Centric Energy Closes Farmout of Kenya Block 10BA to Tullow Oil

Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE:CTE) is
pleased to advise that the Company and Tullow Kenya B.V. ("Tullow") (LSE:TLW)
have closed the farm-in agreement whereby Tullow is farming-in to a 50 per cent
participating interest in Centric Energy (Kenya)'s 100 per cent owned Production
Sharing Contract covering Block 10BA in north-western Kenya (the "PSC").


Tullow has paid a closing consideration of US$961,000 in respect of estimated
historic costs related to acquisition of the PSC and exploration of Block 10BA,
subject to a post-closing audit. Tullow will also fund 80 per cent of future
joint venture expenditures in the Block until total spending reaches US$30
million, after which Centric Energy will be responsible for its working interest
share of future costs.


Pursuant to the farmout, Tullow will also assume operatorship of the Block.

Block 10BA is strategically located within the East African Rift System which is
enjoying increasing exploration interest and significant recent success, most
notably in the Albertine rift in Uganda, 660 km to the west, which is considered
to be the closest geological analog to the Tertiary basins underlying Block 10BA
(source: Gustavson Associates, "Resource Evaluation Report, Centric Energy
Corporation, Kenya Block 10BA", dated January 1, 2010). Major volumes of
hydrocarbons have been discovered by Tullow Oil in the Albertine rift, currently
estimated (P50) to be approximately 1000 million barrels of oil as stated in
Tullow's half yearly report dated August 2010. The referenced report by
Gustavson Associates estimates the P50 unrisked prospective resources (1) of
Block 10BA to be 2.2 billion BOE (2).


"We are very pleased to be working with Tullow on the exploration of Block
10BA," says Alec Robinson, Centric Energy's President and CEO. "Tullow's
technical expertise, and their experience in the successful exploration of the
analogous Albertine basin, will ensure that Block 10BA is explored in the most
rigorous manner. Tullow's outstanding record of environmental stewardship in
Lake Albert will also mean that the environmentally-sensitive Lake Turkana will
be safeguarded."


ON BEHALF OF CENTRIC ENERGY CORP.

Alec Robinson, President and Chief Executive Officer

(1) Prospective resources are defined as "those quantities of oil and gas
estimated on a given date to be potentially recoverable from undiscovered
accumulations. They are technically viable and economic to recover." Note that
the estimated prospective resources disclosed in this news release could be oil
or gas and that the estimate does not include consideration for the risk of
failure in exploring for these resources. There is no certainty that any portion
of the resources will be discovered. If discovered, there is no certainty that
it will be commercially viable to produce any portion of the resources.


(2) BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 MCF : 1 bbl is based on energy equivalency conversion method
primarily applicable at the burner tip and does not represent value equivalency
at the wellhead.


This News Release does not constitute an offer to sell or a solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to a U.S. Person unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable Canadian
securities legislation). Such statements and information (together, "forward
looking statements") relate to future events or the Company's future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to estimates of
reserves and or resources, future production levels, future capital expenditures
and their allocation to exploration and development activities, future drilling
and other exploration and development activities, ultimate recovery of reserves
or resources and dates by which certain areas will be explored, developed or
reach expected operating capacity, that are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management.


All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. The Company believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon.


The Company does not intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, changes in oil prices, results of exploration and development
activities, uninsured risks, regulatory changes, defects in title, availability
of materials and equipment, timeliness of government or other regulatory
approvals, actual performance of facilities, availability of financing on
reasonable terms, availability of third party service providers, equipment and
processes relative to specifications and expectations and unanticipated
environmental impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.