CALGARY, ALBERTA -- (Marketwired) -- 05/06/13 -- Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to provide an update on its operations.
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".
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.
Condor Petroleum Inc.
President & Chief Executive Officer
Condor Petroleum Inc.
Vice President, Finance & Chief Financial Officer
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