CPI Condor Petroleum Inc

Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to
announce the receipt of Kazakhstan Antimonopoly Agency approval for the sale of
Condor's 66% interest in the Marsel Territory for US$88 million (the "Marsel
Transaction"). All conditions for completion have now been satisfied and the
Marsel Transaction is expected to close by the end of January, 2014.


The Company plans to use a portion of the Marsel Transaction proceeds for
exploration, appraisal and development activities at the Zharkamys West 1
Territory during 2014. Expected activities include drilling three development
wells and the construction of production facilities at Shoba, drilling three
shallow exploration wells, each less than 2,000 meters in depth and targeting a
total of 20 mmbbls of Prospective Resources, drilling a deeper primary basin
well to a depth of 4,600 meters and targeting 50 mmboe Prospective Resources,
and continued appraisal of the KN-E discovery. The expected cost of these
activities is $34 million.


About Condor Petroleum Inc.

Condor is a Canadian oil and gas company with assets in Kazakhstan. Condor holds
a 100% interest in the exploration rights to the 3,777 km2 Zharkamys West 1
Territory, located in Kazakhstan's Pre-Caspian basin and a 66% interest in
Marsel Petroleum LLP which has the exploration rights to the 18,500 km2 Marsel
Territory, located in Kazakhstan's Chu-Sarysu basin. The Company is listed on
the TSX under the symbol "CPI".


Resource advisory

This news release includes information pertaining to internal Condor generated
estimates of Company resources effective February 8, 2013, which were prepared
by a qualified reserves evaluator in accordance with National Instrument 51-101.


Statements relating to resources are deemed to be forward looking statements, as
they involve the implied assessment, based on certain estimates and assumptions,
that the resources described exist in the quantities predicted or estimated. The
resource estimates of Condor's properties described herein are estimates only.
The actual resources may be greater or less than those calculated. Estimates
with respect to resources that may be developed and produced in the future are
often based upon volumetric calculations, probabilistic methods and analogy to
similar types of resources, rather than upon actual production history.
Estimates based on these methods generally are less reliable than those based on
actual production history. Subsequent evaluation of the same resources based
upon production history will result in variations, which may be material, in the
estimated resources.


Prospective Resources disclosed herein are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects. Prospective
Resources have both an associated chance of discovery (geological chance of
success) and a chance of development (economic, regulatory, market and facility,
corporate commitment or political risks). The chance of commerciality is the
product of these two risk components. These estimates have not been risked for
either chance of discovery or chance of development. There is no certainty that
any portion of the Prospective Resources will be discovered and, if discovered,
there is no certainty that it will be developed or, if it is developed, there is
no certainty as to either the timing of such development or whether it will be
commercially viable to produce any portion of the resources. Unless otherwise
stated, any reference to Prospective Resources refers to Gross, Mean
Recoverable, Prospective Resources (Unrisked).


Forward-Looking Statements

All statements other than statements of historical fact may be forward-looking
statements. Such statements are generally identifiable by the terminology used,
such as "seek", "anticipate", "believe", "intend", "expect", "plan", "estimate",
"continue", "project", "predict", "budget", "outlook", "may", "will", "should",
"could", "would" or other similar wording. Forward-looking statements in this
press release include, but are not limited to the anticipated completion of and
the expected timing for closing of the Marsel Transaction; the expectations,
timing and commencement of the exploration, appraisal and development
activities; expected costs and the flexibility of exploration, appraisal, and
development plans. Forward-looking statements involve the use of certain
assumptions that may not materialize or that may not be accurate and are subject
to known and unknown risks and uncertainties and other factors, which may cause
actual results or events to differ materially from those expressed or implied by
such information. Such factors and assumptions include, among other things,
risks that the Marsel Transaction will not be completed in a timely fashion.
Condor's operations are also subject to certain other risks and uncertainties
including, the effects of weather and climate conditions, fluctuation in
interest rates and foreign currency exchange rates, the availability of
suppliers and their ability to meet commitments, risks inherent with oil and gas
operations, both domestic and international. These factors are discussed in
greater detail under Risk Factors - Risks Relating to the Company in Condor's
Annual Information Form for the year-ended December 31, 2012. The Company
believes that the expectations reflected in these forward-looking statements are
reasonable, but no assurance can be given that these expectations will prove to
be correct and such forward-looking statements should not be unduly relied upon.
The Company does not undertake any obligation to update or to revise any of the
forward looking information, except as required by applicable law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Condor Petroleum Inc.
Don Streu
President & Chief Executive Officer
(403) 201-9694


Condor Petroleum Inc.
Sandy Quilty
Vice President, Finance & Chief Financial Officer
(403) 201-9694

Condor Petroleum (TSX:CPI)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Condor Petroleum (TSX:CPI)
Historical Stock Chart
Von Jun 2023 bis Jun 2024