Kulczyk Oil Ventures Inc.
WARSAW : KOV

Kulczyk Oil Ventures Inc.

November 15, 2011 13:15 ET

Helmut Langanger Appointed as Director of KOV

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2011) - Kulczyk Oil Ventures Inc. (WARSAW:KOV) ("Kulczyk Oil", "KOV" or the "Company"), an international upstream oil and gas company, is pleased to announce that Helmut Langanger of Vienna, Austria has joined the board of directors of KOV.

Mr. Langanger, 61, was awarded a Master of Science Degree in Petroleum Engineering from Mining University Leoben, Austria in 1973 and a Master of Arts Degree in Economics from the University of Vienna in 1980. From 1974 to 2010, he was employed by Austrian company, OMV, one of the largest integrated oil and gas groups in Central Europe.

At OMV, he was a reservoir engineer until 1980 and an evaluation engineer for the technical and economic assessment of international E&P ventures until 1985 before being appointed Vice-President, Planning & Economics for E&P and natural gas projects.

In 1989, Mr. Langanger was appointed as Senior Vice-President International E&P, and in 1992 became Senior Vice-President E&P for OMV's global operations. From 2002 until his retirement from OMV in 2010, Mr. Langanger was Group Executive Vice-President E&P, a member of the Executive Board and Managing Director Upstream. During his time in E&P operations, OMV built a significant, international E&P portfolio in 17 countries and increased 2P reserves from 300 million boe (1989) to 1.9 billion boe (2009).

Mr. Langanger is also a member of the supervisory board of a public oilfield equipment company listed on the Vienna Stock Exchange, a non-executive member of the board of a public * company listed on the London Stock Exchange and a member of the board of a private Czech E&P company based in Prague.

Norm Holton, Vice Chairman of the Board of Directors of KOV stated that:

"We are very pleased that we were able to attract an individual with Helmut's broad experience and record of success to our board. His advice and counsel will assist the Company as it continues to expand its production and reserves in Ukraine and seeks new opportunities for growth elsewhere".

About Kulczyk Oil

Kulczyk Oil is an international upstream oil and gas exploration 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 Kulczyk Oil 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 40% working interest in Block L, a 2,220 square kilometre (550,000 acre) area covering onshore and offshore areas in northern Brunei and a 36% working interest in Block M, a 3,011 square kilometre (744,000 acre) 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 licenses near to the City of Lugansk in the northeast part of Ukraine. Four of the licenses 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 fulfillment of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre (2.48 million acre) area in northwest Syria. The Company has an agreement to assign a 5% in 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 47.6 % of the issued common shares. Kulczyk Investments S.A. is an international investment house founded by Polish businessman Dr. Jan Kulczyk.

For further information, please refer to the Kulczyk Oil website (www.kulczykoil.com)

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

Forward-looking Statements This release may contain forward-looking statements. that are not 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. Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial, political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. 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.

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