Arawak Energy Corporation - Stock options


    ANGUILLA, British West Indies, June 20 /CNW/ - Arawak Energy Corporation
(the "Company") announces that it has granted pursuant to the terms of the
Company's stock option plan, 3,042,500 stock options, each such stock option
entitling the holder to purchase one common share in the Company at a price of
Cdn. $2.69 for a period of five years.

    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

    Arawak's common shares are listed for trading on the TSX under the symbol
"ABG". The Company is engaged in the exploration, development and production
of oil and natural gas in Kazakhstan, Russia and Azerbaijan. The Company's
three producing fields and two exploration blocks in Kazakhstan are held
through its 100% wholly-owned subsidiary Altius Energy Corporation ("Altius").
Altius' main producing field is Akzhar, extended in 2006 from 3.8 to
71.5 sq km, with smaller fields at Besbolek and Karataikyz. The two
exploration blocks, Alimbai and East Zharkamys III, are also situated in
western Kazakhstan. Arawak's assets in Russia are held through ZAO
PechoraNefteGas ("PNG") and LLC NK Recher-Komi ("Recher-Komi") in which Arawak
has a 50% interest with the remaining interest being held by Lundin Petroleum
AB. Also in Russia, Arawak holds a 100% interest in the Kymbozhyuskaya
exploration block. In the Azerbaijan Republic, the Company's asset is its
interest in the South West Gobustan fields. Commonwealth Gobustan Limited
("CGL"), in which Arawak has a 37.17% interest, holds an 80% interest in the
EDPSA with the remaining 20% owned by SOCAR Oil Affiliate.

    This press release includes "forward looking statements", which are based
on the opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward looking statements. These risks and
uncertainties include, but are not limited to, risks associated with the oil
and gas industry (including operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections in relation to
production, costs and expenses and health, safety and environmental risks),
the risk of commodity price and foreign exchange rate fluctuations, the
uncertainty associated with commercial negotiations and negotiating with
foreign governments and risks associated with international activity. Due to
the risks, uncertainties and assumptions inherent in forward-looking
statements, prospective investors in the Company's securities should not place
undue reliance on these forward-looking statements.

For further information:

For further information: Alastair D. McBain, President & Chief Executive
Officer, Phone: +(44) 20 7973 4285, Fax: +(44) 20 7824 8466; Charles R. A.
Carter, Chief Financial Officer, Phone:+(44) 20 7973 4285, Fax: +(44) 20 7824
8466, E-mail:,

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Arawak Energy Limited

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