Cirrus Energy Corporation Trinidad And Tobago Asset Sale

CALGARY, Nov. 3 /CNW/ - Cirrus Energy Corporation (TSXV: CYR) ("Cirrus") is pleased to announce that, through its wholly owned subsidiary Cirrus Energy (Trinidad) Ltd., it has entered into a definitive asset sale agreement to sell its 49% non-operated interests in the operatorship agreements relating to the Coora Field in the Republic of Trinidad and Tobago to Touchstone Exploration Inc.

The transaction will be effective as of closing which is expected within three months and is subject to the satisfaction of a number of conditions precedent including approval by the Petroleum Company of Trinidad & Tobago. The gross proceeds from the sale will be US$3.5 million cash subject to normal closing adjustments and costs. Booked Total Proved plus Probable reserves for these interests were gross working interest 2.4 million barrels, net after royalties 1.4 million barrels (as estimated by GLJ Petroleum Consultants Ltd. at August 31, 2009).

Cirrus' President, David Taylor, comments: "This strategic disposition of non-core assets supports Cirrus' current focus on North Sea opportunities and provides additional financial flexibility to further develop assets within the company's expanding North Sea portfolio".

Cirrus Energy Corporation is an international oil and gas company headquartered in Calgary and has approximately 92.0 million fully diluted common shares outstanding. Additional information about Cirrus and its business activities is available at www.cirrusenergy.ca and www.sedar.com.

Forward-Looking Statements

This press release may include forward-looking statements including opinions, assumptions, estimates and expectations of future production, cash flow and earnings. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, the volatility of oil and gas prices, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in oil and gas acquisition and drilling programs, operating risks, production rates, reserve estimates, changes in general economic conditions and other factors more fully described from time to time in the reports and filings made by Cirrus with securities regulatory authorities.

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

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For further information: David Taylor, President and Chief Executive Officer, John Bell, Vice President Finance and Chief Financial Officer, Cirrus Energy Corporation, Suite 208, 5 Richard Way, S.W. Calgary, Alberta, T3E 7M8, Canada, Website: www.cirrusenergy.ca, Telephone: [phone], Facsimile: [phone]