Kulczyk Oil Ventures Inc.
WARSAW : KOV

Kulczyk Oil Ventures Inc.

April 17, 2012 12:03 ET

Dariusz Mioduski to Become Chairman of Kulczyk Oil Ventures

CALGARY, ALBERTA--(Marketwire - April 17, 2012) - Kulczyk Oil Ventures Inc. ("Kulczyk Oil", "KOV" or the "Company") (WARSAW:KOV), an international upstream oil and gas company, announces that Dariusz Mioduski, Chief Executive Officer of Kulczyk Investments S.A. ("KI"), the major shareholder of KOV, will be appointed Chairman of the Board of Directors of KOV. The appointment will take effect from 16 May 2012, the date of the Company's annual general meeting of shareholders ("AGM").

Dr. Jan Kulczyk, the Chairman of the board of directors of KOV (the "Board"), advised the Board at their meeting on 16 April 2012, that he will not seek re-election to the Board at the Company's AGM. He confirmed that the Company retains his full support and that KOV's status as a core element within KI's portfolio of assets remains undiminished.

Mr. Mioduski (48) has been Chief Executive Officer of KI since December 2007, and has handled numerous mergers and acquisitions, privatizations and project finance transactions in the energy and infrastructure sectors for many significant international and Polish companies.

Mr. Mioduski, a qualified lawyer educated at Harvard University was an Executive Partner at CMS Cameron McKenna in Warsaw for ten years prior to his appointment to the management board of KI.

"Today, KOV is the key asset in our portfolio of oil and gas companies. It is ready for new, more aggressive business activities and intensive cooperation within the Group. The main targets we are going to focus on in the nearest future is extension of this cooperation and utilizing all positive effects of synergy among individual companies. With the conclusion of the subsequent transactions we want to increase dynamically the value of KOV itself by making use of its potential. We are the strategic investor of this Company with all consequences that follow from this fact"- says Dariusz Mioduski.

About Kulczyk Oil

Kulczyk Oil is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Brunei, Syria and Ukraine and with a risk profile ranging from exploration in Brunei and Syria to production and development in Ukraine. The common shares of the Company trade on the Warsaw Stock Exchange under trading symbol "KOV".

In Brunei, KOV owns working interests in two production sharing agreements which gives the Company the right to explore for and produce oil and natural gas from Block L and Block M. KOV owns a 90% working interest in Block L, a 1,123 square kilometre area covering onshore and offshore areas in northern Brunei and a 36% working interest in Block M, a 1,505 square kilometre area onshore in southern Brunei.

In Ukraine, KOV owns an effective 70% interest in KUB-Gas LLC. The assets of KUB-Gas consist of 100% interests in five licences near to the City of Lugansk in the northeast part of Ukraine. Four of the licences are gas producing.

In Syria, KOV holds a participating interest of 50% in the Syria Block 9 production sharing contract which provides the right to explore for and, upon the satisfaction of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre area in northwest Syria. The Company has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities, and which, if approved, would leave the Company with a remaining effective interest of 45% in Syria Block 9.

The main shareholder of the Company, Kulczyk Investments S.A. owns approximately 44% of the issued common shares. Kulczyk Investments S.A. is an international investment house founded by Polish businessman Dr. Jan Kulczyk.

Translation: This news release has been translated into Polish from the English original.

Forward-looking Statements This release may contain forward-looking statements made as of the date of this announcement with respect to future activities of the Company that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.

Canada

Suite 1170, 700-4th Avenue S.W., Calgary, Alberta, Canada

Telephone: +1-403-264-8877

Facsimile: +1-403-264-8861

Dubai

Al Shafar Investment Building, Suite 123, Shaikh Zayed Road,

Box 37174, Dubai, United Arab Emirates

Telephone: +971-4-339-5212

Facsimile: +971-4-339-5174

Poland

Nowogrodzka 18/29

00-511 Warsaw, Poland

Telephone: +48 (22) 414 21 00

Facsimile: +48 (22) 412 48 60

Contact Information

  • Kulczyk Oil Ventures Inc. - Canada
    Norman W. Holton
    Vice Chairman
    +1-403-264-8877
    nholton@kulczykoil.com

    Kulczyk Oil Ventures Inc. - Poland
    Jakub J. Korczak
    Vice President Investor Relations & Managing Director CEE
    +48 22 414 21 00
    jkorczak@kulczykoil.com