Computer Modelling Group Declares Quarterly and Special Dividends

May 22, 2008 3:52 PM EDT

CALGARY, ALBERTA--(Marketwire - May 22, 2008) - Computer Modelling Group Ltd. ("CMG") (TSX: CMG) today declared a quarterly dividend of twenty cents ($0.20) per share on CMG's Common and Non-Voting Shares. In addition, as a result of the exceptional financial performance that the company achieved in its fiscal year ended March 31, 2008, CMG has also declared a special dividend of twenty-five cents ($0.25) per share, on CMG's Common and Non-Voting shares. The combined quarterly and special dividends of forty-five cents ($0.45) per share will be paid on June 13, 2008 to shareholders of record at the close of business on June 5, 2008.

Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. The Company, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Caracas and Dubai. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and research centers in over 40 countries. The Company's shares are listed on the Toronto Stock Exchange under the trading symbol "CMG".

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares and Non-Voting Shares in the capital of Computer Modelling Group Ltd. will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

Forward Looking Statements: The reader should be aware that historical results are not necessarily indicative of future performance. Certain statements in this press release may constitute forward-looking statements, which can generally be identified as such because of the context of the statements including words such as the Company believes, anticipates, expects, plans, estimates or words of a similar nature. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Computer Modelling Group Ltd.
        Kenneth M. Dedeluk
        President & CEO
        (403) 531-1300
        Email: ken.dedeluk@cmgl.ca

        Computer Modelling Group Ltd.
        Janet M. Taylor
        Vice President Finance & CFO
        (403) 531-1300
        Email: janet.taylor@cmgl.ca
        Website: www.cmgl.ca

Source: Computer Modelling Group Ltd.

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