Contact Provides Update on Drilling Operations and Shale Gas Technical Work
and Releases Results for Second Quarter Ended September 30, 2010

CALGARY, Nov. 29 /CNW/ - Contact Exploration Inc. ("Contact" or the "Company") (TSX-V: CEX) is pleased to provide an update on its drilling program in the Stoney Creek oil field and on the preparation of an independent evaluation of the shale gas prospectivity within its South Stoney Creek lands.

The drilling of two 100% Contact working interest horizontal oil wells in Stoney Creek has now been successfully completed.  The first well was drilled with a lateral distance of approximately 600 meters and the second with a lateral distance of approximately 800 meters, as planned pre-drill.  Both wells have been prepared for completion operations, with initial productivity indications expected by year end. 

Contact continues to technically define the shale gas prospectivity within its South Stoney Creek lands. The preparation of the Petroleum Initially-In-Place Study and Resource Assessment by GLJ Petroleum Consultants Ltd. ("GLJ") for the Company in respect of this property is ongoing. The Company continues to be encouraged by the technical analysis and evaluation of its South Stoney Creek unconventional resources.  In addition to commissioning the GLJ Assessment, the Company is pursuing a number of strategies for exploiting and optimizing its shale gas acreage and expects these assets to play an ever increasing role in the Company's go forward business plan.

Contact has today filed its interim unaudited consolidated financial statements for the three and six month periods ended September 30, 2010 and the related Management's Discussion and Analysis on www.sedar.com.

About Contact Exploration Inc.
Contact Exploration Inc. is a public company with a focus on Canadian East Coast onshore oil and gas production and exploration. Our philosophy is to operate production and exploration in our core area of Atlantic Canada and to participate through overrides and carried interests in certain regional unconventional plays, such as coalbed methane in the Cumberland Basin, shale gas in the Windsor area, and exploration on the west coast of Newfoundland. Contact has onshore interests in Nova Scotia, Newfoundland and New Brunswick which includes the Stoney Creek Field. In addition to the Atlantic Canadian properties, Contact has producing oil assets in south eastern Saskatchewan.

ADVISORY: This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements.  In particular, but without limiting the forgoing, this press release contains statements concerning the exploration and development of the Company's properties in the Stoney Creek area of New Brunswick, petroleum and natural gas (including shale gas) reserves or resources that may be encountered through the exploration of such properties and respecting the timing of results from the drilling and completing of two oil wells on these lands.  Although Contact believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Contact can give no assurance that they will prove to be correct.  Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  In particular, no assurances can be given that the Company's exploration and development activities in the Stoney Creek area of New Brunswick will be successful or that material volumes of petroleum and natural gas reserves or resources will be encountered, or if encountered can be produced on a commercial basis. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.  Additional information regarding some of these risk factors may be found under "Risk Factors" in the Company's Management Discussion and Analysis prepared for the year ended March 31, 2010.  The reader is cautioned not to place undue reliance on this forward-looking information. The forward looking statements contained in this press release are made as of the date hereof and Contact undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

SteveHarding
President and CEO
Contact Exploration Inc. 
Phone:  [phone]
Fax:  [phone]
Email:   [email protected]
www.contactexp.com