Pluris Energy Provides Cerro Negro Concession Overview

Pluris Energy Group Inc. (OTCBB: PEYG) ("Pluris Energy" or the "Company") is pleased to provide its shareholders with a detailed overview of the Cerro Negro concession following the Company's announcement on July 9, 2008 regarding its wholly owned subsidiary, Pluris Sarmiento Petroleo SA executing the definitive purchase and sale agreement with Clear SRL of Comodoro, Rivadavia, Argentina pursuant to the Company's acquisition of a 75% operated interest in the Cerro Negro concession, Chubut Province, Argentina.

Located approximately 120 kilometers from Comodoro Rivadavia, the Cerro Negro concession comprises a total of 45,982 acres (186,000 square kilometers) of oil and natural gas exploitation areas containing two key producing fields: the Cerro Negro Field and the El Lago Field. The Cerro Negro concession is located in the prolific San Jorge basin in southern Argentina, adjacent to fields which have been highly productive for many decades. Original exploration wells on the concession were drilled by YPF in 1956 and 1966, with the first discovery wells drilled and completed in 1986. Currently, a total of 10 wells are producing an average of approximately 160 barrels of oil per day, a function of limited and dated geologic analysis and under-development of the concession. Advantageously located with respect to existing production from geologic structures that extend on to the Cerro Negro concession and combined with Pluris Energy's recent state-of-the-art three-dimensional (3D) analysis and interpretation have led to the identification of an outstanding opportunity set for extensive long-term field development which is anticipated to be realized through management's commitment to an aggressive exploitation program throughout the Cerro Negro concession targeted for commencement in the fourth quarter of 2008.

The Cerro Negro concession, which is adjacent to and immediately north of the 100,000 barrel per day Cerro Dragon property operated by Pan American Energy, consists of significant exploitation potential over a broad area of the concession in the Lower Bajo Barreal formation, the structure of which is an extension of the northern plunge of the producing horizon in the Anticlinal Grande Norte Field at Cerro Dragon. Management of the Company believes that the reservoirs in the field can be typical of other fields in the San Jorge basin, with productivity increasing in a manner substantially proportional to the number of wells drilled. This is the case with neighboring Cerro Dragon, a mature field which is one of the most productive in Argentina due to massive drilling and favorable reservoir conditions resulting in an extensive long-term development platform that provides significant ongoing daily oil production.

Development potential has been delineated on the Cerro Negro concession through two and three dimensional seismic data, which the Company has undertaken extensive analysis of in conjunction with analysis of well control data from the concession and surrounding producing fields and through third party engineering analysis of the overall concession potential. Three dimensional seismic data, which currently covers approximately 2/3 of the overall concession area delineates numerous discrete fault-bounded structures and potential stratigraphic trapping mechanisms. From its detailed geologic, geophysical and engineering analysis the Company has determined that a total of greater than 250 new well locations are available to be drilled and completed on the Cerro Negro field in a series of development phases that can be undertaken over a number of years.

New well drills on the Cerro Negro field are planned by the Company as operator in three phases to exploit oil reserves of which the Company estimates to be 8.4 million barrels of oil equivalent in the P1 category, and an additional 10.0 million barrels of oil equivalent and 9.3 million barrels of oil equivalent in the P2 and P3 categories, respectively. The El Lago field produces oil from one discovery well which commenced production in 2004. Management of the company believes that extensive P2 and P3 development reserve potential exists on the El Lago field and surrounding areas, currently estimated by the Company to be approximately 3.9 million barrels of oil equivalent, which can potentially be exploited through drilling approximately over 40 new well locations. Gaffney Cline & Associates from Houston, Texas, were retained by the Company, whereby a reserves certification was provided to the Company based upon its submitted capital expenditure program for the Cerro Negro development program.

Due to the vast size and attractive geologic attributes of the concession, significant exploration and development potential exists in seven additional identified structures as well as the upside of having other potential reservoir targets. Other exploration opportunities exist throughout the remaining 1/3 of the concession that have yet to be determined through 3D seismic data gathering or engineering analysis. As development of the known reserve areas of the concession are undertaken by the Company as described, the Company intends to evaluate all exploration potential over other unexplored and/or under-explored areas of the concession and primarily, in deeper geologic formations which have recently been proven in fields adjacent to the Cerro Negro concession to possess substantial deep oil reserves and daily production.