Eurasia Resource Holdings AG

May 22, 2012 15:56 ET

Eurasia Resource Holdings AG Announces Acquisition of Securities of Condor Petroleum Inc.

BREGENZ, AUSTRIA--(Marketwire - May 22, 2012) - Eurasia Resource Holdings AG ("Eurasia") announces that, pursuant to purchases made through the facilities of the Toronto Stock Exchange (the "TSX"), it has acquired beneficial ownership of and/or control or direction over 71,000 common shares (the "Acquired Shares") of Condor Petroleum Inc. (the "Corporation").

Prior to the acquisition of the Acquired Shares, Eurasia beneficially owned and/or exercised control or direction over 146,203,645 common shares of the Corporation (each, a "Common Share"), representing approximately 42.2% of the issued and outstanding Common Shares on an undiluted basis.

Following the acquisition of the Acquired Shares, Eurasia beneficially owns and/or exercises control or direction over 146,274,645 Common Shares, representing approximately 42.3% of the issued and outstanding Common Shares on an undiluted basis. The Acquired Shares, combined with the 30,046,738 Common Shares beneficially owned and/or controlled or directed by RV Resource Value Holding PLC, a joint actor of Eurasia, total 176,321,383 Common Shares, representing approximately 50.9% of the issued and outstanding Common Shares on an undiluted basis.

Eurasia paid CDN$0.399507 per share in connection with the acquisition of the Acquired Shares.

The Acquired Shares were acquired for investment purposes. Eurasia may, in the future, increase or decrease its ownership of securities of the Corporation, directly or indirectly, from time to time depending upon the business and prospects of the Corporation and future market conditions.

An early warning report (the "EWR") will be filed on SEDAR and will be available for review at www.sedar.com under the Corporation's profile. A copy of the EWR can be obtained from the contact below.

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