Veraz Petroleum Re-Files Q1 Financial Statements and MD&A

CALGARY, ALBERTA--(Marketwire - June 26, 2012) - Veraz Petroleum Ltd. ("Veraz") (TSX VENTURE:VRZ) has announced that it has revised and re-filed its unaudited condensed interim consolidated financial statements (the "Financial Statements") as at and for the three month period ended March 31, 2012, and the related management's discussion and analysis (the "MD&A").

The Financial Statements were revised to include a condensed interim consolidated statement of changes in equity and to restate the amount of comprehensive loss for the period as set forth in the condensed interim consolidated statement of comprehensive loss from $16,571,749 to $16,183,703, a difference of $388,046. The Financial Statements were also revised to include a note describing Veraz's accounts receivable (Note 4) and a note describing certain events that occurred subsequent to March 31, 2012, including Veraz's proposed sale of its subsidiary Veraz Petroleum Peru S.A.C. to Petrominerales Ltd. and the expiration of Veraz's share purchase warrants (Note 9). Similarly, the MD&A was revised to correct the references to comprehensive loss therein from $16,571,749 to $16,183,703. Other than as described above, there are no other material differences in the information contained in the re-filed Financial Statements and MD&A as compared to the previously filed Financial Statements and MD&A.

The re-filed Financial Statements and MD&A have been filed with the Canadian securities regulators on SEDAR and may be viewed on Veraz's profile at www.sedar.com.