Condor Petroleum Inc.
TSX : CPI

Condor Petroleum Inc.

August 18, 2011 09:30 ET

Condor's Taskuduk West-3 Well Tests 300 Barrels Per Day of 35 Degree API Gravity Oil

CALGARY, ALBERTA--(Marketwire - Aug. 18, 2011) - Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is pleased to announce the successful flow test of the Taskuduk West-3 well. This well is located on the Zharkamys West 1 contract territory (the "Zharkamys Territory") in Kazakhstan's Pre-Caspian basin.

The Taskuduk West-3 well tested at a stabilized oil rate of 300 barrels per day during well cleanup operations and up to 580 barrels per day initially. A 5 meter net pay interval (1,115 meters to 1,120 meters) was perforated and yielded 35 degree API gravity oil with no water production. Previously, a separate 5 meter net pay interval (1,102 meters to 1,107 meters) tested at a stabilized oil rate of 220 barrels per day.

The fluid and flow data information acquired during the initial flow periods will be used in the design of longer term production tests for the Taskuduk West field. For the production testing, a downhole pump is expected to be installed at Taskuduk West-3, thereby enhancing these initial production flow rates.

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 holds a 100% interest in the oil and natural gas exploration rights to the 2,610 km2 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 flow test results of the Taskuduk West-3 well, the proposed use of the fluid and flow test data from Taskuduk West-3 well and the Company's expectations regarding production testing. 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.

There is no certainty that any of the hydrocarbons will be recovered. Hydrocarbon recovery is subject to all of the risks associated with oil and gas operations, both domestic and international.

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