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Production license

Cirrus Energy Nederland BV, a subsidiary of Cirrus Energy Corp., Calgary, (Toronto Venture: CYR) plans to acquire the production license for the M1a Block in The Netherlands from state-owned, Herlen, The Netherlands-based Energie Beheer Nederland BV (EBN). The license is expected to provide for participation in M1-A Field development. EBN will own 50% working interest in the development and will reimburse past costs related to M1-A Field, which are estimated to be C$27 million (pre-tax) net to Cirrus. Cirrus Energy has entered a loan facility with the Royal Bank of Scotland to fund the M1-A and existing M7-A developments. The deal is expected to close by June.