CPI Condor Petroleum Inc

Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to
announce the release of its Interim Condensed Consolidated Financial Statements
for the period ended March 31, 2012, together with the related Management's
Discussion and Analysis ("MD&A"). These documents will be made available under
Condor's profile on SEDAR at www.sedar.com and on the Condor website at
www.condorpetroleum.com. All financial amounts in this press release are
presented in Canadian dollars.


First quarter 2012 highlights include:

At the Zharkamys territory ("Zharkamys") in Kazakhstan, the ninety day
production test on the TasW-4 well began in April. A 21 meter interval was
perforated with initial oil rates exceeding 700 barrels per day. Stabilized flow
rates will be reported once hydrodynamic testing is completed. A second ninety
day test is planned for TasW-4 after the current production test and targets a
separate 11 meter interval.


During the quarter, Condor completed the first production test on one zone of
the TasW-3 well and produced an average of 88 barrels per day flowed. A ninety
day production test for a second 5 meter net pay interval is expected to
commence in June 2012.


In April, Shoba-8, the first of four appraisal wells, reached its planned total
depth of 883 meters. Sh-8 penetrated 15 meters of gross oil pay and resulted in
8.7 meters of net pay above the field oil water contact. Production casing has
been set and the well is scheduled to be flow-tested once regulatory approvals
are obtained. Drilling of Shoba-9, a second appraisal well, has recently
commenced.


Condor plans to drill up to 12 additional wells at Zharkamys during 2012,
including 10 exploration wells (5 deep and 5 shallow) and 2 Shoba appraisal
wells. The Company is in the process of contracting a second drilling rig to
begin exploration drilling in the third quarter of 2012.


Since the Company expects to transition into sustained oil production in
Kazakhstan during 2012, a Letter of Intent ("LOI") was recently signed to
purchase a 90% interest in an existing oil terminal located 12 kilometers
northwest of Zharkamys. In additional to providing oil storage, the facility has
a rail spur that ties into the main rail line between Aktobe and Atyrau, and
should expand the Company's future oil marketing options.


The first well drilled at the Marsel territory ("Marsel") using Company acquired
3D seismic data was Asa-1. This well reached a total depth of 2,670 meters in
April 2012. The primary Devonian target zone was encountered at 2,408 meters,
consisting of fractured conglomerates and breccias. Wireline logging, in
combination with two successful open-hole Drill Stem Tests ("DSTs"), confirms a
continuous 288 meter gas column has been penetrated, with an estimated 110
meters of net pay. The DSTs resulted in flow rates ranging between 2.1 and 11.1
MMscf/day. The gas was dry with no formation water indicated during the flow
periods. A gas-water contact was not encountered. Production casing has been set
in anticipation of additional flow testing.


Condor's non-core Canadian properties continue to provide positive cash-flow
despite minimal capital expenditures and production has remained relatively
steady with gradual natural declines.


Selected financial information:



                                                                            
For the three months ended March 31                                         
 (000's)                                            2012               2011 
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Oil and natural gas sales                            796                838 
Net loss attributable to Condor                   (4,054)            (2,995)
Net loss per share - basic and diluted             (0.01)             (0.01)
Capital expenditures                               8,831              3,269 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
As at (000's)                             March 31, 2012  December 31, 2011 
----------------------------------------------------------------------------
Working capital                                   51,480             64,132 
Total assets                                     198,428            206,170 
Total liabilities                                 12,444             14,387 
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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, information
concerning the status of the LOI, expected completion of the transaction
provided for in the LOI and the potential expansion of oil marketing options,
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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