Condor Petroleum Inc.
TSX : CPI

Condor Petroleum Inc.

August 09, 2011 19:14 ET

Condor's Eibety-1 Exploration Well Encounters 8 meters of Net Oil Pay

CALGARY, ALBERTA--(Marketwire - Aug. 9, 2011) - Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is pleased to announce that its Eibety-1 exploration well has reached a total depth of 1,000 meters and has encountered 8 meters of net oil pay in the Triassic zone. The Eibety-1 well is located on the 2,610 km2 Zharkamys West 1 territory ("Zharkamys"), situated in Kazakhstan's Pre-Caspian basin.

Production casing has been run into the Eibety-1 well and is scheduled to be flow-tested once regulatory approvals are obtained. The drilling rig is moving to the next well, Eibety-5, a separate structure located 2 km northeast of Eibety-1.

Don Streu, President and CEO, commented: "We are very excited with the exploration and appraisal results at Zharkamys. Three of the six wells drilled in 2011 have tested at commercial rates, with the fourth well (Eibety-1) awaiting testing. Five of the shallow post-salt Triassic 'horn plays' have now been explored and three of these have been oil discoveries. The success of the drilling program in these shallow plays confirms there is an active oil system across Zharkamys, which will help to mitigate the exploration risk for our deeper sub-salt prospects."

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. Condor (through its wholly-owned subsidiary, Falcon Oil & Gas Ltd. LLP) holds a 100% interest in the oil and natural gas exploration rights to the Zharkamys territory. For further information see Condor's (final) prospectus, dated March 31, 2011, a copy of which is available under Condor's SEDAR profile at www.sedar.com.

Forward‐Looking Statements

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate'', "believe'', "intend", "expect", "plan", "estimate", "budget'', "outlook'', "may", "will", "should", "could", "would" or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning drilling results, the timing of planned well testing and drilling operations, the Corporation's receipt of regulatory approvals and the timing and ability of the Corporation to mature future drill targets and prospects. By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors and assumptions include, but are not limited to: the results of exploration and development drilling and related activities; imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas; general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil and natural gas prices; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Condor. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities.

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this news release is made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. 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