Condor Petroleum Inc.
TSX : CPI

Condor Petroleum Inc.

September 03, 2013 09:15 ET

Condor Expands Zharkamys Territory by 43%

CALGARY, ALBERTA--(Marketwired - Sept. 3, 2013) -

Editors Note: There is one figure associated with this press release.

Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to announce that the Zharkamys West 1 Territory ("Zharkamys") has been expanded by 43% or 1,124 km2 (278,000 acres) to a total area of 3,734 km2 (923,000 acres). The Company is targeting additional Pre-Salt and Primary Basin exploration plays on the new acreage. Numerous prospective structures have already been identified and 3D seismic acquisition is planned to fully characterize the new acreage resource potential.

To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/condor0903.pdf

The Zharkamys expansion has been approved by the Ministry of Oil and Gas of the Republic of Kazakhstan and is expected to be added to the current exploration contract. The proposed minimum work program is an additional US$2.9 million. The Zharkamys expansion could substantially augment the Company's existing 1,515 MMboe Prospective Resources.

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 3,734 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 news release include, but are not limited to, the Primary Basin and Pre-Salt prospects, the addendum to the Zharkamys exploration contract for the territory expansion, the expected increase to the minimum work program and related financial and work obligations thereon. 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 addendum to the Zharkamys exploration contract will not approved or executed, risks that the expansion area will be reduced or changed, risks that the actual minimum work program will exceed the initially estimated amount, regulatory changes, the timing of regulatory approvals and the ability to obtain sufficient financing on reasonable terms. 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