Molopo Energy Limited

October 18, 2012 00:00 ET

Molopo Energy Limited: Queensland Asset Sale Unconditional; Transaction to Close 1 November 2012

CALGARY, ALBERTA--(Marketwire - Oct. 18, 2012) - Molopo Energy Limited (ASX:MPO) is pleased to announce that the purchaser of Molopo's Queensland assets has received confirmation from the National Development and Reform Commission ("NDRC") that it approves of the transaction. Given that the purchaser has previously received Foreign Investment Review Board ("FIRB") confirmation that it has no objection to the transaction, all conditions precedent have been satisfied. The transaction is now scheduled to close on 1 November 2012.

For further details on the transaction please see Molopo's press release dated 1 August 2012.

This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to certain events, and are subject to a number of risks, uncertainties and assumptions. Many factors could cause Molopo's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in other public disclosures made by the Company or this press release as intended, planned, anticipated, believed, estimated, or expected. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary declaration. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

Issued by: Molopo Energy Limited

Molopo Energy Limited is an ASX-listed oil and gas exploration and production company. The company is focussed on the development of its shale oil resource play in the Permian Basin, Texas, USA. The company also has unconventional oil assets in the Williston Basin, Saskatchewan, Canada, shale gas assets in Quebec, Canada, a CBM project in Australia (under divestment) and onshore gas projects in South Africa.

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