CEX Contact Exploration Inc.

Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX) is
pleased to announce that it has today filed its condensed interim consolidated
financial statements for the three and nine month periods ended December 31,
2013 and the related management's discussion and analysis ("MD&A") on the
Company's profile on the System for Electronic Document Analysis and Retrieval
("SEDAR") website at www.sedar.com.


Credit Facility Increase

The Company is also pleased to announce that its senior lender has increased the
amounts available under the Company's credit facilities to $7.7 million. The
amended operating facility has been increased to $4.5 million and the
non-revolving acquisition and development demand loan has been increased to $3.2
million. No amounts are currently drawn under either facility.


Operations Update

Contact is currently in the late stages of drilling the Contact operated well at
02/14- 30 -63-5 W6M ("02/14-30 Well"). This well was originally programmed to
target a bottom hole location of 15- 30 -63-5 W6M, but during drilling it became
operationally advantageous to target a bottom hole location of 14- 30 -63-5 W6M.
The 02/14-30 Well is being drilled in the Upper Montney D4 interval. The Company
anticipates that completion operations on the 02/14-30 Well will be finalized in
late March 2014. With success, Contact expects the 02/14-30 Well to be equipped
and flowing into the Company's central compression and condensate stabilization
facility in May 2014. Upon rig release of the 02/14-30 Well, the Company
anticipates spudding a well by mid-March 2014 from a centrally located pad at
7-19-63-5 W6M, with the intention of drilling a minimum of two new wells from
this surface location through spring break-up 2014.


Contact's 5-23-63-6 W6M (25% WI) well was brought on production in early January
2014 and averaged 2.0 mmcf/d (gross) natural gas production during its first 30
days of production, with an average field condensate production estimate of
350bbl/d (gross) (being 500 mcf/d and 88bbl/d, or 171 boe/d, net to Contact). 


Contact's 16-25-63-6 W6M (25%) well was brought on production in early February
2014 and has averaged 2.3 mmcf/d (gross) natural gas production during its first
26 days of production, with an average field condensate production estimate of
430bbl/d (gross) (being 575 mcf/d and 107bbl/d, or 203 boe/d, net to Contact).


Contact's 16-17-63-5 W5M (25% WI) well was brought on production in mid-February
2014, which well has experienced production performance similar to the other
Contact wells brought on production in 2014. 


Since bringing its central compressor and condensate stabilization facility
online in mid-January 2014, Contact's aggregate net production has fluctuated
between 500 - 800 boe/d, on per producing day basis. Contact expects production
from its existing Kakwa wells to stabilize once all early stage operational
matters are addressed in the normal course. Rates will also be subject to normal
production declines, which Contact expects to offset with production from new
wells scheduled to be drilled at Kakwa.


About Contact Exploration Inc.

Contact Exploration Inc. is a public oil and gas company which has a long-term
history of operating in Atlantic Canada and has recently demonstrated success in
Alberta's liquids-rich Montney Formation tight gas play. For more information,
please see the Company's website: www.contactexp.com


ADVISORY ON FORWARD-LOOKING STATEMENTS: 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", "continue", "estimate",
"may", "will", "should", "believe", "plans", "cautions" 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 timing to complete, equip and tie-in the 02/14-30
Well, the timing to drill up to two new wells from a pad at 7-19-63-5 W6M, the
timing for production from its existing Kakwa wells to stabilize and the
expectation for production from new wells scheduled to be drilled at Kakwa.
Forward-looking statements or information are based on a number of material
factors, expectations or assumptions of Contact which have been used to develop
such statements and information but which may prove to be incorrect. 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, in addition
to other factors and assumptions which may be identified herein, no assurances
can be given respecting: whether the Company's exploration and development
activities respecting the Deep Basin Montney project will be successful or that
material volumes of petroleum and natural gas reserves will be encountered, or
if encountered can be produced on a commercial basis; the ultimate size and
scope of any hydrocarbon bearing formations at the Deep Basin Montney project;
that additional drilling and completion operations in the Deep Basin Montney
project will be successful such that further development activities in this area
is warranted; that Contact will continue to conduct its operations in a manner
consistent with past operations; results from drilling and development
activities will be consistent with past operations; the accuracy of the
estimates of Contact's reserve volumes; the general stability of the economic
and political environment in which Contact operates; drilling results; field
production rates and decline rates; the general continuance of current industry
conditions; the timing and cost of pipeline, storage and facility construction
and expansion and the ability of Contact to secure adequate product
transportation; future commodity prices; currency, exchange and interest rates;
regulatory framework regarding royalties, taxes and environmental matters in the
jurisdictions in which Contact operates; and the ability of Contact to
successfully market its oil and natural gas products. 


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, including, without limitation: changes in commodity prices; changes in
the demand for or supply of the Company's products; unanticipated operating
results or production declines; changes in tax or environmental laws, royalty
rates or other regulatory matters; changes in development plans of Contact or by
third party operators of Contact's properties, increased debt levels or debt
service requirements; inaccurate estimation of Contact's oil and gas reserve and
resource volumes; limited, unfavourable or a lack of access to capital markets;
increased costs; a lack of adequate insurance coverage; the impact of
competitors; and certain other risks detailed from time-to-time in Contact's
public disclosure documents. 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, 2013. 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 PLEASE CONTACT: 
Steve Harding
President and CEO
Contact Exploration Inc.
(403) 771-1091
(403) 695-3915 (FAX)
sharding@contactexp.com
www.contactexp.com

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