CALGARY, ALBERTA -- (Marketwired) -- 06/03/13 -- Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to announce it has finished the drilling and logging program for the KN-E-202 appraisal well on the Kiyaktysai structure, which follows the recent KN-E-201 discovery well on the Zharkamys West 1 Territory in Kazakhstan.
KN-E-202 was drilled to a total depth of 1,955 meters and encountered similar reservoir and pay intervals to KN-E-201. Based on wireline logs, two pay zones of 23 meters and 57 meters were penetrated below the salt across a 130 meter gross interval. In addition, 93 meters of net residual hydrocarbon pay over a 626 meter gross interval have been interpreted from wireline log analysis. Production casing will be set at 1,955 meters.
The resource potential of Kiyaktysai will continue to be assessed through additional drilling and near term production testing. The next Kiyaktysai appraisal well is expected to be drilled in the third quarter of 2013.
The completion program for the KN-E-201 discovery is currently underway and ninety day production testing will commence in June as previously announced.
About Condor Petroleum Inc.
Condor is a Canadian oil and gas company and holds a 100% interest in the exploration rights to the 2,610 square km Zharkamys West 1 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 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 in this press release 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 involve the use of certain 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 regulatory approvals and the ability to obtain sufficient financing on reasonable terms. Condor's operations are also subject to certain other risks and uncertainties including, 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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