Veraz Petroleum Ltd.

Veraz Petroleum Ltd.

May 30, 2012 13:03 ET

Veraz Petroleum Announces Filing of First Quarter Financial Statements and Management's Discussion and Analysis and Provides Status Update

CALGARY, ALBERTA--(Marketwire - May 30, 2012) - Veraz Petroleum Ltd. ("Veraz") (TSX VENTURE:VRZ) announces that it has filed its unaudited condensed interim consolidated financial statements and accompanying notes for the three month period ended March 31, 2012 (the "Q1 Financials") and its related management's discussion and analysis (the "MD&A") with applicable Canadian securities regulatory authorities.

Given that no hydrocarbons were encountered in the testing of the La Colpa 2X well and that Veraz is currently unable to fund ongoing exploration activities on any of Blocks 126, 141 or 161, Veraz has written down its exploration and evaluation assets to nil. For further details, see the Q1 Financials and the MD&A. Copies of these documents may be obtained through the Internet on the System for Electronic Document Analysis and Retrieval (SEDAR) at

Management and the Board of Directors are actively engaged in remedying Veraz's current financial situation and are evaluating all alternatives. Veraz will update the market as circumstances warrant.

Veraz Petroleum Ltd. is a junior South American focused oil and gas exploration company based in Calgary, Alberta.

Forward-Looking Statements. Certain information provided in this press release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "plan" and similar expressions are intended to identify such forward-looking statements. This press release contains forward-looking statements pertaining to, without limitation, our intention to rectify our current financial situation and consider all alternatives. We have made various assumptions relating to the forward-looking statements contained herein, including in respect of our ability to rectify our current financial situation. Although Veraz believes that the expectations reflected in these forward-looking statements, and the assumptions on which they are made, are reasonable, undue reliance should not be placed on them as Veraz can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions and are based on various assumptions, by their very nature they involve inherent risks and uncertainties that contribute to the possibility that the forward-looking statements may not be accurate, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the possibility that we will not be able to rectify our current financial situation; the possibility of defaulting under contracts governing our interest in our properties and the resulting penalties that we may suffer as a consequence thereof, which under certain circumstances could include forfeiture of our interest in our properties and the related agreements and licenses; and the other factors described in our public filings available at Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this press release are made as of the date hereof and Veraz undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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

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