CALGARY, ALBERTA -- (Marketwire) -- 03/06/13 -- Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to provide an update on the Kiyaktysai ("KN-E-201") oil discovery at the Zharkamys West 1 Territory ("Zharkamys") in Kazakhstan.
KN-E-201 was drilled to a total depth of 1,870 meters. As previously announced, 58 meters of net hydrocarbon pay was identified from wireline logs down to 1,355 meters. An additional 16 meter net reservoir section was penetrated where oil was observed at surface, but no wireline log data obtained. Below these intervals, wireline logs identified 86 meters of net over-pressured reservoir with residual hydrocarbons. The residual hydrocarbons are indicative of incremental up-dip oil potential within the Kiyaktysai structure.
Multiple hydrocarbon intervals are planned to be completed and put on individual 90 day production tests starting in Q2 2013, once regulatory approvals are obtained. Drilling the first appraisal well, KN-E-202, is also targeted to begin in Q2 2013. The appraisal well will help further define the potential size of the Kiyaktysai discovery.
The main pre-drill geologic risk for KN-E-201 was the presence of reservoir-quality sands. This well penetrated a total of 160 meters of net reservoir sands, assuming an 8 percent porosity cut-off. The discovery validates Condor's unique geologic model and 3D seismic interpretation for this play-type, successfully yielding producible hydrocarbons. Six similar prospects are being matured to drill-ready status.
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".
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 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, 2011. 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.
Condor Petroleum Inc.
President & Chief Executive Officer
Condor Petroleum Inc.
Vice President, Finance & Chief Financial Officer
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