Rights Issue

RNS Number:5406S
Caspian Energy Inc
17 April 2008



NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, AUSTRALIA OR JAPAN


17 APRIL 2008

                              CASPIAN ENERGY INC.
                          ("Caspian" or the "Company")

                         Caspian Plans Rights Offering

TSX: CEK
AIM: CEK


Caspian Energy Inc. ("Caspian") announced today that it has received
confirmation of acceptance from the securities commissions of Alberta, British
Columbia, and Ontario, along with approval from the Toronto Stock Exchange (the
"TSX") for a rights offering (the "Offering").

Under the Offering, each shareholder of Caspian will receive one right (a
"Right") for each Share held at the time of the Offering. The Rights, unless
exercised pursuant to the terms of the Offering, will expire on May 23, 2008. 6
Rights will entitle the holder thereof to purchase one unit (a "Unit") for a
subscription price of $0.25 per Unit. Each Unit is comprised of one common share
in the capital of Caspian (a "Share"), and one half of one Share purchase
warrant (each whole such Share purchase warrant a "Warrant") at an exercise
price of $0.45 exercisable until the earlier of May 23, 2011, or 30 days
following the receipt of a notice from Caspian that the closing price of the
Shares for any 20 consecutive trading days exceeded $0.75.


Caspian is also granting an additional subscription privilege (the "Additional
Subscription Privilege") to its shareholders, pursuant to which a shareholder
may subscribe for more Units than the number of Rights initially allotted to
them would permit. Such additional subscriptions will be granted based on the
number of Units not otherwise subscribed for on the exercise of Rights under the
Offering. Units subscribed for under the Additional Subscription Privilege will
be allotted on a pro rata basis.


The Rights will be listed on the TSX and will commence trading on April 23, 2008
on a when issued basis under the symbol CEK.RT. Assuming that the Offering is
fully subscribed, 17,390,543 Shares and 8,695,271 Warrants will be issued.


Assuming that the Offering is fully subscribed, the gross proceeds to Caspian
will be $4,347,635.


Caspian has engaged Jones, Gable & Company Limited ("JGCL") as managing dealer
for the Offering. In consideration for services rendered, JGCL will receive a
managing dealer fee of $50,000, plus an additional $50,000 in the event that the
gross proceeds of the Offering exceed $2,100,000. JGCL will also receive 0.5% of
the proceeds raised under the Offering. Any soliciting dealers engaged for the
Offering, including JGCL, will receive 0.5% of the proceeds raised from the sale
of Units by that soliciting dealer.


The net proceeds of the Offering will be used for development of Caspian's oil
and gas projects in Kazakhstan and for general corporate purposes.


Full details of the Offering, including the process to be followed for the
exercise of Rights can be found in the rights offering circular filed under
Caspian's profile on www.sedar.com.


For further information, please contact:


Bell Pottinger Corporate and Financial

Ann-marie Wilkinson / Sarah Williams            00 44 (0)20 7861 3232


Jefferies International Limited

Toby Hayward / Oliver Griffiths                 00 44 (0)20 7029 8000



CAUTIONARY NOTE


Certain statements contained in this press release are forward looking
statements, including estimates, assumptions and other forward-looking
information. The actual performance, developments and/or results of Caspian may
differ materially from any or all of the forward-looking statements, which
include current expectations, estimates and projections, in all or in part
attributable to general economic conditions, and other risks, uncertainties and
circumstances partly or totally outside the control of Caspian, including oil
prices, imprecision of reserve estimates, drilling risks, future production of
gas and oil, rates of inflation, changes in future costs and expenses related to
the activities involving the exploration, development, production and
transportation of oil, hedging, financing availability and other risks related
to financial activities, and environmental and geopolitical risks. Further
information which may cause results to differ materially from those projected in
the forward looking statements is contained in the Caspian's filings with
Canadian securities regulatory authorities. Caspian disclaims any intention or
obligation to update or revise forward looking information, whether as a result
of new information, future events or otherwise, except in accordance with
applicable securities laws.


Not for distribution to United States newswire services or for dissemination in
the United States. The securities referred to herein have not been registered
under the U.S. Securities Act of 1933 and may not be offered or soled in the
United States or to a U.S. person absent registration or an applicable exemption
from registration.


The information in this release has been reviewed by Kenneth Hopkins, AAPG, who
is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil
and Gas Companies. Mr. Hopkins is Director of Exploration for Aral and a
consultant for Caspian Energy Inc., is a certified professional geologist and
has over 25 years experience in oil and gas exploration and production.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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