Condor Petroleum Inc.
TSX : CPI

Condor Petroleum Inc.

May 31, 2011 09:15 ET

Condor's Shoba-3 Appraisal Well Encounters a 48 Meter Hydrocarbon Column

CALGARY, ALBERTA--(Marketwire - May 31, 2011) -Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is pleased to announce that its Shoba-3 appraisal well has reached a total depth of 943 meters and encountered a 48 meter continuous hydrocarbon column in the Triassic zone. Shoba-3 net pay is comprised of 18.4 meters of oil and 16 meters of gas in sandstone reservoirs. 46.5 meters of core was also recovered to assist with additional reservoir characterization. The Shoba-3 well is located on the 2,610 sq. km Zharkamys West 1 contract territory (the "Zharkamys Territory"), situated in Kazakhstan's Pre-Caspian basin.

The Shoba-3 well further appraised the Shoba structure, offsetting the successful Shoba-1 and Shoba-2 wells. Based on pressure and well log data, all three wells have a common gas-oil and oil-water contacts. Shoba-3 is expected to be completed once regulatory approvals are obtained.

The drilling rig used for the Shoba-3 well is now mobilizing to Kiyaktysay North-3, a separate structure approximately 17 km south east of the Shoba field.

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 the drilling results of the Shoba-1, Shoba-2 and Shoba-3 wells, the timing of planned well testing and drilling operations, the timing and ability of the Corporation to mature future drill targets and prospects and the acquisition of regulatory approvals. 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