CTE Centric Energy Corp.

Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE:CTE)
announces that the Company and Tullow Oil PLC ("Tullow") (LSE:TLW) have executed
the definitive farm-in and joint operating agreements whereby Tullow will
farm-in to a 50 per cent participating interest in Centric Energy's 100 per cent
owned Production Sharing Contract covering Block 10BA in north-western Kenya
(the "PSC"). The closing of the farm-in is conditional upon the approval of the
Kenyan Government and satisfaction of conditions precedent which are expected to
be completed within 30 days.


Pursuant to the agreements, Tullow will earn a 50 percent participating interest
in the PSC and will assume operatorship in return for:




--  reimbursing 50 per cent of Centric Energy's acquisition costs for the
    PSC which total approximately US$750,000;
--  paying 80 per cent of the first US$30 million of expenditures under the
    PSC; and
--  assuming 80 per cent of the bank guarantees and parent company
    guarantees during the period in which it is paying 80 per cent of the
    expenditures under the PSC.



"Centric Energy is very pleased to have the opportunity to work with Tullow Oil
on the exploration of Block 10BA," said Alec Robinson, President & CEO of
Centric Energy. "Tullow's success and expertise in a similar geological setting
in Uganda will ensure that Block 10BA is explored using the most modern
exploration technology and in accordance with recognized international
environmental standards and principles. Centric Energy intends to participate
fully with Tullow in the exploration program."


In addition to the approval of the Kenyan Government, another condition
precedent to the closing of the farm-in is the resolution of a judicial review
application filed against Kenyan Ministry of Energy relating to certain
exploration permits granted by the Ministry, including the Company's PSC.


In the court proceedings, which were brought by Interstate Petroleum Ltd.
("IPL") against the Permanent Secretary, Ministry for Energy, IPL is seeking a
judicial review of the administrative process that led to the issuance of
exploration permits in respect of Block 10BA, among others, which resulted in
Centric Energy being a named party to the proceedings. A preliminary order,
granting IPL leave to seek orders against the Permanent Secretary, has been
granted and a hearing date has been set for October 27, 2010. Centric Energy has
been advised by its legal counsel in Kenya that the courts in Kenya regularly
grant this sort of preliminary order, also known as "granting leave", in
applications of this nature as there is no requirement to establish the merit of
the claim on the initial application.


The Ministry of Energy has advised the Company that it can carry on with its
work program and that its PSC remains in good standing.


Alec Robinson stated, "Centric Energy believes there is no basis for the claims
that IPL is making against the Permanent Secretary. We understand that both the
Permanent Secretary and the Ministry of Energy share our view in that regard.
Centric Energy will work closely with the Permanent Secretary, the Ministry of
Energy, the Attorney General's office and other interested parties to ensure
that our interest in the Block is safeguarded."


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"). Major volumes of hydrocarbons have been
discovered by Tullow Oil in the Albertine rift, currently estimated to be
approximately 950 million barrels recoverable as stated in the press release
issued by Tullow on July 28, 2010
(http://www.tullowoil.com/index.asp?pageid=137&newsid=672).


ON BEHALF OF CENTRIC ENERGY CORP.

Alec Robinson, President and Chief Executive Officer

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:

This press release includes "forward-looking statements" including forecasts,
estimates, expectations and objectives for the completion of the farm-out to
Tullow Oil PLC and exploration activities that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of
the Company. Statements regarding future exploration activities and capital
expenditures are subject to all of the risks and uncertainties normally incident
to the exploration for and development and production of oil and gas. These
risks include, but are not limited to, Centric's ability to procure the funding
necessary to pay for its exploration costs, lack of availability of goods and
services to complete exploration work, environmental risks associated with oil
and gas exploration, regulatory changes and satisfaction of all conditions
precedent under the agreement with Tullow Oil. Investors are cautioned that any
such statements are not guarantees of future performance and that actual results
or developments may differ materially from those projected in the
forward-looking statements. 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. The Company does not assume the obligation to update any
forward-looking statement except as required by applicable law.

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