Operations Progress Report

RNS Number:7131R
Caspian Energy Inc
22 February 2007


Not for release, distribution or publication in whole or in part in or into the
United States, Australia or Japan


                               CASPIAN ENERGY INC.
                          ("Caspian" or the "Company")

                            Operations Progress Report


TSX: CEK

AIM: CEK


Caspian Energy Inc, an oil and gas exploration company operating in Kazakhstan,
today announces that Aral Petroleum Capital LLP ("Aral"), in which the Company
holds a 50% indirect interest, has finished acidizing about one-half of the
perforated intervals at East Zhagabulak #213. This well has been returned to
production and the production rate has stabilized at 429 barrels of oil per day
and 87 barrels of water per day with a flowing tubing pressure of 635 psi on an
8.7 mm choke.


Zhagabulak #303, the third exploration well, has been perforated and is being
prepared for acid stimulation. For a more effective stimulation the rig will
remain on location to isolate the individual zones and then be moved prior to
testing. We anticipate flow test results by the end of the first quarter.


East Zhagabulak #301 is shut in during operations to retrieve wire line and
logging tools lost in the well due to the parting of the wire line during
production testing operations. Significant progress has been made in the
recovery operations but it is not possible to forecast exactly when this process
will be completed.


Charles Summers, Chief Operations Officer, Caspian Energy, Inc. commented:

"We will release the Nabors drilling rig at the conclusion of their work on
Zhagabulak #303. The forthcoming work in Baktygaryn and Itisay-Kosdesay will be
carried out with the use of a rig more suitable to the shallower depths required
for these projects. We expect this work to start in June or July and to be
completed the end of the Q1 2008. Drilling will be focused on the Triassic and
Upper Permian strata. In addition to these targets, the company is considering
developing the field in East Zhagabulak. All the drilling work currently planned
for 2007 by the Company, is budgeted within the Company's reserves and cash
flow."


For further information, please contact:


Bell Pottinger Corporate & Financial

Ann-marie Wilkinson/Geoff Callow                  Tel:    00 44 (0) 20 7861 3232



CAUTIONARY NOTE


Some of the statements and information contained in this news release may
include certain estimates, assumptions and other forward-looking information.
The actual performance, developments and/or results of the Company may differ
materially from any or all of the forward-looking statements, which include
current expectations, estimates and projections, in all or in part attributable
to general economic conditions, and other risks, uncertainties and circumstances
partly or totally outside the control of the Company, including oil prices,
imprecision of reserve estimates, drilling risks, future production of gas and
oil, rates of inflation, changes in future costs and expenses related to the
activities involving the exploration, development, production and transportation
of oil, hedging, financing availability and other risks related to financial
activities, and environmental and geopolitical risks. Further information which
may cause results to differ materially from those projected in the
forward-looking statements is contained in the Company's filings with Canadian
securities regulatory authorities. The Company disclaims any intention or
obligation to update or revise forward-looking information, whether as a result
of new information, future events or otherwise, except in accordance with
applicable securities laws.


The information in this release has been reviewed by Edgar Folmar, SPE, who is a
qualified person for the purposes of the AIM Guidance Note for Mining, Oil and
Gas Companies. Mr. Folmar, Director of Operations for Aral and a consultant for
Caspian Energy Inc., is a qualified petroleum engineer and has over 20 years
experience in oil and gas exploration and production.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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