SALT LAKE CITY, Sept. 23 /PRNewswire-FirstCall/ -- Caspian Services, Inc. (OTC:CSSV) (BULLETIN BOARD: CSSV) announced today that its wholly-owned subsidiary, Caspian Services Group (Caspian Services), has signed a contract with Caspi Meruerty Operating Company B.V. (CMOC) to provide 3D seismic data acquisition services in the Caspian Sea to CMOC, a joint venture operating company owned by JSC Offshore Oil Company KazMunayTeniz, Shell EP Offshore Ventures Ltd., and Oman Pearls Company Ltd. Under the terms of the contract, the seismic acquisition program began in August 2008 and is scheduled for completion in the fall of 2009. As part of the agreement, the Company will be subcontracting part of the work to Veritas Caspian LLP, the 50/50 joint venture between CGGVeritas and Kazmorgeophysica, a subsidiary company of Caspian Services Inc. CMOC is the operator of the Pearls contract area which encompasses an area of 895 square kilometers in the Kazakhstan sector of the Caspian Sea. Laird Garrard, CEO of Caspian Services Inc. noted, "Being awarded this contract is further recognition of our ability and expertise in providing technical data collection services in addition to the a wide range of offshore oil field services we provide to field operators working in the Caspian Sea." Caspian Services, Inc. is an oilfield service company operating in both onshore and offshore areas of the Caspian Sea region of western Kazakhstan. The Caspian Services, Inc. provides geophysical and seismic data acquisition services, maintains a fleet of vessels for commission to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and is building a marine base facility in the Port of Bautino. The Company maintains corporate offices in Almaty, Kazakhstan, Aktau, Kazakhstan and Salt Lake City, Utah For Further Information Please Contact: Terrance J. Powell Vice President, Investor Relations 29/6 Satpaev Street 9th Floor, Hyatt Regency Hotel Almaty, 050040 Republic of Kazakhstan Tel - 7 727 250 8478 / Fax - 7 727 250 8479 Email - The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as the implementation of business plans, contract performance, sufficiency of funds and other risks described in the Company's periodic reports on file with the Securities and Exchange Commission. DATASOURCE: Caspian Services, Inc. CONTACT: Terrance J. Powell, Vice President, Investor Relations of Caspian Services, Inc., 7 727 250 8478, fax, 7 727 250 8479,

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