Confidence Petroleum - Outcome Of Board Meeting

Confidence Petroleum India Ltd has informed that the Board of Directors of the Company at its meeting held on October 30, 2007, inter alia, has decided to create a subsidiary namely Confidence Technologies Ltd. [65% of share capital to be owned by the Company]. The main object to be pursued by the said subsidiary is manufacturing and distribution of Auto Meter Reading Equipments for piped gas in India. The necessary tie-ups for technological support for the above mentioned activities are also being formed with an Israel based Company.