CR Crew Energy Inc

Crew Energy Inc. ("Crew" or the "Company") (TSX:CR) is pleased to announce the
successful completion of the acquisition by Crew of all of the outstanding
shares of Caltex Energy Inc. ("Caltex") pursuant to the previously announced
plan of arrangement (the "Arrangement"). 


Pursuant to the Arrangement effective July 1, 2011, the previous holders of the
shares of Caltex received, in the aggregate, approximately 33.6 million common
shares of Crew. After giving effect to the Arrangement, Crew has approximately
119.6 million common shares outstanding. 


At closing Crew's current production is approximately 27,000 boe per day based
on field estimates. The Company confirms its previously stated 2011 guidance of
23,000 to 24,000 boe per day and a 2011 exit rate of between 32,500 and 34,500
boe per day. Crew plans to drill a total of 172 wells in 2011 with an
exploration and development capital budget of $330 million. The Company
estimates net combined debt at closing of the Arrangement of approximately $225
million and is pleased to announce the increase of its bank facility to $400
million. 


Crew is also pleased to announce the addition of Mr. Rob Morgan to its executive
team as Senior Vice President and Chief Operating Officer. Mr. Morgan is a
professional engineer with over 25 years of technical, operations and management
experience in the oil and gas industry. Most recently he held the position of
Chief Operating Officer of a senior upstream oil and gas producer with
downstream refining operations. Prior to that Mr. Morgan held executive and
management positions at various upstream oil and gas companies with exposure to
heavy oil, light oil and liquids rich natural gas operations. Mr. Morgan
graduated from the University of Saskatchewan in 1985 with a BSc in Chemical
Engineering.


Advisory Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking information or
statements. More particularly and without limitation, this press release
contains forward looking statements and information concerning production
estimates, forecast 2011 production guidance, number of wells anticipated to be
drilled in 2011, 2011 capital expenditures and estimated combined net debt at
closing of the Arrangement. The forward-looking statements and information are
based on certain key expectations and assumptions made by Crew, including
expectations and assumptions concerning prevailing commodity prices and exchange
rates, applicable royalty rates and tax laws; future well production rates and
reserve volumes; the performance of existing wells; the success obtained in
drilling new wells; and the sufficiency of budgeted capital expenditures in
carrying out planned activities; and the availability and cost of labour and
services. Although Crew believes that the expectations and assumptions on which
such forward-looking statements and information are based are reasonable, undue
reliance should not be placed on the forward looking statements and information
because Crew can give no assurance that they will prove to be correct. Since
forward-looking statements and information address future events and conditions,
by their very nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, the risks
associated with the oil and gas industry in general such as operational risks in
development, exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the uncertainty
of reserve estimates; the uncertainty of estimates and projections relating to
reserves, production, costs and expenses; health, safety and environmental
risks; commodity price and exchange rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition; incorrect
assessment of the value of acquisitions; failure to realize the anticipated
benefits of acquisitions; ability to access sufficient capital from internal and
external sources; failure to obtain required regulatory and other approvals; and
changes in legislation, including but not limited to tax laws, royalties and
environmental regulations. 


Readers should not place undue reliance on the forward-looking statements and
information contained in this press release. Readers are cautioned that the
foregoing list of factors is not exhaustive. Additional information on these and
other factors that could affect Crew's operations or financial results are
included in reports on file with applicable securities regulatory authorities
and may be accessed through the SEDAR website (www.sedar.com), or Crew's website
(www.crewenergy.com). 


The forward-looking statements and information contained in this press release
are made as of the date hereof and Crew undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws. 


Disclosure provided herein in respect of barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1
Bbl is based on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead.

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