CPI Condor Petroleum Inc

Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to
provide an update on its operations. 


Zharkamys Activities:

Regulatory approval has been received for the completion and testing program of
the KN-E-201 oil discovery and the ninety day testing program will begin in June
2013, as previously scheduled. The service rig and surface production equipment
are currently being mobilized.


KN-E-202, the first appraisal well of the Kiyaktysai discovery, was recently
spud and is approaching the planned intermediate casing depth to be set just
above the primary target zones. Once the target zones are penetrated, a coring
program will be conducted prior to reaching a total depth of approximately 2,000
meters. The well should reach total depth by early June 2013.


The Ministry of Oil and Gas of the Republic of Kazakhstan has agreed to extend
the Zharkamys exploration period for an additional two years until August 27,
2015. The extension allows the Company to continue its phased exploration
strategy and to target some of the deeper prospects in the drilling portfolio. 


Postponement of Annual Meeting:

As a result of a clerical error outside of the control of the Company, the 2013
Annual Meeting materials were not mailed to some of the beneficial shareholders
within the required time period. Therefore, in order to ensure that all
shareholders have ample time to review the Annual Meeting Materials and vote
their proxies, the Company has postponed the Annual Meeting to May 24, 2013.


The meeting will be held at 3:00 p.m. on May 24, 2013 at the Broadway Room, Sun
Life Plaza Conference Centre (+15 level), 140 - 4th Ave SW, Calgary, AB T2P 3N3.
The record date for the determination of shareholders entitled to receive notice
of and to vote at the Annual Meeting remains the close of business on April 7,
2013 as further outlined in Condor's Information Circular dated April 7, 2013.


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 and 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

All statements other than statements of historical fact may be forward-looking
statements. 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. Forward-looking statements include,
but are not limited to, statements and information with respect to estimates of
reserves and/or resources, future production levels, targets, goals, objectives
and plans together with the respective timing associated therewith.
Forward-looking statements require the use of assumptions that may not
materialize or that may not be accurate and are subject to known and unknown
risks and uncertainties and other factors, which may cause actual results or
events to differ materially from those expressed or implied by such information.
Such factors and assumptions include, among other things, the timing of and the
results of exploration and development activities, prices of oil and natural
gas, regulatory changes, the timing of regulatory approvals, the ability to
obtain sufficient financing on reasonable terms, the effects of weather and
climate conditions, fluctuation in interest rates and foreign currency exchange
rates, the availability of suppliers and their ability to meet commitments,
risks inherent with oil and gas operations, both domestic and international.
These factors are discussed in greater detail under Risk Factors - Risks
Relating to the Company in Condor's Annual Information Form for the year-ended
December 31, 2012. The Company believes that the expectations reflected in these
forward-looking statements are reasonable, but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon. The Company does not undertake any obligation
to update or to revise any of the forward-looking information, except as
required by applicable law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Condor Petroleum Inc.
Don Streu
President & Chief Executive Officer
(403) 201-9694


Condor Petroleum Inc.
Sandy Quilty
Vice President, Finance & Chief Financial Officer
(403) 201-9694

Condor Petroleum (TSX:CPI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Condor Petroleum (TSX:CPI)
Historical Stock Chart
From Jul 2023 to Jul 2024