon initial review by the Company of the available technical
data over the concession, management of the Company believes that estimated
producing reserves (P1) on Cerro Negro are approximately 6.2 million barrels
of oil equivalent (97% oil) and that P3 oil reserves, which include Proved,
Probable and Possible reserve categories, are estimated by management to be
approximately 25.8 million barrels of oil equivalent. The purchase of Cerro
Negro will include extensive two and three dimensional seismic data sets, all
gathering, oil treatment and storage facilities on the concession, as well as
oil transport and existing sales contracts.
    Upon successful completion of its acquisition of Cerro Negro, the Company
intends on immediately pursuing development of the concession, which will
consist of an initial drilling campaign to complete 60 identified proven
un-developed (PUD) drilling locations, which have been delineated through the
interpretation of two dimensional and 100 square kilometers of three
dimensional seismic data. The seismic data sets further identify a potential
for over 140 additional probable and possible future development drilling
locations as the PUD drilling locations are systematically exploited and
increasingly detailed geologic interpretational models are developed over the
Cerro Negro concession. Deeper exploratory exploitation targets at
approximately 7,200 feet are available for future interpretation also.
    Completion of the acquisition is subject to the Company performing its
in-depth due diligence review of Cerro Negro and negotiating and executing a
mutually acceptable purchase and sale agreement between the Company and Clear.
    Pluris Energy Chairman & CEO, Sacha H. Spindler stated, "We are delighted
about positioning Pluris with another high quality opportunity in Argentina.
Identifying and developing concessions that possess a base of existing
production and proven reserves of this magnitude positions our shareholders to
potentially partake in a development and expansion platform that is rarely
available. This highly attractive concession positions Pluris with the unique
opportunity to step into a ready-to-drill, development play that possesses
significant drilling and production potential for years to come. The
development platform at Cerro Negro has already been established through
several discovery and development wells, current production, highly detailed
technical data and existing infrastructure."
    Located in the Southeastern region of Argentina, approximately 1,800
kilometers south of Buenos Aires, the Golfo San Jorge Basin is one of five
producing hydrocarbon basins in the country. Characteristically, it is
considered to be a resource play as evidenced by a 90 plus percent drilling
success rate. Through the advent of three dimensional seismic technologies,
the full potential of the basin has been unveiled over the past fifteen years,
resulting in the identification of an abundance of small and large hydrocarbon
bearing structures.
    Pluris Energy President and C.O.O., Sam Sen added, "We are pleased to
have the opportunity to continue to deliver on our South American business
mandate. In Argentina, this has been to a large degree achieved through the
Company's unwavering commitment to its efforts in capturing value-adding
opportunities there, which has been manifested to a large degree through the
building of a top caliber Argentine technical and business development team.
In the period of 18 months, a short time frame to negotiate new country entry
positions for a company our size, Pluris has been successful in being the
winning bidder to purchase 100% of the shares of an Argentine company and has
now gained access to enter into exclusive negotiations to complete the
purchase of Cerro Negro." Mr. Sen concluded, "We look forward to providing our
shareholders with continuing future announcements about this and other
business opportunities we are currently developing in the region."
    
    About Pluris Energy
    
    Pluris Energy Group Inc. is an international energy company engaged in
the acquisition and development of producing oil and gas interests in South
America. For further information, please visit the Company's website at
http://www.pluris.com

    
    Company Contact
    Louis J. Fruchier
    Senior V.P. Corporate Developments
    Pluris Energy Group Inc.
    604-607-1677
    fruchier@pluris.com
    
    This news release contains "forward-looking statements".  Statements in
this press release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans, expectations
or intentions regarding the future.  Such forward-looking statements include,
among others, the expectation and/or claim, as applicable, that: (i) the
Company will complete the acquisition of Cerro Negro; (ii) Cerro Negro
consists of multiple pay potential oil development opportunities; (iii) Cerro
Negro possesses significant drilling and production potential for years to
come; (iv) Cerro Negro has certain proved, probable and possible oil reserves,
(v) the acquisition of an Argentine company (San Enrique Petrolera, SA) will
complete; and (vi) the Company will develop and capitalize on other business
opportunities in Argentina and/or South America.
    It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking statements.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others: (i)
the continued significant demand for oil and gas; (ii) the failure to complete
the acquisition of Cerro Negro for whatever reason; iii) the failure to
identify and develop further oil and/or gas reserves on the Cerro Negro
concession; (iv) the Company's ability to raise the necessary financing to
complete the acquisition of Cerro Negro and to pursue the further exploration
and development of the Cerro Negro concession; (v) the accuracy of seismic and
other data for the Cerro Negro concession; (vi) the inability to obtain the
necessary approvals for the further exploration and development of the Cerro
Negro concession; (vii) the failure to complete the acquisition of Argentine
company (San Enrique Petrolera, SA) for whatever reason; (viii) the failure to
identify and acquire other business opportunities, including producing oil and
gas interests, in Argentina and/or South America; (ix) the uncertainty of the
requirements demanded by environmental agencies; (*) the Company's ability to
raise debt or equity financing for operations, inability to maintain qualified
employees or consultants, and the likelihood that no commercial quantities of
oil and gas are found or recoverable on any of its current and future
exploration targets.  For more risk factors about our company, readers should
refer to risk disclosure in our recent forms 10-KSB and 10-QSB filed with the
SEC on Edgar.




For further information:

For further information: Louis J. Fruchier, Senior V.P. Corporate 
Developments of Pluris Energy Group Inc., +1-604-607-1677, 
fruchier@pluris.com Web Site: http://www.pluris.com

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PLURIS ENERGY GROUP INC.

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