Condor Petroleum Inc.
TSX : CPI

Condor Petroleum Inc.

March 26, 2014 19:00 ET

Condor Announces 2013 Year End Results

CALGARY, ALBERTA--(Marketwired - March 26, 2014) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to announce the release of its Consolidated Financial Statements for the year ended December 31, 2013, 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.

2013 highlights include:

  • The Company sold its 66% participating interest in, and certain indebtedness of, the Marsel property for US$88.0 million. The sale was completed January 28, 2014.
  • An oil discovery was made at the Kiyaktysai North East field, which is the first salt encapsulated structure drilled at Zharkamys. Both the discovery and appraisal wells encountered 40 degree API gravity oil.
  • The Company successfully extended the Zharkamys exploration period for an additional two year term until August 27, 2015.
  • The Zharkamys territory was expanded by 45% or 1,167 km2 to 3,777 km2 providing for two additional exploration areas to the east and to the south of the previous territory boundaries.
  • Production increased to an average of 291 bopd in 2013 compared to 166 bopd in 2012, due mainly to Shoba trial production during the year which lead to a 90% increase in revenues to $4.0 million in 2013 from $2.1 million in 2012.
  • Condor raised $15.0 million by issuing a senior unsecured note which allowed the Company to continue exploration and development activities at Zharkamys during the period until the Marsel Sale was completed. The Note was due and repaid upon completion of the Marsel Sale in February 2014.

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, results of the Company's discovery wells; results provided are not necessarily indicative of long term performance or ultimate recovery. 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.

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

Contact Information

  • Condor Petroleum Inc.
    Don Streu
    President and CEO
    403-201-9694