Oryx Petroleum Files Preliminary Prospectus Supplement to Final Base Shelf Prospectus

CALGARY, ALBERTA--(Marketwired - July 7, 2014) -

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Oryx Petroleum Corporation Limited ("Oryx Petroleum" or the "Corporation") (TSX:OXC) announced today that it has filed a preliminary prospectus supplement (the "Preliminary Supplement") to the final short form base shelf prospectus dated January 27, 2014 (the "Prospectus") with applicable securities regulators in each of the provinces of Canada other than Québec. The Preliminary Supplement relates to a proposed issuance of common shares of the Corporation ("Common Shares"). Oryx Petroleum intends to raise up to US$210 million under the Offering. The Preliminary Supplement has not yet become final.

The Preliminary Supplement contemplates The Addax and Oryx Group Limited ("AOG") subscribing for approximately US$150 million of Common Shares and Oryx Petroleum entering into an underwriting agreement, on terms to be negotiated, with a syndicate of underwriters comprised of BMO Nesbitt Burns Inc. and Citigroup Global Markets Canada Inc., as global co-ordinators and bookrunners, and Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and FirstEnergy Capital Corp. for the sale of additional Common Shares to persons other than AOG.

Copies of the Prospectus and the Preliminary Supplement are available under Oryx Petroleum's profile on SEDAR (www.sedar.com).

Commenting today on the potential issuance of shares, Jean-Claude Gandur, Founder and Chairman of Oryx Petroleum, stated:

"Oryx Petroleum has made substantial progress since its initial public offering in May of last year and has delivered considerably more than forecasted at the time. The Corporation is now entering an exciting phase of its growth and development which will be funded in part from the proceeds of a common share offering. I am very pleased that AOG is supporting the Corporation through this offering which provides investors the opportunity to participate on the same terms in the future growth of the company."

ABOUT ORYX PETROLEUM CORPORATION LIMITED

Oryx Petroleum is an international oil exploration and production company focused in Africa and the Middle East. The Corporation's shares are listed on the Toronto Stock Exchange under the symbol "OXC". The Oryx Petroleum group of companies was founded in 2010 by The Addax and Oryx Group Limited and key members of the former senior management team of Addax Petroleum Corporation. Oryx Petroleum has interests in six license areas, two of which have yielded oil discoveries and four of which are prospective for oil. The Corporation is the operator or technical partner in four of the six license areas. Two license areas are located in the Kurdistan Region and the Wasit governorate (province) of Iraq and four license areas are located in West Africa in Nigeria, the AGC administrative area offshore Senegal and Guinea Bissau, and Congo (Brazzaville). Further information about Oryx Petroleum is available at www.oryxpetroleum.com or under Oryx Petroleum's profile at www.sedar.com.

This offering is made only by means of a prospectus supplement and accompanying Prospectus. The Prospectus and Preliminary Supplement contain important detailed information about the securities being offered. The Preliminary Supplement is still subject to completion or amendment. Copies of the Prospectus and the Preliminary Supplement may be obtained from the contacts listed above.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. The securities to be offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or absent an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.

Reader Advisory Regarding Forward-Looking Information

Certain statements made herein contain forward-looking information, including statements concerning the trading of the Common Shares, the filing of a final prospectus supplement, the subscription for Common Shares by AOG, entering into of an underwriting agreement, and the use of proceeds of the offering. Although Oryx Petroleum believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. For more information about these assumptions and risks facing the Corporation, refer to the Corporation's annual information form dated March 12, 2014 available at www.sedar.com or the Corporation's website, www.oryxpetroleum.com. Furthermore, the forward-looking statements contained in this press release are made as at the date of this press release and Oryx Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.