Condor Petroleum Inc.
TSX : CPI

Condor Petroleum Inc.

May 04, 2011 08:30 ET

Condor Signs Contract to Acquire Additional 3D Seismic Following Success of Shoba Discoveries in Kazakhstan

CALGARY, ALBERTA--(Marketwire - May 4, 2011) -Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is pleased to announce that it has signed a contract to acquire an additional 1,280 sq km of high fold, high resolution 3D seismic on the south-eastern portion of the Zharkamys West 1 Territory in Kazakhstan. Condor expects that field acquisition will begin in June 2011 and be completed by October 2011.

The new 3D seismic program will be merged with the existing 1,252 sq km 3D program shot in late 2010. When combined, these seismic programs will represent 87% coverage of the Zharkamys West 1 Territory. The new 3D seismic program, which will focus on the south-eastern portion of the Zharkamys West 1 Territory, is intended to expand upon the 2010 3D data that led to Condor's recent Shoba discoveries.

Don Streu, Condor's President and CEO commented: "We continue to apply advanced technologies to increase discovery potential and lower the exploration risk in the company's growing prospect inventory. The decision to acquire the additional 3D seismic is based on the success of the previous 3D, both in terms of the Shoba discovery results and defining future drill locations. Condor is especially pleased with the newly proven ability of our 3D seismic data to image under the salt canopies, which will provide the company the opportunity to pursue deeper exploration targets in 2011".

A map outlining the 3D seismic programs for the Zharkamys West 1 Territory is available on Condor's website at www.condorpetroleum.com.

About Condor Petroleum Inc.

Condor is a junior oil and natural gas corporation engaged in the exploration for, and the acquisition, development and production of oil and natural gas resources in Kazakhstan and Canada.

Forward‐Looking Statements

This news release contains forward‐looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Condor. Forward-looking information in this news release includes, but is not limited to, information concerning Condor's acquisition of 3D seismic data and its proposed use thereof, Condor's field acquisition plans and the timing associated therewith and Condor's expectations regarding future drill targets and prospects Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward‐looking statements are made as of the date of this release and, other than as required by applicable securities laws, Condor does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

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
    www.condorpetroleum.com