CPI Condor Petroleum Inc

Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to
provide an update on its operations at the Zharkamys West 1 Contract Territory
(the "Zharkamys Territory") and the Marsel Contract Territory (the "Marsel
Territory") in Kazakhstan.


Zharkamys Territory

Shoba Appraisal Program: Drilling is about to commence on the first of four
appraisal wells at the Shoba field. The initial two wells target oil in the
untested northern fault block. The other two appraisal wells will offset the
three existing Shoba wells. Approvals are being sought to transition Shoba into
the Trial Production Period by the third quarter 2012, allowing Shoba to be
produced continuously.


Testing Activities: A service rig is currently moving onto Taskuduk W-4 (TasW-4)
for the initial well completion and the ninety day production test is expected
to begin this month. TasW-4 was drilled in the fourth quarter of 2011 and
penetrated 19 meters of net oil pay within two Triassic intervals.


3D Seismic Processing: Pre-Stack Time Migration (PSTM) of the 1,280 km2 3D
seismic acquired in the fourth quarter of 2011 was completed in late March 2012.
Condor received the final Pre-Stack Depth Migration (PSDM) of the 1,252 km2 3D
seismic acquired in the fourth quarter of 2010. Both datasets image multiple
play types, ranging from salt-flank and sub-canopy plays to deeper structures
that are fully encapsulated in salt or are pre-salt structures. This has
expanded the number of play types and will result in a more diversified prospect
inventory.


Marsel Territory

Asa-1 Gas Discovery: The Asa-1 well was drilled to 2,580 meters. The primary
Devonian target zone was encountered at 2,408 meters, consisting of fractured
conglomerates. Wireline logs and drill stem test ("DST") data indicate a
continuous 172 meter gas column (estimated 76 meters of net pay) has been
penetrated. Two DSTs were performed at the top and base of the zone resulting in
flow rates ranging between 2.1 and 11.1 MMscf/day. The gas was dry with no water
indicated during the flow periods. Based on these positive results, an
additional 100 meters of drilling is planned to confirm a projected gas-water
contact, after which the well will be cased. Asa-1 drilling costs are within
budgeted amounts.


2D Seismic Processing: The processed data from the recently acquired 900 km 2D
program was received in the first quarter of 2012. Preliminary interpretation
and mapping has identified several prospects in the southern region of the
territory, focusing around the Bugudzilskaya structure. The region is
interpreted as being highly prospective with multiple targets within the Lower
Carboniferous and Devonian clastics. Based on the mapping of this structure, two
locations have been identified for exploration drilling in 2012.


About Condor Petroleum Inc.

Condor is a Canadian oil and gas company with assets in Kazakhstan and Canada.
Condor holds a 100% interest in the 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. The Company operates certain oil and natural gas properties in Alberta
and Saskatchewan and holds non- operated working interests in a number of other
properties in Alberta. The Company is listed on the TSX under the symbol "CPI".


Forward-Looking Statements

Certain statements and information contained herein constitute forward-looking
statements under applicable securities legislation. Such statements are
generally identifiable by the terminology used, such as "seek", "anticipate'',
"believe'', "intend", "expect", "plan", "estimate", "continue", "project",
"predict", "budget'', "outlook'', "may", "will", "should", "could", "would" or
other similar wording. All statements other than statements of historical fact
may be forward -looking statements. Forward- looking statements include, but are
not limited to, statements and information with respect to estimates of reserves
and/or resources, acquisition, processing and interpretation of 3D and 2D
seismic, future production levels, future capital expenditures, Condor's
targets, goals, objectives and plans, including the Company's drilling,
completion, production testing, seismic acquisition and seismic processing
plans, together with the timing associated therewith. By its very nature, such
forward- looking information requires the use of 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: 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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