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caliber Preparing to Drill Test Leduc Pinnacle Reef at Bolloque



(PressMethod) - Caliber Energy, Inc. (OTC BB:CALB.OB - News), today reports that the Company is moving forward in making the necessary preparations for the spud of the first oil well at the Bolloque Project, Alberta Canada.

The Company and the operator of the project, Transaction Oil and Gas Ventures of Calgary have begun the well licensing, required permitting and have picked the well location. Site preparations will commence when the government road bans are lifted, anticipated to be shortly. Caliber is now locating a drilling rig for the project and expects to be drilling in 3 weeks. The well depth to test the top of the Leduc is approximately 3,300 feet (1,100 meters). Caliber has executed an Authority for Expenditure (A.F.E.) totaling $329,000 to drill, test and case the well. An additional $125,000 will be required to complete the well. Caliber is earning its 49% working interest by drilling, casing and completing an exploratory well on the leases.

As earlier reported, the Company commissioned a seismic review and interpretation on the Bolloque Project by an independent reservoir engineer and geophysicist that confirmed the presence of a Leduc Pinnacle Reef buildup under the Company leases. The seismic section shows a reef buildup of approximately 30 meters (98.5 feet). The reef has never been tested for oil at its highest development and Caliber will drill at this location to test for oil accumulation. Analog comparison wells in the Acheson D-3A pool with less pay thickness than Bolloque have had peak production rates of 300 barrels per day.

The project is located 60 miles north of Edmonton, Alberta in the prolific oil producing Leduc area. Leduc Reef oil fields south of Bolloque contain oil wells that produce oil at rates of several hundred barrels per day. Also, individual wells have cumulatively produced over one million barrels of oil. Production has been between a low of 145 and a high of 400 barrels per day with pay thickness of 35 to 142 feet.

ABOUT CALIBER ENERGY

Caliber Energy, Inc. is a growth oriented Company primarily focused on developing advanced coal projects and other high potential business opportunities in the energy sector. Caliber is focusing on coal, oil and natural gas. Caliber's primary focus is on advancing coal projects to production, combined with the opportunities management has identified that would provide immediate cash flow and revenue by securing coal trade agreements. Caliber augments the coal projects with oil and gas opportunities that are low risk with a high rate of return. With this diverse portfolio, Caliber Energy minimizes risk as the Company meets demand for fossil fuels.

Safe harbor for Forward-Looking Statements:

Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Caliber Energy, Inc. has little or no control.

ON BEHALF OF THE BOARD

Caliber Energy, Inc.

"Graeme F. Scott"



Contact:
Contact:
Graeme Scott
1-888-267-6147





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