Condor Announces Closing of $15,000,000 Senior Unsecured Note Financing

Condor Petroleum Inc. is pleased to announce the issuance of a senior unsecured note in the principal amount of CAD $15,000,000. The Note shall bear interest at 16% per annum with 1% payable on closing and the remaining 15% accruing daily and payable quarterly in arrears.

These funds allow the Company to accelerate exploration and development activities at the Zharkamys Territory during the interim period until the Marsel Transaction (as defined below) is completed. The Note proceeds may also be used for other general corporate expenditures and debt service obligations under the Note.

The Note is due on the earlier of September 15, 2014 and on receipt of the proceeds from the disposition of the Company’s 66% participating interest in and certain indebtedness of Marsel Petroleum LLP (the “Marsel Transaction”). The Note includes customary covenants, representations, warranties and default provisions for a senior unsecured note of a similar nature, including restrictions on incurring additional debt.