Vanoil Energy Ltd.

TSX VENTURE : VEL


Vanoil Energy Ltd.

November 12, 2012 13:05 ET

Vanoil Completes 100km2 3D Seismic and Gravity Survey

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2012) - Vanoil Energy Ltd. (TSX VENTURE:VEL) ("Vanoil") is pleased to announce that it has completed a 100km2 3D seismic and gravity survey over its western leads in block 3A in Kenya. This is the first 3D seismic survey ever completed onshore in Kenya and it complements the 845km of 2D seismic acquired by Vanoil in previous years. A suite of substantial drilling targets have been defined on block 3A within the surveyed area and Vanoil plans to select its first two well locations by the end of November.

Vanoil has furthermore signed a contract with Sinopec to secure the last available onshore drilling rig in Kenya. The rig is stacked in Nairobi and ready for mobilisation. Vanoil's contract includes two firm wells and an option for two more.

With its seismic surveys completed and a drilling rig in place, Vanoil is on track to spud its first well in Q1 2013.

Aaron D'Este commented, "Vanoil has completed a comprehensive exploration program in Kenya, using 3D seismic and the latest interpretation techniques to produce robust drilling targets. Securing the last available onshore rig in Kenya allowed Vanoil to avoid substantial mobilisation fees and to be ready for its first well in Q1 2013."

About Vanoil Energy Ltd.

Based in Vancouver, Canada, Vanoil is an internationally diversified resource company that has a comprehensive portfolio of oil and gas assets in the African countries of Kenya and Rwanda. In Kenya, Blocks 3A and 3B were acquired in October 2007 through the signing of a Production Sharing Contract with the Government of the Republic of Kenya. Blocks 3A and 3B, which cover 24,912 square kilometers, are part of the vastly under-explored Cretaceous Central African Rift Basin System. The Company is preparing to drill in Q1 2013 its first exploration well on its Kenyan concession. Vanoil's is also the holder of 1,631 square kilometers of an oil and gas exclusive licence in the East Kivu Graben in Rwanda at the southern extension of the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighbouring Uganda.

On behalf of the Board of VANOIL ENERGY LTD.

Aaron D'Este, Chief Executive Officer

To find out more about Vanoil please visit our website at www.vanoil.ca.

Disclaimer for Forward-Looking Information

This news release includes forward-looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward-looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, beliefs or expectations regarding the future. Although the Company believes that any such intentions, plans, estimates, beliefs and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs and expectations will prove to be accurate.

The Company cautions readers that all forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.

Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward-looking statements. The Company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information