Condor and Marsa Announce Shareholder Approval of Plan of Arrangement

CALGARY, AB--(Marketwired - February 24, 2016) - Condor Petroleum Inc. (TSX: CPI) (Condor) and Marsa Energy Inc. (TSX VENTURE: MEP) (Marsa) are pleased to announce that our respective shareholders have approved all matters related to the proposed combination of Condor and Marsa previously announced on January 7, 2016 and detailed in our joint management information circular and proxy statement dated January 22, 2016 (Joint Circular). 

The plan of arrangement (the Arrangement) is expected to be completed upon satisfaction or waiver of all of the conditions to the Arrangement set out in the arrangement agreement entered into by Condor and Marsa on January 7, 2016, including approval by the Court of Queen's Bench of Alberta at a hearing scheduled for February 25, 2016, certain regulatory approvals and respective stock exchange approvals. Pursuant to the Arrangement, Condor will acquire all of the outstanding common shares of Marsa through the issuance of 1.84326 Condor common shares in exchange for each Marsa common share.

Full details regarding the terms of the Arrangement are set out in the Joint Circular which is available on SEDAR at www.sedar.com.

About Condor:
Condor is a Canadian based 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. Condor is listed on the TSX under the symbol "CPI".

About Marsa:
Marsa is an international energy company engaged in the acquisition, exploration, development and production of oil and natural gas and has a 100% working interest in four contiguous production licenses covering approximately 171 square kilometers located on the Gallipoli Peninsula in the Republic of Turkey. Marsa is headquartered in Calgary, Alberta, Canada and is publicly traded on the TSX Venture under the symbol "MEP".

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 news release includes but is not limited to ability and timing of closing of the Arrangement, satisfying the various conditions, obtaining the required approvals and completing the acquisition of Marsa by Condor. In respect of the forward-looking statements and information set out in this press release, Condor and Marsa have provided such in reliance on certain assumptions that they believe are reasonable at this time, including the ability of the parties to receive, in a timely manner, the necessary regulatory, court, stock exchange and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement. The anticipated date provided may change for a number of reasons, including the inability to secure necessary regulatory, court, stock exchange or other third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Arrangement. 

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 and Marsa 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 respective operations and financial results. These factors are discussed in greater detail in each respective Condor and Marsa Annual Information Form which may be accessed through each company's profile on the SEDAR website (www.sedar.com). Condor and Marsa believe 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. Condor and Marsa do not undertake any obligation to update or to revise any of the forward looking information, except as required by applicable law.

The TSX, TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this news release.