Calibre Energy, Inc. Announces Land Acquisition and Drilling Activities.

WASHINGTON & HOUSTON -- In the company's first operational update, Calibre Energy, Inc. (OTCBB:CBRE), an independent oil and gas company focused on the acquisition, exploitation and development of large, unconventional gas shale accumulations, announced today that it has completed the acquisition of 4,395 net leasehold acres, and participated in the drilling of 19 horizontal wells in the Barnett Shale Formation, located in the Fort Worth Basin of North Texas.

The Barnett Shale development is one of the largest domestic natural gas plays in the United States, now exceeding 1.2 Billion cubic feet (Bcf) per day in production, and potential reserves estimated by the U.S. Geological Survey at 26.2 Trillion cubic feet (TCF). With over 4,000 successful wells drilled in the field to date, the Barnett Shale is experiencing substantial interest from independents and major producers alike, largely due to recent advances in seismology applications and drilling and fracture stimulation techniques. With the magnitude of the reserves and the existing domestic natural gas infrastructure, the Barnett Shale serves as a highly strategic on-shore energy reserve for the United States.

In October 2005, Calibre entered into a joint venture (JV) with Reichmann Petroleum, Kerogen Resources, and Wynn Crosby Energy to develop leasehold interests located in the Barnett Shale acquired from Reichmann. Calibre's interests include a 10.9375% working interest in 6,190 net leasehold acres located in Tarrant, Denton, Johnson, Hill, and Parker Counties, Texas and a 21.975% working interest in 443 net leasehold acres in the Pannell Prospect in Johnson County.

In the JV to date, the Company has participated in the drilling of 19 horizontal wells, including 17 wells which have been drilled to total depth and completed and 2 wells currently drilling. Three of the wells in Denton County are now producing. The most recent well placed on production, the McCutchin #1-H, was stimulated with a 6 stage frac designed using the most recent frac program employed by EOG Resources, Inc. (NYSE: EOG) in the North part of Johnson County where they have reported per well gas rates in excess of 7 million cubic feet of gas per day. The other 14 completed wells, located in Denton, Johnson, Hill and Parker Counties, will be fraced and placed on production in the near term.

Calibre expanded its interests in the Barnett Shale through a JV with Kerogen Resources, Inc., Wynn Crosby Energy, and Triangle USA including the five county area of Johnson, Hill, Bosque, Somervell and Hood Counties. Under this JV, Calibre has a 27% working interest, and has acquired 2,107 net leasehold acres to date. Development of these leases is anticipated to commence in mid-2006 with Wynn Crosby Energy as operator.

Recently, Calibre acquired 1,514 net acres in the core area of the Barnett Shale outside of the areas covered by the Reichmann and Kerogen joint ventures. The company anticipates that development activities will start on these leases in the third quarter of 2006.

"Since our first acquisition in the Barnett Shale closed in October 2005, we have made substantial progress in the development of our acreage in the Reichmann JV as well as adding to our leasehold acreage in the core producing area," said Prentis Tomlinson, President and CEO. "We will continue our 2 rig development program with Reichmann throughout 2006 and expect to have at least 2 additional rigs active on our other Barnett Shale acreage beginning July 2006."

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not guarantees of performance. Although Calibre Energy, Inc. believes its expectations reflected in forward-looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be achieved. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include, among others: the timing and extent of changes in commodity prices for crude oil, natural gas and related products, foreign currency exchange rates, and interest rates; the timing and impact of liquefied natural gas imports; the extent and effect of any hedging activities engaged in by Calibre Energy, Inc.; the extent of Calibre Energy, Inc.'s success in discovering, developing, marketing and producing reserves and in acquiring oil and gas properties; the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise; the availability and cost of drilling rigs, experienced drilling crews, materials and equipment used in well completions, and tubular steel; the availability, terms and timing of governmental and other permits and rights of way; the availability of pipeline transportation capacity; political developments around the world; acts of war and terrorism and responses to these acts; weather; and financial market conditions. In light of these risks, uncertainties and assumptions, the events anticipated by Calibre Energy, Inc.'s forward-looking statements might not occur. Forward-looking statements speak only as of the date made and Calibre Energy, Inc. undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.