Calibre Energy, Inc. Announces on First Well in Kurdistan

[dyaoko]

Attention Business Editors, Energy Editors:
Calibre Energy, Inc. Announces Update on First Well in Iraqi Kurdistan

WASHINGTON & HOUSTON, December 8 /CNW/ - Calibre Energy, Inc.,
(OTCBB:CBRE) ("Calibre"), an American-based independent natural gas and oil
exploration and development company, announces the Bina-Bawi-1 exploration
well was at a depth of 2,112 meters (6,929 feet) and has completed running 9
5/8" casing and is currently drilling ahead to a total depth estimated to be
2,900 meters (9,514 feet). The Bina-Bawi-1 is the first well in Calibre's
planned multi-well exploration and development drilling program in Kurdistan.
The primary objectives of the well are the Cretaceous, the Qurachina Formation
in the Triassic, and the Chiazaire Formation in the Permian.

Calibre is participating in the Bina-Bawi-1 through an Exploration and
Production Sharing Agreement ("EPSA") with the Kurdistan Regional Government
("KRG") of the Republic of Iraq in the Arbil Province, covering the Bina-Bawi
structure. Calibre has a 10 percent interest in the EPSA through a
participation agreement with Hawler Energy Ltd., a privately-held oil and gas
exploration company based in Houston, Texas. A&T Petroleum, a wholly-owned
subsidiary of Turkish-based Petoil, is the operator. While other parts of Iraq
remain mired in violence and unrest, the semi- autonomous region of Kurdistan
has been the most peaceful and stable region of Iraq since the creation of the
no-fly zones in 1991.

The Bina-Bawi structure is a 28 kilometer by 7 kilometer anticline
immediately northwest of the Taq-Taq Field where Genel Enerji and Addax
Petroleum recently announced test results from the Taq-Taq 4 well which flowed
at an initial aggregate maximum rate of 29,790 barrels per day from three
separate reservoir intervals in the Cretaceous. The flow rates were reported
to be constrained by the limited capacity of surface testing facilities. Genel
Enerji and Addax Petroleum are currently drilling an appraisal well and expect
initial export of oil from the Taq Taq Field in 2007. Addax Petroleum in their
November 2006 presentation estimated that the Taq Taq Field has current STOIP
of 1.2 to 2.7 billion barrels with expected STOIP of 1.9 billion barrels.

ABOUT CALIBRE ENERGY, INC.

Headquartered in Washington, DC with operating offices in Houston, Texas,
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.

Please visit our Web site: http://www.calibreenergy.com


For further information: Calibre Energy, Inc. O. Oliver Pennington, III,
202-223-4401 Fax: 202-223-4406

[Saipul]

Wow, I missed the news about the Taq Taq field. 30,000 barrels of oil per day is quite good, and they seem optimistic that they will be able to produce more. By the end of the 2007 the Kurdistan region might be producing as much as 100,000 barrels of oil per day.