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") in Kazakhstan.


Shoba Appraisal Program: Shoba-6 (Sh-6), the third well of the Shoba appraisal
program, reached a total depth of 896 meters in May 2012. The wellbore
encountered 19 meters of net oil pay and 10 meters of net gas pay (39 meters of
gross pay) within the Triassic, sharing a common oil/water contact with
previously drilled wells. In addition, a new oil zone in the Basal Jurassic has
been interpreted from petrophysical analysis with 3.5 meters of net pay. Mapping
and further analysis is in progress to better define the Jurassic zone's
potential across the field. Production casing has been set and the well is
scheduled to be produced as part of the Trial Production Project which is
expected to commence in Q3 2012.


Sh-6 results confirm the continuity of the reservoir within the Triassic to the
southeast of Sh-1, in addition to defining new reserves potential across the
field from the Basal Jurassic zone.


Shoba-9 (Sh-9) was also drilled in May 2012 to a total depth of 843 meters. The
wellbore penetrated 3 meters of net oil pay (approximately 10 meters of gross
interval) within the Triassic. Production casing has been set and the well is
scheduled to be flow-tested once regulatory approvals are obtained.


Sh-9's results extend the Shoba field to the southeast of the recent Sh-8 well
and north of the primary fault in the field, confirming that a common oil-water
contact exists between fault compartments. In addition to defining the near
zero-edge of the field, the Sh-9 results will be used to upgrade reserves
contained in the northern fault block from their current 'Possible' category.


The three Shoba appraisal well costs have averaged less than $800,000. One
additional Shoba appraisal well will be drilled in 2012, along with up to 10
exploration wells targeting multiple play-types and depths.


Testing Activities: The ninety day production test on the TasW-4 well began in
late April 2012. A 21 meter interval was perforated with production rates
averaging 350 barrels per day of 38 to 40 API gravity oil during the first
month. Upon completion of the current test, an additional ninety day test is
planned for TasW-4 to target a separate 11 meter interval.


A 5 meter interval on TasW-3 has been completed and the ninety day production
test is expected to begin in June, adding to the test production volumes from
TasW-4.


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 and holds
non-operated working interests in a number of other properties in Canada. 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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