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Press release from Marketwire

C&C Energia Ltd. Announces Exercise of Over-Allotment Option

Monday, June 21, 2010

C&C Energia Ltd. Announces Exercise of Over-Allotment Option08:45 EDT Monday, June 21, 2010CALGARY, ALBERTA--(Marketwire - June 21, 2010) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.C&C Energia Ltd. ("C&C Energia" or the "Corporation") (TSX:CZE), announces that the underwriters of its recent initial public offering and secondary offering by C&C Investment Holdings LLC (the "Selling Shareholder"), an affiliate of Denham Commodity Partners Fund IV LP, have provided notice of the exercise in full of the over-allotment option to purchase an additional 1,764,706 common shares from the Selling Shareholder at a price of Cdn$8.50 per share. The sale of the additional shares will result in the Selling Shareholder's shareholding in the Corporation being reduced from approximately 34.2% to approximately 30.9% of the issued and outstanding common shares (28.4% on a fully diluted basis). The Corporation will not receive any proceeds from the sale of the additional shares under the over-allotment option. The closing of the over-allotment option exercise is expected to occur on or before June 24, 2010.The Corporation, through its subsidiaries, is engaged in the exploration for, and the acquisition, development and production of, oil resources in Colombia. Its strategy is to develop producing oil assets by appraising and developing existing discoveries and exploring in areas assessed by management to be of low to moderate risk. The Corporation's public filings are available on the SEDAR website at securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTSThis press release contains forward-looking information (within the meaning of applicable Canadian securities laws) that involves known and unknown risks and uncertainties. Forward-looking information in this press release includes, but is not limited to, information concerning the expectations of the Corporation regarding the expected completion of the sale of shares by the Selling Shareholder pursuant to the exercise of the over-allotment option described herein. These statements are based on management's expectations regarding the process to complete the sale. Should one or more of the assumptions underlying the forward-looking information prove incorrect, actual events could differ materially from those expressed or implied by the forward-looking information. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances.FOR FURTHER INFORMATION PLEASE CONTACT: C&C Energia Ltd. Richard A. Walls President and Chief Executive Officer 403-262-6046 or C&C Energia Ltd. Ken Hillier Chief Financial Officer 403-262-6046