COMPANY PRESENTATION November 2009 cygamenergy

1 November 2009

CYGAM ENERGY Inc.CYGAM ENERGY Inc.

CYGAM ENERGY INC.

COMPANY PRESENTATION

November 2009

www.cygamenergy.com

CYGAM ENERGY Inc.

2 November 2009


CYGAM ENERGY INC.

Certain statements contained in this presentation, including statements which contain

words such as “could”, “should”, “expect”, “estimate”, “believe”, “likely” or “will” and

statements relating to the business plan and strategy, expansion and growth of

Cygam’s business and operations, oil and gas production estimates, estimates of

exploration activity, drilling and seismic activity, and similar expressions and

statements are forward-looking statements. Such forward-looking statements involve

substantial known and unknown risks and uncertainties. These forward looking

statements are subject to numerous risks and uncertainties, certain of which are

beyond Cygam’s control, including the impact of general imprecision of reserve

estimates, oil and gas price volatility, environmental risks, political and economic risks,

fluctuations in currency and interest rates, changes in laws and regulations in

jurisdictions in which Cygam does business, including environmental, taxation policies,

competition from other producers, the lack of availability of qualified personnel or

management, stock market volatility, and the ability to access sufficient capital from

internal and external sources. Cygam’s actual results, performance and achievements

could differ materially from those expressed in, or implied by, these forward looking

statements, and accordingly, no assurance can be given that any of the events

anticipated by the forward looking statements will transpire or occur, or if any of them

do so, what benefits Cygam will derive therefrom.

Forward-Looking Statements

3 November 2009


CYGAM ENERGY INC.

Capital Structure

• Listed on the TSX Venture Exchange, symbol "CYG“

• Closing Price of $0.56 on November 3, 2009

• Basic Shares Outstanding 85,614,204

28,452,775 shares are subject to a 6 year escrow

• Fully Diluted Shares Outstanding 92,914,204

69% insider ownership on a FD basis

Options exercisable at between $0.60 and $1.31 per share

• Assets include

10 exploration permits in Italy and Tunisia

$2.2 million in Canadian producing properties

$1.5 million in positive working capital (October, 2009)

4 November 2009


CYGAM ENERGY INC.

Board of Directors

Experienced Board of Directors

Neli Rigo Chairman and Director

Dario Sodero Geologist President, CEO and Director

Ali Rawji CA CFO and Director

Derrick Armstrong Lawyer Independent Director

Drew Burgess CA Independent Director

Peter Haverson Engineer Independent Director

Giuseppe Rigo Geologist VP Intl. Exploration and Director

Significant ownership

Management and directors own 71% of the issued and outstanding shares

5 November 2009


CYGAM ENERGY INC.

Experienced Management Team

Dario Sodero - President, CEO and Director - Geologist with over 35 years of Canadian and international oil & gas experience, 30 years in senior management positions with Cities Service and with public companies (Atlas Yellowknife Resources, Coachlight Resources, Sheer Energy) on the TSX and TSXV. Doctorate in Geological Sciences.

Ali Rawji, CA - CFO and Director - CA and CFA, with 25 years of Corporate Finance and international financial experience with accounting firms (AA&Co and PWC), securities industry, TSX Venture Exchange and venture capital investment banking (First Associates Investments Inc.). Graduate of LSE.

Giuseppe Rigo - VP Intl. Exploration and Director - President of Rigo and Vega (Cygam’s wholly owned subsidiaries), 25 years experience as a geologist in Italy and Mediterranean region (Lasmo International Ltd. and Lasmo Mineraria S.p.A.), most recently Resident Manager of Grove Energy which made a gas discovery in Northern Italy. Degree in Geological Sciences.

Rodolfo Begolli - Resident Manager (Tunisia) - Geologist with over 35 years of experience in Europe and North Africa (Total and ENI) and direct operational experience in Tunisia. Most recently worked for ENI in Egypt. Degree in Geological Sciences.

Sandro Silenzi - VP Exploration (Rigo and Vega) - Geologist with over 40 years of Canadian and International experience (CPOG, Getty Oil, Canadian Superior, TCPL and Encor Energy) including Algeria and Tunisia. Degree in Geological Sciences.

Management

6 November 2009


CYGAM ENERGY INC.

Cygam Near Term Upside

• Current risked expected net asset value (RENAV) of $1.19 per share based on

independent reserve reports on the Sud Remada and Elsa permits(1)

• 2010 Capital expenditure program will result in two appraisal wells and three

exploratory wells, plus several 2D and 3D seismic programs

• RENAV expected to increase to $3.08 per share upon completion of 2010

drilling program

• Potential unrisked net asset value of up to $9.78 per share

• Production expected to increase from current 54 boepd to 1,017 boepd by

December 2011

• Reserves expected to increase by 113% by December 2010

(1) Independent reserve/resource assessments and management estimate of future cash flows.

7 November 2009


CYGAM ENERGY INC.

Long Term PotentialPotential Exit Production (boed)

54321

2,689

1,858

1,017

0

2,000

4,000

6,000

8,000

10,000

12,000

2009 2010 2011 2012 2013 2014

Expecte

d P

roducti

on (

boepd)

Canada Sud Remada Bazma Sud Tozeur Elsa

12,289

8 November 2009


CYGAM ENERGY INC.

Long Term PotentialPotential Reserve Additions (Mboe)

9 November 2009


CYGAM ENERGY INC.

Italy and Tunisia highlights

• Exploration portfolio comprised of highly prospective, near term and long term opportunities

• No signature bonus required in Italy or Tunisia - Pro-oil industry and stable Governments

• Italy has one of the best royalty structures and is the third largest producer in Europe

• Tunisia has the most favorable royalty structure in North Africa

Exploration History Production & Reserves Cygam Acreage Royalty and Taxes

Italy

Tunisia

Onshore Oil & gas : 7% - first 125,000 bbls /y /field and 0.7 BCF/y/field royalty freeOffshore Oil : 4% - first 300,000 bbls /y /field royalty freeGas : 7% - first 1.75 BCF/y/field royalty freeCorp. Tax rate : 33%

Oil and gas :Progressive rate of 2%to 15% of productionbased on profitability

• 7,056 wells drilled from 1941 to 2007 of which 1,536 drilled offshore;

• 38 wells drilled in 2007

• 1050 wells drilled from 1932 to 2008

• 45 wells drilled in 2008

• 2008 production : 255,000 BOEPD (100,000 BOPD + 935 MMCFPD)

• Proved Remaining Reserves : 1,790 MM BOE

• 2008 production : 135,000 BOEPD (87,000 BOPD + 287 MMCFPD)

• Proved Remaining Reserves : 838 MM BOE

• 389,077 gross acres

• 294,792 net acres

• 3,139,157 gross acres

• 1,534,974 net acres

10 November 2009


CYGAM ENERGY INC.

Elsa

18,782 current net acres (76 km2)

60% Working Interest

(inclusive of a 20% free carried interest)

Offshore permit in shallow Adriatic sea

(35 m average water depth)

Well expected to cost approximately

$30 million (Cygam’s share will be $12

million at current working interest)

Well licensing process (submission of

Environmental Assessment Report)

initiated by Cygam in July, 2009

Drilling of 4,700 m well planned for 2010,

depending on rig availability

• 354 km of 2-D seismic data reprocessed and interpreted. Simulation study completed.

• Potential net pay in main reservoir: 50 meters

• Elsa structure: 15 km2 . Additional structures outlined on the permit

• Potential recoverable resources in main structure : 85 -104 MMbbls (most likely case)

• NI51-101 compliant reserve report completed by DeGolier and MacNaughton

(104 MMbbls and 31 Bcf recoverable resources as most likely case)

• Expected oil gravity: 20º-35º API - Jurassic / L. Cretaceous Maiolica Eq. formation

11 November 2009


CYGAM ENERGY INC.

Elsa

ELSA PROSPECT (Pescara Basin)

BUCC

Miglianico Field37 MMSTB 34°API OILP1 Recoverable reserves

Elsa Prospect - 15 km2

104 MMSTB 20-35°API OIL31 Bcf GASP50 Recoverable resources

d500B.R-.EL ApplicationPetroceltic

B.R269.G.R PermitMedoil

ORTONA PermitENI

MIGLIANICO ConcessionENI

D.S. GIOVANNI TEATINO ApplicationENI

d496B.R-.EL ApplicationPetroceltic

Apulian Platfo

rm

Carbonate reef deposits

Transition Zone

Dolomitized bioclastic

basin floor fans

Umbria-Marche Basin

Fine-grained pelagic deposits

BUCCHIANICO PermitENI

B.R268.RG Permit60% working interestInclusive of 20% carried interest

12 November 2009


CYGAM ENERGY INC.

• Main target: Upper Triassic Taormina formation which produces in offshore Mila field

(34º API) and onshore Gela and Ragusa fields (10º API and 19º API respectively)

• Aretusa-1 well tested 1,400 BOPD of 36º API oil and 11.5 MMCFD on a six hour test from fractured limestones of the Villagonia formation which overlies the Streppenosa formation (main source rock) and the Taormina formation (main target)

• The Taormina formation was never reached in nearby wells which were drilled to test the shallower Lower Jurassic Siracusa target of the Vega field (16º API)

Aretusa 88,473 current net acres (358 km2)


Final ministerial approval received in

December, 2006

Potential structure size: 70 km2

Potential net pay: 125 m

Potential gross resources in place:

1 billion BOE

Expected oil gravity: 35º API

Expected well costs: $35 million

Water depth: approximately 90 m

3-D Seismic planned for 2010

13 November 2009


CYGAM ENERGY INC.

Aretusa

ARETUSA PROSPECT (Streppenosa Basin)

Aretusa Prospect - 70 km2

300 MMSTB 35°API OILRecoverable resources

Vega Field36 MMSTB 16°API OILRecoverable reserves

Mila Field10 MMSTB 34°API OILRecoverable reserves

Irminio Field10 MMSTB 31°API OILRecoverable reserves

d360C.R-.TUApplicationTransunion



C.C6.EOConcessionEdison

d355C.R-.SR Applic.Sviluppo Risorse

C.R146.NPNorthern Petroleum

C.R148.VG Permit100% working interest

Streppenosa BasinBlack shales

Siracusa Platform

Carbinate reef deposits

MEDITERRANEAN SEA

ME

DIT

ER

RA

NE

AN

SE

A

S I C I L Y

ARETUSA 1

Irminio Conc.Irminio

14 November 2009


CYGAM ENERGY INC.

M O N T A L B A N O

Onshore South Central Italy

Current W. I.: 42.86 %

Gross Acreage: 40,765 ac.

(165 km2)

Potential Resources: 0.5 MM BOE

Exploratory drilling: Q1 2010

Other Italian permits

Five approved permits and one permit awaiting final approval, with total

net acreage of approximately 290,000 net acres

C. R 1 4 8. R G

Onshore SE Italy

Current W. I.: 100 %


(154.4 km2)


New seismic acquisition: Q2 2010

Drilling plans to be decided

P O S T A N U O V AM A S S. M O N T A R O Z Z O

Onshore SE Italy

Current W. I.: 100 %


(155 km2)


Preliminary approval: Aug 2008

Onshore East Central Italy

Current W. I.: 65 %


(615.4 km2)

Potential Rec. Resources: 5 MM BOE

(plus potential resources similar to

B.R 268.RG for deeper targets)

Seismic acquisition: Q4 2009

C I V I T A Q U A N A

15 November 2009


CYGAM ENERGY INC.

Onshore southern Tunisia, adjacent to the

Libyan border

164,252 net acres (664.7 km2)


Operated by Storm Ventures International

Inc.

Net potential reserves in place: 24-31 MM

STB (TT structure alone)

. Independent reserve report on the TT structure currently being prepared in accordance with NI 51-101 guidelines

Sud Remada permit

• Two large Ordovician structures (TT structure and El Bell structure) with the indicated areal extent of 67 km2 and 74 km2 respectively have been defined by 2D seismic

• Completion and testing operations of TT2 discovery well confirmed presence of 44º API oil and natural gas. The well commenced production on March 22, 2009 at flow rates of 230-250 BOPD plus 300mcf/d

• Silurian Tannezuft potential to be fully tested in future appraisal horizontal wells

• Several Silurian Acacus seismic structures, similar to the Adam and Hammouda fields in Tunisia and other fields in Libya, are present on the permit

16 November 2009


CYGAM ENERGY INC.

Sud Remada permit

TT structure

Structural closure: 110 km2

Gross reservoir thickness: 98 m

Area of oil pay: 67 km2

Net oil pay: 50.5 m

Area of gas pay: 35 km2

Net gas pay: 7 m

Initial independent Reserve

Assessment: 170-220 MM STB

in place

24-31 MM STB recoverable

2009-2010 development plan includes:

• One year (or up to 90,000 bbls) extended production testing of TT2 well

• Over 45,000 barrels already produced since March 22, 2009

• Acquisition of 3D seismic on TT structure completed in October-November 2009

• Drilling of two appraisal wells in 2010

• Appraisal wells expected to be on full production by late 2010

C.I = 10 m0 5 km

TT-1

TT-2

OWC -1269m

GOC -1230m

17 November 2009


CYGAM ENERGY INC.

Permit officially granted on July 28, 2006

Onshore, adjacent to the Jorf Permit

315,457 net acres (1,276.6 km2)

79% Current Working Interest

(inclusive of 12.7% free carried interest)

Net potential resources of 50 MM BOE

Drilling operations for Triassic prospect expected to commence in 2010

Large US Company (undisclosed) to

reprocess large amount of seismic data and

acquire extensive new 2D seismic, with

option for 3D seismic and drilling of deep

well at no cost to Cygam

Bazma permit

• Triassic Tagi gas and condensate potential, similar to the adjacent Tarfa and Baguel fields

• Several deeper Silurian and Ordovician targets outlined on the permit

• Newly acquired seismic data identified several potential structures and confirmed the selected drilling location on the Frida structure, approximately 4.5 km NE of the Tarfa field

• Gas, oil and condensate pipelines from adjacent Tarfa and Baguel fields are crossing the permit area

18 November 2009


CYGAM ENERGY INC.

Bazma permit

Target distribution &prospect/leads map

00 10 Km10 Km

JORF PERMITJORF PERMIT

BZ 1BZ 1

BZ 2BZ 2

TYTY

FF

FRFR

DZDZ

AA

BB CCDD

EE

LEGENDLEGEND

FRFR

AAPALEOZOIC PALEOZOIC

LEAD/PROSPECT (9)LEAD/PROSPECT (9)

TRIASSIC PROSPECT (3)TRIASSIC PROSPECT (3)

BAGUEL-BAGUEL-TARFATARFAProduction Production ConcessionConcession

LMG 2LMG 2

TAGI TAGI TARGETSTARGETS

TARFA 1TARFA 1

HBR 1HBR 1

ZKH 1ZKH 1

MA 1MA 1

BAZMA BAZMA 11

ZMT 1ZMT 1

VV

KGF 1KGF 1 PALEOZOICPALEOZOIC TARGETSTARGETS

DOUZ 1DOUZ 1

OIL PIPELINEOIL PIPELINE

GAS CONDENSATEGAS CONDENSATE

PIPELINEPIPELINE

TARFA 2TARFA 2

5 km

BS 1BS 1

BAGUEL 1BAGUEL 1

7 km

19 November 2009


CYGAM ENERGY INC.

Other Tunisian Permits

Onshore Central Tunisia

Type of contract: JV

Current Working Interest: 19 %

Gross acreage: 484,316 ac.

(1,960 km2)

Potential resources: 94 MM STB


J O R F

S U D T O Z E U R

Onshore Central Tunisia

Type of contract: PSA

Current Working Interest: 89 %

Gross acreage: 1,082,298 ac.

(4,380 km2)

Potential resources: 150 MM BOE


20 November 2009


CYGAM ENERGY INC.

2010 Capital Expenditure Program

Planned Work ProgramNet Capital

Expenditures(US$)

2010 Drilling & Testing Program- Elsa-2 Appraisal Well / Testing- 2 Sud Remada Appraisal Wells- Bazma Frida Well- Montesano-2 Well

$15,800,000

Geographical & Geophysical Studies- Aretusa- Posta Nuova- Mass. Montarozzo- Sud Tozeur- Jorf

$2,500,000

Working Capital and Other Corporate Purposes $700,000

TOTAL $19,000,000

21 November 2009


CYGAM ENERGY INC.

Cygam Summary

• Nine exploration permits awarded in Italy and Tunisia, and one exploration permit which received preliminary approval in Italy

• Gross exploration acreage comprising approximately 3.5 million acres

• Several permits with potential in excess of 100 million BOE in place.

• Total gross unrisked potential resource estimated to be in excess of

1 billion BOE

• 2010 plan includes finalizing 2D seismic interpretation on five permits, acquiring 3D seismic coverage on two permits plus drilling two appraisal wells and one exploratory well in Tunisia and two exploratory wells in Italy

• 2010 plan expected to increase RENAV from $1.19 to $3.08 per share

• Positive working capital and several joint venture partners willing to participate in Cygam’s prospects on a promoted basis

• Expected future participation in new exploration areas with significant oil and gas potential in the Mediterranean basin

22 November 2009


CYGAM ENERGY INC.

APPENDIX – ADDITIONAL LICENCE INFORMATION

23 November 2009


CYGAM ENERGY INC.

Elsa - Italy

NW SE

Top Gessoso Solfifera

Top Fucoidi

Top Maiolica Eq.

Top Calcari ad Aptici

Line B89-815

ELSA 1

TARGET: Oil

FORMATION: Maiolica

AGE: Upper Jurassic / Lower Cretaceous

____________________________

POTENTIAL

AREA: 15 km2

PAY: 85 m

POROSITY: 10 - 19 %

S.W.: 20 - 40 %

OIL GRAVITY 20-35°API

R.F.: 20 %

_____________________________

RECOVERABLE RESERVES (MEAN)

OIL: 85 MMBO

GAS: 724 Million m3 (26 BSCF)

TOP MAIOLICA EQ. ISOBATH MAP

Elsa 1

Line B89-815

24 November 2009


CYGAM ENERGY INC.

Aretusa - Italy

TARGET: Oil

FORMATION: Taormina

AGE: Upper Triassic_____________________________

POTENTIAL

AREA: 70 km2

PAY: 125 m

POROSITY: 13 %

S.W.: 25 %

OIL GRAVITY 35°API

R.F.: 30 %

_____________________________


OIL: 300 MMBO

TOP TAORMINA ISOCHRON MAP Aretusa 1

0 5 10

Km

SICILY CHANNELISOCHRONES HORIZON “C”

TOP OF TAORMINA DOLOMITES(Upper Triassic)

Line HS-81-04

Line

LT-

83-0

1

ARETUSA 1(projected) ARETUSA 1HS-81-04 LT-83-01

NW SE SW NE

Gessoso Solfifera

Hybla

BuccheriBuccheri

Streppenosa

Taormina

Streppenosa

Taormina

25 November 2009


CYGAM ENERGY INC.

Civitaquana permit - Italy

98,852 current net acres (400 Km2)

60% Working Interest (Cygam

operated), plus a 5% free carried

interest in the first well drilled

Purchase and reprocessing of 100

km of existing 2-D seismic data

planned for 2010. Optional

acquisition of 60 km of new data

Shallow structures already outlined

Deeper Cretaceous structures to be

further investigated. These

structures could have potential

resources similar to B.R268 permit

• Shallow potential in Oligocene - Miocene formations, similar to Cigno-Vallecupa fields

• A shallow well, originally planned for Q4, 2010 to test the Miocene at 2,500 m, may be delayed due to current drilling restrictions imposed by the Abruzzi Region following the L’Aquila earthquake of April, 2009.

26 November 2009


CYGAM ENERGY INC.


AMBROSIO PROSPECT (Umbria-Marche Basin)

APENNINE FOREDEEP

Maiella Thrust Sheet

(Apulian Platform)

Teram

o T

hru

st Fro

nt

Gran

Sasso

Th

rust F

ron

t

(Apenninic P

latform)

AP

EN

NIN

E

FO

LD-A

ND

-TH

RU

ST

BE

LT

D.S. VENEREApplicationENI

D.S. GIOVANNI TEATINOApplicationENI

B.R268.RGPermitCYGAM

MIGLIANICOConcessionENI

BUCCHIANICOPermitENI

ORTONAPermitENI

FILETTOConcessionGasPlus

SAN BASILE ConcessionMedoil

CIVITAQUANAPermit

60% working interestIncusive of 5% carried interest

Ambrosio Prospect 2.6 km2

5.6 MMSTB OILRecoverable reserves

Colle Tavo Field50 MMSTB 44°API OILRecoverable reserves

B.R269.RGPermitMedoil

B.R263.RGPermitENI

d496B.R-.ELApplicationENI

Umbra-Marche Basin

Transition Zone

Apulian Platfo

rm

27 November 2009


CYGAM ENERGY INC.


TARGET: Oil

FORMATION: Bolognano Fm.

AGE: L-Middle Miocene_____________________________

POTENTIAL

AREA: 2.6 km2

PAY: 120 m

POROSITY: 6-13 %

S.W.: 50 %

BO 1.4

R.F.: 10 %

_____________________________


OIL: 5 MMBO

AMBROSIO PROSPECT

Ambrosio 1

Line PE-421-89

PliocenePliocene

TD: 1600 m

Messinian Uncomformity

Messinian Uncom

formity

LEGENDLaga F. (Messinian)

Bolognano F. (Tortonian)

Near-top Fucoidi (L. Cretac.)

Ambrosio 1 Well

LINE PE-421-89

28 November 2009


CYGAM ENERGY INC.

Montalbano permit – Italy

12,230 current net acres (49.5

km2)

42.86% Working Interest

Election to drill a 1,600 m

exploratory well

Reprocessing and

interpretation of 80 km of

existing seismic data has been

finalized

Older well tested gas within the

permit, near the northern

border

Exploration objectives are

Pliocene sands, which produce

gas and 32º - 36º API oil in

nearby Grottole-Ferrandina and

Pisticci fields (Miocene

Calcarenites and Cretaceous to

Jurassic carbonates)

Exploratory well planned for Q2

2010

29 November 2009


CYGAM ENERGY INC.

TARGET: Gas sands

FORMATION: Ferrandina Fm.

AGE: Pleistocene_____________________________

POTENTIAL

AREA: 0.716 km2

PAY: 12.7 m

POROSITY: 25.7 %

S.W.: 40 %

R.F.: 65 %

_____________________________


GAS: 1.87 BCF

Montalbano permit - Prospect “Fiume Cavone”

S4 Target

S5 Level

Fiume Cavone-1 Dir

Seismic Line FB-577 (1978)

SSW NNE

200 m

ALLOCHTON

PLIO-PLEISTOCENICSEQUENCE

S4 Target

FB-5

77-7

8

FAG-0

2-85

MT558-9

5

Possible GWC(910 m TVDSS)

Nord

Montesano 1 Dir

200 mTimpa Rossa 1

Fiume Cavone-1 DirWell trajectory

ALLOCHTON

Fiume Cavone-1 DirS4 Target Time Map

(c.i. 10 ms TWT)

30 November 2009


CYGAM ENERGY INC.

Posta Nuova permit – Italy

38,155 current net acres (154.4

km2)


Posta Piana-1 well, drilled in May

2007, P&A

Additional lead identified in the

eastern portion of the permit

Adjacent Lucera field produced

28 BCF to date, Candela and

three other nearby fields have

produced 671 BCF

Potential reserves of about4 BCF

allocated to other structures on

the permit

Seismic review to be carried out

in 2010

Gas transmission infrastructures

nearby the permit

31 November 2009


CYGAM ENERGY INC.

Masseria Montarozzo application – Italy

38,300 current net acres (155

km2)

Adjacent to the Posta Nuova

permit


Election to drill a 1,400 m exploratory well

Reprocessing and interpretation of 50 km of existing seismic data to be finalized

Exploration objectives are

Pliocene sands, which produce

gas in nearby Candela-Palino,

Roseto-Montestillo, Lucera and

Mezzanelle fields

Gas transmission infrastructure

near by the permit

32 November 2009


CYGAM ENERGY INC.

Additional gas prospects – Southern Italy

Posta Nuova Permit 38,155 current net acres (154.4 km2) 100% Working Interest Posta Piana-1 well, drilled in May 2007, P&A Additional lead identified in the eastern

portion of the permit Adjacent Lucera field produced 28 BCF to

date, Candela and three other nearby fields have produced 671 BCF

Potential reserves of about 4 BCF allocated to other structures on the permit

Seismic review to be carried out in 2010

Masseria Montarozzo Application 38,300 current net acres (155 km2) 100% Working Interest Reprocessing and interpretation of 50 km of

existing seismic data to be finalized Exploration objectives are Pliocene sands,

which produce gas in nearby Candela-Palino, Roseto-Montestillo, Lucera and Mezzanelle fields

Montalbano Permit 12,230 current net acres (49.5 km2) 42.86% Working Interest Older well tested gas within the permit, near

the northern border Exploration objectives are Pliocene sands,

which produce gas and 32º - 36º API oil in nearby Grottole-Ferrandina and Pisticci fields

Posta Nuova Permit Mass. MontarozzoApplication

Montalbano Permit

APENNINE FOLD-AND-THRUST BELT

(Lagonegro Basin)

APENNINE FOREDEEP

(Bradano Trough)

APENNINE FORELAND

(Apulia Platform)

Adriatic Sea

TyrrhenianSea

Ioni

an S

ea

ITALY

33 November 2009


CYGAM ENERGY INC.

Onshore Tunisia, within 35 km of the

Gulf of Gabes

92,020 net acres (372.4 km2)

19 % Current Working Interest

Net potential resources of 18 MM STB

Received 2°exploration renewal period

of 2.5 year (expiry date: Aug 5, 2011)

Drilling of deep Permian reef or

shallower Triassic Tagi prospect

planned for early 2011

Jorf permit - Tunisia

• Permian reef potential, similar to West Texas Permian basin and discoveries in Kazakhstan north Caspian fields (Tengiz / Kashagan)

• Two Permian pinnacle reefs (prospect “Y” and prospect “Z”) outlined through interpretation of approximately 2,000 km of older seismic data in the northern sector of the block and confirmed by 200 km of new seismic campaign (2008)

• The Bhayra Rigo-1 well, drilled in August 2007, confirmed the presence of a highly porous and dolomitized Permian reef reservoir

• Major 24 inch pipeline within 6 km to 35 km from two reef structures

• Two oil treatment centers close to potential drilling locations

34 November 2009


CYGAM ENERGY INC.

Bazma permit – Prospect “Frida” - Tunisia

BAZMA-1

DOUZ-1

KGF-1

KGH-1

TFA-1

ZKH-1

ZMT-1

525000 530000

3686200

RIGO OIL Company Limited ( Tunisian Branch )

Azizia Pr ospect W SS Dept h Map

Bazma Permit

Group: Customized Coordinate SystemSystem: Customized Zone 32N (6 E to 12 E) 2

Datum: Carthage - TunisiaEllipsoid: Clarke 1880

X(Min,Max): 522630.05 534395.35Y(Min,Max): 3682136.08 3690783.84

Latitude(Min,Max): 33.280520 33.358212Longitude(Min,Max): 9.243014 9.369684

Azizia Prospect W SS Depth MapCI = 5 m

0 2500 m500 1000 1500 2000

Scale = 1:50000

Administrator@D9TV0N2J

07/04/08 09:36:38

525000 530000X/Y:Meters

3686200

N

00 55 10 Km10 Km

FRIDA 1FRIDA 1

FRIDAFRIDA: Surface Closure : Surface Closure 22..22 kmkm²²Vertical Closure Vertical Closure 1414 mmDepth of Azizia 2Depth of Azizia 220205 m5 mDepth of TAGI 2Depth of TAGI 2270270 mm

BAZMA-1

DOUZ-1

KGF-1

KGH-1

TFA-1

ZKH-1

ZMT-1

525000 530000

3686200


Azizia Pr ospect W SS Dept h Map

Bazma Permit



X(Min,Max): 522630.05 534395.35Y(Min,Max): 3682136.08 3690783.84


Azizia Prospect W SS Depth MapCI = 5 m

0 2500 m500 1000 1500 2000

Scale = 1:50000


07/04/08 09:36:38

525000 530000X/Y:Meters

3686200

N

00 55 10 Km10 Km00 55 10 Km10 Km00 55 10 Km10 Km

FRIDA 1FRIDA 1

FRIDAFRIDA: Surface Closure : Surface Closure 22..22 kmkm²²Vertical Closure Vertical Closure 1414 mmDepth of Azizia 2Depth of Azizia 220205 m5 mDepth of TAGI 2Depth of TAGI 2270270 mm

TARGET: Gas & Cond.

FORMATION: TAGI ss.

AGE: Middle Triassic

------------------------------------------

POTENTIAL

AREA: 2.2 km2

PAY: 14 m

POROSITY: 21 %

S.W.: 35 %

GOR: 18.2 STCF/BBL

R.F.: 30%

--------------------------------------------


OIL: 4 MMBO

GAS: Not evaluated

TOP AZIZIA DEPTH MAP

ZOOM (C.I.: 5 m)

SEISMIC LINES IKV 231/99BAZ3

TOP AZIZIA DEPTH MAPTOP AZIZIA DEPTH MAP

MT145_calibrated

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

938

IKV231_ca

librated

890

910

930

950

970

990

1010

1030

1050

1070

1090

1110

1130

1150

1170

1190

1210

1230

1250

1270

1290

1310

1330

1350

1370

1390

1410

1430 1446

IKV158_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

IKV138_ca

librated

IKV138_ca

librated

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

IKV124_calibrated

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

950

970

990

1010

1030

IKV64_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

99BAZ3_calibrated

99BAZ3_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

950

970

990

1010

1030

1050

1070

1090

1110

1130

1150

1170

1190

1210

1230

1250

1270

1290

1310

1330

1350

1370

1390

1410

1430

1450

1470

1490

1499

1085_MIG

1085_MIG

1 10

30 50

70 90

110 130

150 170

190 210

230 250

270 290

310 330

350 370

390 410

430 450

470 490

494

1084_MIG

1084_MIG

1 10

30 50

70 90

110 130

150 170

190 210

230 250

270 290

310 330

350 370

390 410

430 450

470 490

510 530

550 570

590 610

630 650

670 690

704

1083_MIG

1083_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

334

1082_MIG

1082_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

362

1081_MIG

1081_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

386

21

1

0

21

25

5212

2 1 2 52 1 2 5

5212

21

25

5212

5212

5212

2 1 4 0

21 4 0

2 1 4 0

2 1 4 0

04

12

21

40

21 4 0

0112

21

10

2 11

00112

01

12

21

10

5512

04

12

0412

00

22

58

12

07

12

011

2

55

12

21

55

5512

55

12

21

70

0712

0712

07122 1 2 5

5212

2 1 1 0

0

11

2

2 1 8 5

2 1 8 5

21

85

21

85

590

2 00

22

51

22

5122

22

30

0322

0322

5422

5422

0

62

2

2 1 1 0

011

2

5902

5

90

2

BAZMA-1

DOUZ-1

KGF-1

KGH-1

TFA-1

ZKH-1

ZMT-1

520000 525000 530000 535000 540000

3676200

3681200

3686200

3691200


A z iz ia De p th Ma p P ro s p e c t W

Bazma Permit



X(Min,Max): 517166.63 544850.14Y(Min,Max): 3672405.03 3691998.63


Azizia Depth MapCI= 5 m

0 2500 m500 1000 1500 2000

Scale = 1:50000


07/10/08 09:46:43

520000 525000 530000 535000 540000X/Y:Meters

3676200

3681200

3686200

3691200

N

TARFA 2TARFA 2

DOUZ 1DOUZ 1

FRIDA 1FRIDA 1

TARFA 1TARFA 1

FRIDA FRIDA PROSPECTPROSPECT

TARFA 1 TARFA 1 WellWell discoverydiscovery FRIDA 1 FRIDA 1 WellWell locationlocation

msecmsec700700

800800

10001000

11001100

12001200

13001300

900900

14001400

SPSP 11001100 13001300 140014001200120010001000900900

TOP AZIZIA DEPTH MAPTOP AZIZIA DEPTH MAP

MT145_calibrated

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

938

IKV231_ca

librated

890

910

930

950

970

990

1010

1030

1050

1070

1090

1110

1130

1150

1170

1190

1210

1230

1250

1270

1290

1310

1330

1350

1370

1390

1410

1430 1446

IKV158_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

IKV138_ca

librated

IKV138_ca

librated

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

IKV124_calibrated

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

950

970

990

1010

1030

IKV64_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

99BAZ3_calibrated

99BAZ3_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

950

970

990

1010

1030

1050

1070

1090

1110

1130

1150

1170

1190

1210

1230

1250

1270

1290

1310

1330

1350

1370

1390

1410

1430

1450

1470

1490

1499

1085_MIG

1085_MIG

1 10

30 50

70 90

110 130

150 170

190 210

230 250

270 290

310 330

350 370

390 410

430 450

470 490

494

1084_MIG

1084_MIG

1 10

30 50

70 90

110 130

150 170

190 210

230 250

270 290

310 330

350 370

390 410

430 450

470 490

510 530

550 570

590 610

630 650

670 690

704

1083_MIG

1083_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

334

1082_MIG

1082_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

362

1081_MIG

1081_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

386

21

1

0

21

25

5212

2 1 2 52 1 2 5

5212

21

25

5212

5212

5212

2 1 4 0

21 4 0

2 1 4 0

2 1 4 0

04

12

21

40

21 4 0

0112

21

10

2 11

00112

01

12

21

10

5512

04

12

0412

00

22

58

12

07

12

011

2

55

12

21

55

5512

55

12

21

70

0712

0712

07122 1 2 5

5212

2 1 1 0

0

11

2

2 1 8 5

2 1 8 5

21

85

21

85

590

2 00

22

51

22

5122

22

30

0322

0322

5422

5422

0

62

2

2 1 1 0

011

2

5902

5

90

2

BAZMA-1

DOUZ-1

KGF-1

KGH-1

TFA-1

ZKH-1

ZMT-1

520000 525000 530000 535000 540000

3676200

3681200

3686200

3691200



Bazma Permit



X(Min,Max): 517166.63 544850.14Y(Min,Max): 3672405.03 3691998.63



0 2500 m500 1000 1500 2000

Scale = 1:50000


07/10/08 09:46:43

520000 525000 530000 535000 540000X/Y:Meters

3676200

3681200

3686200

3691200

N

TARFA 2TARFA 2

DOUZ 1DOUZ 1

FRIDA 1FRIDA 1

TARFA 1TARFA 1


TARFA 1 TARFA 1 WellWell discoverydiscovery FRIDA 1 FRIDA 1 WellWell locationlocation

msecmsec700700

800800

10001000

11001100

12001200

13001300

900900

14001400

SPSP 11001100 13001300 140014001200120010001000900900SPSP 11001100 13001300 140014001200120010001000900900 11001100 13001300 140014001200120010001000900900 TOP AZIZIA DEPTH MAPTOP AZIZIA DEPTH MAP

MT145_calibrated

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

938

IKV231_ca

librated

890

910

930

950

970

990

1010

1030

1050

1070

1090

1110

1130

1150

1170

1190

1210

1230

1250

1270

1290

1310

1330

1350

1370

1390

1410

1430 1446

IKV158_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

IKV138_ca

librated

IKV138_ca

librated

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

IKV124_calibrated

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

950

970

990

1010

1030

IKV64_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

99BAZ3_calibrated

99BAZ3_calibrated

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

390

410

430

450

470

490

510

530

550

570

590

610

630

650

670

690

710

730

750

770

790

810

830

850

870

890

910

930

950

970

990

1010

1030

1050

1070

1090

1110

1130

1150

1170

1190

1210

1230

1250

1270

1290

1310

1330

1350

1370

1390

1410

1430

1450

1470

1490

1499

1085_MIG

1085_MIG

1 10

30 50

70 90

110 130

150 170

190 210

230 250

270 290

310 330

350 370

390 410

430 450

470 490

494

1084_MIG

1084_MIG

1 10

30 50

70 90

110 130

150 170

190 210

230 250

270 290

310 330

350 370

390 410

430 450

470 490

510 530

550 570

590 610

630 650

670 690

704

1083_MIG

1083_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

334

1082_MIG

1082_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

362

1081_MIG

1081_MIG

1

10

30

50

70

90

110

130

150

170

190

210

230

250

270

290

310

330

350

370

386

21

1

0

21

25

5

212

2 1 2 5 2 1 2 5

5212

21

25

5212

521

2

521

2

2 1 4 0

21 4 0

2 1 4 0

2 1 4 0

04

12

21

40

21 4 0

0112

21

10

2 11

00112

01

12

21

10

5512

0412

0412

00

22

58

12

07

12

011

2

55

12

21

55

5512

55

12

21

70

0712

0712

07122 1 2 5

5212

2 1 1 0

0

11

2

2 1 8 5

2 1 8 5

21

85

21

85

590

2 00

22

51

22

5122

22

30

0322

032

2

5422

54

22

0

62

2

2 1 1 0

011

2

5902

5

90

2

BAZMA-1

DOUZ-1

KGF-1

KGH-1

TFA-1

ZKH-1

ZMT-1

520000 525000 530000 535000 540000

3676200

3681200

3686200

3691200



Bazma Permit



X(Min,Max): 517166.63 544850.14Y(Min,Max): 3672405.03 3691998.63



0 2500 m500 1000 1500 2000

Scale = 1:50000


07/10/08 09:46:43

520000 525000 530000 535000 540000X/Y:Meters

3676200

3681200

3686200

3691200

N

TARFA 1TARFA 1

TARFA 2TARFA 2

DOUZ 1DOUZ 1

FRIDA 1FRIDA 1

TARFA 1 TARFA 1 WellWell discoverydiscovery DOUZ 1 DOUZ 1 WellWell


FRIDA 1 FRIDA 1 WellWell locationlocation

msecmsec600600

700700

800800

10001000

11001100

12001200

900900

12001200 800800 868868SPSP 130013001100110010381038 12001200 800800 868868SPSP 130013001100110010381038

HERCYNIAN UNC.

AZIZIA/TAGI

SEISMIC LINE IKV 231

FRIDA: Surface Closure 2.2 km2

Vertical Closure 14 m Depth of Azizia 2205 m Depth of TAGI 2270 m

FRIDA PROSPECT


35 November 2009


CYGAM ENERGY INC.

Bazma permit – Prospect “Tiniya” - Tunisia

TARGET: Gas & Cond./Oil

FORMATION: TAGI ss/Ord/Cam

AGE: Trias/Ord/Cam.

----------------------------------------

POTENTIAL

AREA: 8-12 km2

PAY: 12-18 m

POROSITY: 23-12 %

S.W.: 35-30 %

R.F.: 25-15 %

----------------------------------------


OIL: 52 MMBO

GAS: N.E.

NENESWSW

msecmsec 00

500500

10001000

15001500

20002000

25002500

30003000

Austrian Austrian UnconformityUnconformity

Hercynian Hercynian UnconformityUnconformity

TAGI Fm.TAGI Fm.

Tiniya 1 (TN-1) well Location (CDP 185)Tiniya 1 (TN-1) well Location (CDP 185)

Near top Near top OrdovicianOrdovician

00 300300 400400SPSP 500500 600600100100

SEISMIC LINE IKV-N137SEISMIC LINE IKV-N137

160

210

260

310

360

1260

660

THC@N18

1 10

60

110

160

210

260

310

THC@N17

1210

1260

1310

1360

1390

MTB@N127@

N2

460

510

556

MTB@N127

1

10

610

660

IKV@N231

1410

1446

IKV@N158

1

10

1210

1260

1310

1360

1410

1460

1510

1560

1610

1660

210

260

310

360

410

460

510

IKV@N138

@N2

1 10

60

110

160

210

260

310

360

410

IKV@N138

410

460 470

IKV@N137

1 10

60

110

160

210

260

310

360

410

IKV@N124

910

960

1010

1030

860

910

960

1010

1060

1110

1160

IKV@N104

1 10

60

110

160

210

260

110

160

210

260

310

360

410

460

510

560

160

210

260

310

360

410

460

260

310

360

410

460

210

260

310

360

410

460

110

310

360

410

CEH@N31

560

610

660

710

760

804

310

360

410

460

510

560

610

660

710

760

810

860

910

110

160

210

260

310

360

CEH@N16

760

810

860

910

960 975

CEH@N14

1

10

60

110

160

210

260

310

360

410

460

CEH@N08

460

510

460

510

THC-17

UFXMIG

460

510

000.0032

23

00

.00

0

23

00

.00

0

23

00 .

0

00

2 3

00.0

00

23

00 .

00

0

23

00

.00

0

23

00 .0

0 0

2 3 0 0 .00

0

000.0022

000.0022

2 2 0 0 .00 0

000.

0022

00

0.0

02

2

00

0.0

02

2 2 2 0 0 .0 0 0

2 2 0 0 .0 0 0

2 2 0 0 .0 0 0

00

0.0

02

2

2 2 0 0 .0 0 0

2 2 0

0 .00

0

24

00

.00

0

000.00

42

2 4 0 0.0 0 0

000.0042

24

00

.00

0

000.0042

2 2 0 0 .0 0 0

000.

00

22

BAZMA-1

DOUZ-1

KGF-1

KGH-1

TFA-1

ZKH-1

ZMT-1

527800 532800

3692100

3697100

RIGO OIL Company Ltd

Y Prospect TAGI Depth Map

Bazma Permit



X(Min,Max): 524055.59 536598.14Y(Min,Max): 3691110.45 3699481.88


TAGI Depth C.I. = 20 m

0 2500 m500 1000 1500 2000

Scale = 1:50000


12/06/07 10:16:55

527800 532800X/Y:Meters

3692100

3697100

N

TINIYA WELL TINIYA WELL LOCATIONLOCATION

TOP AZIZIA DEPTH MAP TOP AZIZIA DEPTH MAP

(C.I.: 20 m)(C.I.: 20 m)

00 2 Km2 Km

THC@N47

1

10

60

110

160

210

260

310

360

410

460

510

560

610

660

THC@N46

960

1010

1060

1110

1160

1210

1260

1310

1360

1410

1460

1510

THC@N45

60

110

160

210

260

310

360

410

1210

THC

@N

22

560

610

660

710

760

810 814

THC@N18

1 10

60

110

160

210

260

310

360

410

460

510

560

610

THC@N17

960

1010

1060

1110

1160

1210

1260

1310

1360 1390

110

160

210

260

310

THC@N11

10

60

110

160

210

260

310

360

1110

1160

1210

1260

THC@N7

1 10

60

110

THC@N2

260

310

360

410

MTB@

N127@N2

360

410

460

510

556

MTB@

N127

1

10

60

560

610

660

710

IKV@N232

460 478

IKV@N231

1310

1360

1410

1446

IKV@N158

1

10

60

IKV@N149

1160

1172

IKV@N148

1010

1

030

IKV@N140

1160

1210

1260

1310

1360

1410

1460

1510

1560

1610

1660

1710

1760

1810

1860

IKV@N139

10

60

110

160

210

260

310

360

410

460

510

560

610

660

IKV@N138

@N2

IKV@N138

@N2

1 10

60

110

160

210

260

310

360

410

460

510

560

IKV@N138

310

360

410

460 470

IKV@N137

IKV@N137

1 10

60

110

160

210

260

310

360

410

460

510

560

610

660

IKV@N124

810

860

910

960

1010

1

030

IKV@N120

10

IKV@N117

60

110

160

IKV@N111

10

IKV@N110

1 10

60

110

IKV@N109

760

810

860

910

960

1010

1060

1110

1160

1210

1260

1310

1360

1362

310

IKV@N104

IKV@N104

1 10

60

110

160

210

260

310

360 363

IKV@N101

IKV@N101

10

60

110

160

210

260

310

360

410

460

510

560

610

660

684

IKV@N83

60

110

160

210

260

310

360

410

460

510

560

210

260

310

360

410

460

510

560

60

110

160

210

260

310

360

410

460

510

560

IKV@N60

60

110

160

210

IKV@N59

1

10

60

110

160

210

260

110

160

160

210

260

310

360

410

460

510

CEH@N31

410

460

510

560

610

660

710

760

804

CEH@N29

110

160

210

260

310

360

410

460

510

560

610

660

710

760

810

860

910

960

1010

1060

CEH@N25

CEH@N25

1

10

60

110

160

210

260

310

360

410

460

510

560

610

651

CEH@N19

710

737

CEH@N17

CEH@N16

510

560

610

660

710

760

810

860

910

960 975

110

160

CEH@N14

1 10

60

110

160

210

260

310

360

410

460

510

560

610

660

710

CEH@N13

CEH@N08

1 10

60

110

160

210

260

310

360

410

460

510

560

610

660

710

760

810

860

360

410

460

510

560

610

360

410

460

510

560

610

660

710

760

810

860

THC-17

UFXMIG

960

1010

1060

1110 1141

360

410

460

510

560

610

660

710

760

810

860

000.0005

000.0005

00

0.0005

000.0005

50

00

.00

0

00

0.00

05

6 0 0 0.00 0

000.000

6

BAZMA-1

DOUZ-1

KGF-1

KGH-1

TFA-1

ZKH-1

ZMT-1

522800 527800 532800 537800

3692100

3697100

3702100

RIGO OIL Company Ltd

Y Prospect Ordovician Depth Map

Bazma Permit Y Prospect Ordovician DepthTMap



X(Min,Max): 522486.82 540645.57Y(Min,Max): 3690298.37 3704117.02


Horizon: Ordovician DepthC.I. = 200 m

0 3500 m700 1400 2100 2800

Scale = 1:70000


12/21/07 14:12:12

522800 527800 532800 537800X/Y:Meters

3692100

3697100

3702100

N

3500 m

3500 m

4000 m

4000 m

TINIYA WELL TINIYA WELL LOCATIONLOCATION

TOP ORDOVICIAN DEPTH MAP TOP ORDOVICIAN DEPTH MAP

(C.I.: 200 m)(C.I.: 200 m)

00 2 Km2 Km

36 November 2009


CYGAM ENERGY INC.

Jorf permit - Tunisia

00 55 10 Km10 Km


LMG 2LMG 2

TARFA 1TARFA 1

HBR 1HBR 1

ZKH 1ZKH 1

MA 1MA 1

BAZMA BAZMA 11

ZMT 1ZMT 1

VV

KGF 1KGF 1 PALEOZOICPALEOZOIC TARGETSTARGETS

DOUZ DOUZ 11

TARFA 2TARFA 2 BS 1BS 1

BAGUEL 1BAGUEL 1

4 km

Target distribution &prospect/leads map

BAZMA PERMITBAZMA PERMIT

YY

ZZ

8 km

TAGI TAGI TARGETTARGET

BAGUEL-TARFA

ProductionConcession

LEGENDLEGEND

VV

YYPALEOZOIC PALEOZOIC

LEAD/PROSPECTLEAD/PROSPECT

TRIASSIC PROSPECTTRIASSIC PROSPECT

OIL PIPELINEOIL PIPELINE

GAS CONDENSATEGAS CONDENSATE

PIPELINEPIPELINE

37 November 2009


CYGAM ENERGY INC.

Jorf permit – Prospect “V” - Tunisia

TARGET: Gas & Cond.

FORMATION: TAGI ss.

AGE: Middle Triassic

----------------------------------------

POTENTIAL

AREA: 2.2 km2

PAY: 25 m

POROSITY: 25 %

S.W.: 35 %

R.F.: 30 %

------------------------------------------


OIL: 5 MMBO

GAS: N.E.

KGF 1KGF 1

TAGI EDGETAGI EDGE

PROSPECT ‘V’PROSPECT ‘V’

LIN

E 2

081

Prospect U CDP 2210 Top Azizia = 2195 SL(Top Herc. Unconf. = 2340 m)

Surface Closure = 3.100 km2- Vertical Closure = 105 mCoordinates are below the Diapo



00 1 Km1 Km

WELL WELL LOCATIONLOCATION

NEAR TOP AZIZIA NEAR TOP AZIZIA

DEPTH MAPDEPTH MAP

ZOOM (C.I.: 20 m)ZOOM (C.I.: 20 m)

12001200 12001200 14001400 16001600 22002200 24782478

300300

500500

10001000

15001500

HERCYNIAN UNC.HERCYNIAN UNC.

AUSTRIAN UNC.AUSTRIAN UNC.

AZIZIA/TAGIAZIZIA/TAGI

WELL KGF WELL KGF 11

PROSPECT PROSPECT “V”“V”

NNENNESSWSSWWELL LOCATIONWELL LOCATION

20002000

PROSPECT “V”PROSPECT “V” - SEISMIC LINE 2081- SEISMIC LINE 2081

TOP AZIZIA DEPTH MAP (C.I.: 20 m)TOP AZIZIA DEPTH MAP (C.I.: 20 m)

38 November 2009


CYGAM ENERGY INC.

Jorf permit – Prospect “Y” - Tunisia

TARGET: Oil

FORMATION: Kubergandian Reef

AGE: Middle Permian

----------------------------------------

POTENTIAL

AREA: 15 km2

PAY: 50 m

POROSITY: 16 %

S.W.: 25 %

R.F.: 30 %


OIL: 75 MMBO

GAS: N.E.

PROSPECT “Y”PROSPECT “Y” - SEISMIC LINES 2083/THC9 & BAZMA WELL CALIBRATION- SEISMIC LINES 2083/THC9 & BAZMA WELL CALIBRATION

BAZMA 1 WELLBAZMA 1 WELL

KUBERGANDIKUBERGANDIANAN

HERC. UNC.HERC. UNC.

MURGHABIMURGHABIANAN

2000

1000

msec

LINE 2083LINE 2083 LINE THC 9LINE THC 9

KUBERGANDIANKUBERGANDIAN

MURGHABIANMURGHABIAN

HERCYNIAN UNC.HERCYNIAN UNC.

KUBERGANDIANKUBERGANDIAN(Reef)(Reef)

MURGHABIANMURGHABIANPROSPECT ‘Y’PROSPECT ‘Y’

NWNW SESE NWNW SESE

WELL LOCATIONWELL LOCATION

00 3 Km3 Km

THC-19

THC-19

84

-KR

-40

5

3

0

3

0

0

0

4

0

0

BZM 1

BR 1BS 1

MA 1

TB 1

DSS1

DZ 1

KGF 1

KJD 1

KLF 1

KGH 1

TFA 1

ZKH 1

ZMT 1

550000

3700000


Jorf

Jorf Permit



X(Min,Max): 525542.10 566954.33Y(Min,Max): 3698730.29 3724236.28


Permian carb(Kubergandian) Depth MapCI= 100 m

0 5000 m1000 2000 3000 4000

Scale = 1:100000

Administrator@D9TV0N2J09/08/08 13:49:07

550000X/Y:Meters

3700000

N

KGF 1KGF 1

BZM 1BZM 1

MA 1MA 1

00 5 Km5 Km00 5 Km5 Km00 5 Km5 Km

Prospect ‘Y’

PERMIAN (KUBERGANDIAN) PERMIAN (KUBERGANDIAN)

DEPTH MAP (C.I.: 100 m)DEPTH MAP (C.I.: 100 m)

LINE THC9

LINE 2083

WELL WELL LOCATIONLOCATION


DEPTH MAP (C.I.: 100 m)DEPTH MAP (C.I.: 100 m)

0 km 10

0 km 3

39 November 2009


CYGAM ENERGY INC.

Jorf permit – Prospect “Z” – Tunisia

TARGET: Oil

FORMATION: Kubergandian Reef

AGE: Middle Permian

-----------------------------------------

POTENTIAL

AREA: 05 km2

PAY: 50 m

POROSITY: 16 %

S.W.: 25 %

R.F.: 30 %


OIL: 14 MMBO

GAS: N.E.

PROSPECT “Z”PROSPECT “Z” - SEISMIC LINE 2089- SEISMIC LINE 208910011001 12001200 14001400 16001600 18001800 20002000 22002200 24002400 28002800

100100

500500

10001000

15001500

20002000

25002500

KUBERGANDIANKUBERGANDIAN

MURGHABIANMURGHABIAN

HERCYNIAN HERCYNIAN UNC.UNC.

PROSPECT PROSPECT “Z”“Z”

SWSW NENEWELL LOCATIONWELL LOCATION

THC-19

THC-19

84

-KR

-40

5

3

0

0

4

0

BZM 1

BR 1BS 1

MA 1

TB 1

DSS1

DZ 1

KGF 1

KJD 1

KLF 1

KGH 1

TFA 1

ZKH 1

ZMT 1

550000

3700000


Jorf

Jorf Permit



X(Min,Max): 525542.10 566954.33Y(Min,Max): 3698730.29 3724236.28


Permian carb(Kubergandian) Depth MapCI= 100 m

0 5000 m1000 2000 3000 4000

Scale = 1:100000


09/08/08 13:49:07

550000X/Y:Meters

3700000

N

KGF 1KGF 1

BZM 1BZM 1

MA 1MA 1

PROSPECT ‘Z’PROSPECT ‘Z’

LINE 2

089


DEPTH MAP (C.I.:100 m)DEPTH MAP (C.I.:100 m)

WELL LOCATIONWELL LOCATION


DEPTH MAP DEPTH MAP

ZOOM (C.I.:100 m)ZOOM (C.I.:100 m)

40 November 2009


CYGAM ENERGY INC.

Sud Tozeur permit - Tunisia

• Potential new well close to the Nefta-1 well expected to commence drilling in late 2010- early 2011 to test Triassic, Ordovician and Cambrian reservoirs which had oil and gas indications in the Nefta-1 well

• Alternative locations on the permit will also be evaluated as several additional structures have been identified close to the Algerian border and West of the Sabria and North of the El Franig fields (1,032 MMBLS of OIP and 135 BCF plus 22 MMBLS of condensate in place, respectively)

Onshore Tunisia, adjacent to the

Algerian border

963,245 net acres (3,898 km2)

89% Current Working Interest

(inclusive of 7.7% free carried

interest)

Net potential resources of 133 MM

BOE

Hydrocarbon potential in Triassic,

Ordovician and Cambrian sandstone

reservoirs

41 November 2009


CYGAM ENERGY INC.

Sud Tozeur Permit - Tunisia

TARFA 1TARFA 1

HBR 1HBR 1

TARFA 2TARFA 2

BAGUEL 1BAGUEL 1

00 2525 50 Km50 Km


SABRIA-EL FRANIGProduction Concession

KGF 1KGF 1

DOUZ 1DOUZ 1

LMG 2LMG 2

LMG 1LMG 1

SUD TOZEUR PERMITSUD TOZEUR PERMIT

PALEOZOIC PALEOZOIC TARGETSTARGETS

Target distribution & prospect/leads map

BAGUEL-TARFA

Production Concession

JORF JORF

PERMITPERMITFNGFNG

1122

33

N1N1SABSAB

NN2233

NW1NW1

W1W1 HMD 1HMD 1

SAB 1SAB 1

ALG 1ALG 1

S1S1

EG 1EG 1

NAG 1NAG 1

NF 1NF 1

YYNefta SouthNefta South

VV

UU

ZZ

XX

TT

WW

LEGENDLEGEND

YYPALEOZOICPALEOZOIC

LEAD/PROSPECTLEAD/PROSPECT

GAS GAS

CONDENSATECONDENSATE

PIPELINEPIPELINE

42 November 2009


CYGAM ENERGY INC.

Sud Tozeur permit - Prospect “Nefta SE” - Tunisia

ST96 NEF N

07

ST96 NEF N

07

Nefta 1Nefta 1

ST

MIG

106

ST M

IG 1

06

3708800

3713800

394100 399100 404100 409100TARGET: Gas & Cond./Oil

FORMATION: TAGI/Ord-Cam.

AGE: Trias/Ord-Cam.

----------------------------------------

POTENTIAL

AREA: 15 km2

PAY: 50 m

POROSITY: 16 %

S.W.: 25 %

R.F.: 25 %

----------------------------------------


OIL: 25 MMBO

GAS: N.E.

NEFTA SE PROSPECT

HERCYNIAN TWT MAP

(C.I.: 5 msec)

31

Nefta 1 1

Hercynian Unc.Hercynian Unc.

TAGS Fm.TAGS Fm.

NW SE

Hercynian Unc.Hercynian Unc.

TAGS Fm.TAGS Fm.

NE SW

2500

2000

2100

2200

2300

2400

Nefta SE 320 80300 280 260 240 200 100120140160180SP

2500

2000

2100

2200

2300

2400

1900

SP 28026024022020018016014010080

NEFTA SE PROSPECT - SEISMIC LINE ST MIG 106NEFTA SE PROSPECT - SEISMIC LINE ST MIG 106NEFTA SE PROSPECT - SEISMIC LINE 96 NEF-N07NEFTA SE PROSPECT - SEISMIC LINE 96 NEF-N07

Nefta 1 1 Nefta SE

43 November 2009


CYGAM ENERGY INC.

Capital Expenditure Program 2010

Permit (Current W.I.) Planned Work Program TimingPotential Net Capital

Expenditures(US$)

Structure or Permit’s Net Potential Recoverable

Resources (BOE) (*)

Elsa (60%) Elsa-2 Environmental Report Production test Elsa-2 appraisal well

Q4 2009Q4 2010

150,000 12,000,000

62.6 MM / Structure

Sud Remada (14%) Extended production testingAcquisition of new 3D and 2D seismicDrilling of 2 appraisal wells

Q1-Q2 2010Q4 2009Q3 2010

0350,000

1,260,000

9.0 MM / TT Structure (25.0 MM / Permit)

Bazma (54%) Reprocess large amount of 2D dataAcquire 2D and possibly 3D seismicDrill Frida well

Q1 2010Q3-Q4 2010Q3 2010

00

1,350,000

49.0 MM / Permit

Aretusa (100%) Processing & interpretation seismic data3D seismic acquisition

Q4/09-Q2/10 Q3-Q4 2010

60,0001,440,000

300.0 MM / Permit

Civitaquana (65%) Seismic acquisition, interpretation Q4 2009 390,000 3.2 MM / Structure (58.0 / Permit)

Montalbano(42.86%) Montesano-2 well site preparationDrill Montesano-2 well

Q4 2009Q2 2010

100,0001,190,000

0.3 MM / Structure

Posta Nuova (100%) Seismic acquisition & review Q1-Q2 2010 250,000 0.7 MM / Structure

Mass. Montarozzo Potential seismic acquisition Q3-Q4 2010 250,000

Sud Tozeur (54%) Geological & Geophysical Study Q1-Q3 2010 450,000 133.0 MM / Permit

Jorf (19%) Geological & Geophysical StudyPreparatory work for exploratory well

Q1-Q3 2010Q4 2010

19,00025,000

18.0 MM / Permit

TOTAL 19,284,000 575.8 – 646.6 MM

(*) STB (Standard Barrels of Oil)

Documents

COMPANY PRESENTATION November 2009 cygamenergy