CPI Condor Petroleum Inc

Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is pleased to
announce the signing of a Letter of Intent ("LOI") to purchase a 90% interest in
an existing oil storage and rail terminal in Kazakhstan. The oil terminal is
located 12 kilometers northwest of Condor's Zharkamys West 1 Contract Territory
(the "Zharkamys Territory").


The terminal includes 1,200 m3 (7,500 barrels) of oil storage capacity and is
designed to load 4 rail cars simultaneously. The terminal has a rail spur which
ties directly into the main rail line between Aktobe and Atyrau. In addition to
providing expected transportation cost savings, the terminal's existing access
to the rail system should expand Condor's future oil marketing options.


The LOI is subject to certain conditions including facility upgrades and
re-licensing of the terminal, and the execution of a definitive purchase and
sale agreement.


About Condor Petroleum Inc.

Condor is an oil and gas corporation engaged in the exploration for, and the
acquisition, development and production of oil and natural gas in Kazakhstan and
Canada. Condor holds a 100% interest in the oil and natural gas exploration
rights to the 2,610 square km Zharkamys Territory, located in Kazakhstan's
Pre-Caspian basin. Condor also holds a 66% interest in Marsel Petroleum LLP
which has the exploration rights to the 18,500 square km Marsel Territory,
located in Kazakhstan's Chu-Sarysu basin. For further information see Condor's
(final) prospectus, dated March 31, 2011, a copy of which is available under
Condor's SEDAR profile at www.sedar.com.


Forward-Looking Statements

Certain statements in this news release constitute forward-looking statements
under applicable securities legislation. Such statements are generally
identifiable by the terminology used, such as "anticipate'', "believe'',
"intend", "expect", "plan", "estimate", "budget'', "outlook'', "may", "will",
"should", "could", "would" or other similar wording. Forward-looking information
in this news release includes, but is not limited to, information concerning the
status of the LOI, expected completion of the transaction, the expected
transportation cost savings, and the potential expansion of oil marketing
options, together with the timing associated therewith. By its very nature, such
forward-looking information requires Condor to make assumptions that may not
materialize or that may not be accurate. Forward-looking information is subject
to known and unknown risks and uncertainties and other factors, which may cause
actual results, levels of activity and achievements to differ materially from
those expressed or implied by such information. Such factors and assumptions
include, but are not limited to: satisfaction of the conditions to, and
completion of, the purchase of the oil storage and rail terminal; the results of
exploration and development drilling and related activities; imprecision of
reserves and resources estimates; ultimate recovery of reserves; prices of oil
and natural gas; general economic, market and business conditions; industry
capacity; competitive action by other companies; fluctuations in oil and natural
gas prices; the ability to produce and transport crude oil and natural gas to
markets; the effects of weather and climate conditions; fluctuation in interest
rates and foreign currency exchange rates; the ability of suppliers to meet
commitments; actions by governmental authorities, including increases in taxes;
decisions or approvals of administrative tribunals; changes in environmental and
other regulations; risks attendant with oil and gas operations, both domestic
and international; international political events; expected rates of return; and
other factors, many of which are beyond the control of Condor. Capital
expenditures may be affected by cost pressures associated with new capital
projects, including labour and material supply, project management, drilling rig
rates and availability, and seismic costs. These factors are discussed in
greater detail in filings made by Condor with Canadian securities regulatory
authorities.


Readers are cautioned that the foregoing list of important factors affecting
forward-looking information is not exhaustive. Furthermore, the forward-looking
information contained in this news release is made as of the date of this news
release and, except as required by applicable law, Condor does not undertake any
obligation to update publicly or to revise any of the included forward-looking
information, whether as a result of new information, future events or otherwise.
The forward-looking information contained in this news release is expressly
qualified by this cautionary statement.

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