CPI Condor Petroleum Inc

A correction from source is being issued with regards to the Condor Petroleum
Inc. release disseminated at 18:11 May 14th, 2014. The title of the release has
been corrected to reference the correct quarter. 


Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to
announce the release of its Unaudited Interim Consolidated Financial Statements
for the period ended March 31, 2014, together with the related Management's
Discussion and Analysis ("MD&A"). These documents will be made available under
Condor's profile on SEDAR at www.sedar.com and on the Condor website at
www.condorpetroleum.com. All financial amounts in this news release are
presented in Canadian dollars, unless otherwise stated.


Q1 2014 highlights include:



--  On January 28, 2014 the Company completed the sale of its 66%
    participating interest in, and certain indebtedness of, the Marsel
    property for US$88.0 million. 
--  First quarter net income was $30.4 million, $0.09 per share, as a result
    of the $34.5 million gain recognized on the completion of the Marsel
    Sale. 
--  March 31, 2014 working capital was $81.6 million, a portion of which the
    Company will use to fund its 2014 exploration and development program,
    including the drilling of: three exploration wells, targeting 66 mmboe
    of unrisked prospective resources; two horizontal development wells at
    Shoba; and one appraisal well of the Kiyaktysai North East discovery. 
--  Drilling equipment including a rig and supporting services are currently
    being contracted and drilling is planned to begin in June 2014. 
--  Production decreased to an average of 164 bopd in 2014 compared to 559
    bopd in 2013, due to Kazakhstan regulations limiting production during
    the exploration period. Production is expected to increase in 2014 when
    the Taskuduk West field is brought onto commercial production and the
    two Shoba development wells are brought onto trial production.



Condor is a Canadian oil and gas company with a 100% interest in-the exploration
rights to the 3,777 square kilometer Zharkamys West 1 Territory located in
Kazakhstan's Pre Caspian basin. The Company is listed on the TSX under the
symbol "CPI".


Advisory on 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: information concerning the
commencement and timing of planned drilling operations; the timing and ability
to execute contracts with drilling equipment suppliers and providers; results
provided are not necessarily indicative of long term performance or ultimate
recovery; projections with respect to crude oil production; and the timing and
ability to obtain various approvals and permits including production contracts.
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.
Condor's operations are also subject to certain other risks and uncertainties
inherent with oil and gas operations and additional information on these and
other factors that could affect Condor's operations and financial results. 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,
2013 which may be accessed through the SEDAR website (www.sedar.com). 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.


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).


The TSX does not accept responsibility for the adequacy or accuracy of this news
release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Condor Petroleum Inc.
Don Streu
President and CEO
403-201-9694


Condor Petroleum Inc.
Sandy Quilty
Vice President of Finance and CFO
403-201-9694

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