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CYGAM Energy Inc. ("CYGAM" or the "Corporation") (TSX VENTURE:CYG) is pleased to
announce that the Corporation has executed a Securities Lending Agreement
("SLA") with a controlling shareholder of the Corporation. 


Under the SLA the Corporation has borrowed 200,000 common shares of Peyto
Exploration & Development Corp. (the "Shares") on a non interest bearing,
unsecured basis. The principal terms of the SLA include the return of the Shares
to the lender within 270 days of the date of the SLA, or following a financing
or sale of assets by CYGAM yielding cash proceeds in excess of $5 million. CYGAM
intends to use the Shares as collateral under its credit arrangement with a
recognized Canadian financial institution to secure funds up to 50% of the
market value of the Shares for ongoing capital requirements and general working
capital purposes. 


About CYGAM Energy Inc.

CYGAM is a Calgary based exploration company with extensive international
exploration permits and a producing property in Tunisia. The main focus of the
Company is the acquisition, exploration and development of international oil and
gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM
currently holds various interests in seven exploratory permits in Italy plus
three exploratory permits and the BBT Production Concession in Tunisia which
together encompass a total of approximately 2.7 million gross acres.


This press release may contain or refer to certain forward-looking statements
relating, but not limited to, Cygam's expectations, intentions, plans and
beliefs with respect to Cygam. Often, but not always, forward-looking statements
can be identified by the use of words such as "plans", "expects", "is expected",
"budget", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or equivalents or variations, including negative
variations, of such words and phrases, or state that certain actions, events or
results, "may", "could", "would", "should", "might" or "will" be taken, occur or
be achieved. Forward-looking statements include, without limitation, statements
relating to Cygam's beliefs regarding the advantages and use of the Shares and
the corresponding funds. Forward-looking statements rely on certain underlying
assumptions that, if not realized, can result in such forward-looking statements
not being achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause the actual results to be
materially different from the results expressed or implied by such
forward-looking statements and there can be no assurance that such statements
will prove to be accurate. Other than as required by applicable Canadian
securities laws, Cygam does not intend to update or revise any such
forward-looking statements to reflect events or circumstances after the date of
this document or to reflect the occurrence of unanticipated events. Accordingly,
readers should not place undue reliance on forward-looking statements.

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