Kulczyk Oil Ventures Inc.

Kulczyk Oil Ventures Inc.

November 24, 2011 06:33 ET

Kulczyk Oil Ventures Inc.: Syria Block 9 Term Extended

CALGARY, ALBERTA--(Marketwire - Nov. 24, 2011) - Kulczyk Oil Ventures Inc. (WARSAW:KOV) ("Kulczyk Oil", "KOV" or "the Company") announces that it has been advised by the General Petroleum Corporation ("GPC") of Syria, that the initial exploration period under the terms of the Block 9 Production Sharing Contract ("Block 9 PSC") has been extended for 11 months from 28 November 2011 to 27 October 2012. The Company had previously announced on 17 October 2011 that it was suspending exploration activity in Syria and that the Itheria-1 well, which was spud in July 2011 with a target depth of 3,256 metres, was suspended at a depth of 2,072 metres.

Loon Latakia Limited, a wholly-owned subsidiary of Kulczyk Oil, operates the block and has a participating interest of 50%. The other partners in Block 9 are MENA Hydrocarbons (Syria) Ltd., a wholly-owned subsidiary of MENA Hydrocarbons Inc., with 30%, and Triton Petroleum Pte Ltd. with 20%. The Block 9 PSC provides the right to explore for and, upon fulfilment of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre (2.48 million acre) area in northwest Syria.

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

Assets of 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 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, covering onshore and offshore areas in northern Brunei, and a 36% working interest in Block M, an onshore area 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 fulfilment 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% 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 47.6% 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 on Syria Block 9, the drilling of the Itheria-1 well and general exploration activities in Syria and other 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 draft 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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00-511 Warszawa
Tel: +48 (22) 414 21 00
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