CTE Centric Energy Corp.

Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE: CTE) announces that it has entered into a binding letter agreement whereby Tullow Oil PLC ("Tullow") (LSE: TLW) has agreed to farm-in to a 50 percent participating interest in Centric Energy's 100 percent owned Production Sharing Contract covering Block 10BA in north-western Kenya (the "PSC"). The closing of the farm-in is conditional upon completion of due diligence, the negotiation and settlement of definitive farm-in and joint operating agreements and the approval of the Kenyan Government and the TSX Venture Exchange.

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

--  Reimbursing 50 percent of Centric Energy's acquisition costs for the PSC
    which total approximately $750,000.
--  Paying 80 percent of the first US$30 million of expenditures under the
    PSC.
--  Assuming 80 percent of the bank guarantees and parent company guarantees
    during the period in which it is paying 80 percent 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."

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).

An independent assessment of the prospective resources of Block 10BA has been completed by Gustavson & Associates under a Resources Evaluation Report prepared in accordance with National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities. This report calculates prospective resources (defined below) for 25 prospects in the Block. The total of the prospective resources ranges from a low case (P90) of 955 million BOEs(i) up to a high case (P10) of 4,379 million BOEs(i), with a best estimate (P50) of 2,188 million BOEs(i). The January 1, 2010, report entitled "Resource Evaluation Report, Centric Energy Corporation, Kenya Block 10BA" is filed on SEDAR under the Company's profile. 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 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.

Block 10BA is relatively under-explored, with the most recent seismic data acquired in 1991. It covers 16,205 square kilometers (over 4,000,000 acres) in a part of the Rift System that includes portions of several Tertiary-age rift sub-basins, including the Kerio and Turkana basins and the northern part of the Lodwar basin. The Loperot-1 well was drilled by Shell Exploration (Kenya) in 1992 in the southern part of the Lodwar basin, 75 km to the south of Block 10BA, and encountered oil shows and mature source rocks, demonstrating the presence of a petroleum system (source: Kenya National Oil Corporation).

Further exploration opportunities and upside potential are provided by the Cretaceous-age Anza Graben, which underlies the northern part of Block 10BA. Ongoing studies of old, existing seismic data by Centric Energy show the presence of a very thick sedimentary section in this area, presumed to be of Tertiary and Cretaceous age. The acquisition of new seismic data will considerably improve the understanding of the hydrocarbon potential of this area, in addition to the remainder of the Block.

ON BEHALF OF CENTRIC ENERGY CORP.

Alec Robinson, President and Chief Executive Officer

(i) 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:

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.

Neither the TSX Venture Exchange nor Its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contacts: Centric Energy Corp. Alec E. Robinson Toll Free: +1 (800) 962-7189 or +44 207 222 8512 www.centricenergy.com