Centric Energy-Activities Update

LONDON, ENGLAND--(Marketwire - Oct. 7, 2008) - Centric Energy Corp. (TSX VENTURE:CTE) is pleased to provide an update of its activities.

- Five projects in sub-Saharan west Africa in the process of application for licenses in 2008.

- Significant cost reductions to preserve capital.

- Addition of senior oil industry talent to the Board.

Centric Energy is working on developing a broad portfolio of exploration and production opportunities focusing primarily on sub-Saharan west Africa. In addition, Management has reduced costs by eliminating less-essential activities; and has made changes to the Board in order to introduce more petroleum experience.

Exploration New Ventures

Centric is working with local and international partners to build long-term alliances which will strengthen its competitive edge in its areas of interest. Centric and its partners have submitted license applications for five exploration areas in three countries in sub-Saharan west Africa and in each case are working closely with the licensing authorities to bring the applications to a prompt and satisfactory conclusion. These applications are in various stages of being processed and all of them are hoped to be completed during 2008. In most cases, the areas applied for are either contiguous with, or in the same geological basin as, existing hydrocarbon discoveries or production. Management is optimistic that the applications will be approved but recognizes that given the highly-competitive nature of the upstream oil industry there is no guarantee that they will be successful. More information will be released as each approval is obtained.

As this process moves to completion, Centric Energy is intensifying its focus on the search for appropriate near-production opportunities in order to strengthen that part of its portfolio and provide the opportunity for nearer-term cash flow.

Board Changes

As previously announced in July, Mr. Mike Harrison was elected to the Board. Mike has a Petroleum Engineering degree from Mississippi State University and 29 years' experience in the upstream oil industry. He is co-founder and CEO of TransAtlantic Energy Solutions based in Houston, Texas, which provides consultancy services on four continents including a strong focus in west Africa. Previously he worked with Amoco Corporation for 20 years including assignments in Argentina and Colombia, where he was responsible for implementation and commissioning of a $300 million capital project. Mike's industry expertise, Africa experience and business skills will be a tremendous asset for Centric Energy.

Cost Control

Corporate consulting and advisory fees and overhead costs have been reduced by C$720,000 per annum which is a 30 percent reduction in total overhead costs allowing the Company to redirect necessary funds to the acquisition of strategic opportunities. Management is focused strongly on conserving funds while capturing new opportunities.

Mali - Activity Update

Earlier this year, Centric Energy farmed-out a 75 percent interest in its Blocks 7 & 11 in Mali, west Africa, to Heritage Oil Limited (LON:HOIL). Centric retained a 25 percent interest and is carried through the acquisition of 2D seismic in both blocks and the drilling of one exploratory well to a depth of at least 2000 metres at a minimum cost of almost US$14 million. Heritage is intending to participate with other oil companies that operate in Mali to acquire the seismic data as part of a series of seismic surveys planned to commence this forthcoming winter period, and is in discussion with the Mali Government, seismic contractors and these other oil companies regarding the coordination of seismic activities to enhance operational efficiency.

The two license areas total almost 73,000 square kilometers (18 million acres) and are located in the Mesozoic-age Gao graben, part of the west African rift system. Hydrocarbon discoveries have been made in many Mesozoic grabens in central and west Africa; in contrast, the Gao graben is almost unexplored, with only 600 km of 2D seismic and one well drilled in 1976. The seismic data, acquired in 1974, demonstrate the presence of a thick, prospective, sedimentary section. The detailed aeromagnetic data flown by Centric Energy in 2006 demonstrate the extent of the graben system and the areas of focus for the next seismic acquisition.

Alec Robinson, President & CEO, says: "Since exiting from our Russian project, the Management and Board of Centric Energy have been strongly focused on growing the company in sub-Saharan west Africa by acquiring new opportunities while reducing costs. The licenses we are currently applying for are exciting opportunities with the potential to provide diversity in a variety of geological provinces and several different countries. All of them are in areas that have proven hydrocarbons. Although we are not guaranteed success, we expect the application and approval processes to be completed by year-end. We are now increasingly focusing on near-production opportunities."

Centric Energy Corp. is engaged in the acquisition, exploration and development of oil and gas in sub-Saharan Africa and selected international locations. Centric's principal property is located in Mali, West Africa in concert with Heritage Oil Corporation (LON:HOIL). Centric's common stock trades on the TSX Venture Exchange under the symbol CTE. For more information please visit our website at www.centricenergy.com.

ON BEHALF OF CENTRIC ENERGY CORP.

Alec E. Robinson, President and CEO

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:

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Centric's periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Centric Energy Corp. does not assume the obligation to update any forward-looking statement except as required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.