Condor Petroleum Inc.

TSX : CPI


Condor Petroleum Inc.

December 30, 2013 09:00 ET

Condor Announces MOG Approval for the Sale of Marsel

CALGARY, ALBERTA--(Marketwired - Dec. 30, 2013) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to announce that the Ministry of Oil and Gas of the Republic of Kazakhstan ("MOG") has waived their pre-emptive right and approved the transaction previously announced for Condor to sell it's 66% interest in the Marsel Territory for US$88.0 million ("Marsel Transaction"). The MOG waiver and consent was the final condition to be fulfilled by Condor. The final condition for the Marsel Transaction to be completed is the buyer's obligation to obtain Kazakhstan Antimonopoly approval, which is expected in January, 2014.

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".

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. 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 Antimonopoly approval will not be satisfied in a timely fashion, regulatory changes, the timing of regulatory approvals. 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.

Contact Information

  • 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