Condor Petroleum: Completes US$88m Marsel Sale

Condor Petroleum Inc.  is pleased to announce that the sale of Condor’s 66% interest in the Marsel Territory for US$88.0 million (“Marsel Transaction”) was completed on January 28, 2014. After registering the Marsel Transaction with certain regulatory authorities in Kazakhstan, US$83.0 million (CA$91.3 million) held in escrow was released and has been received by the Company. An additional US$5.0 million (CA$5.5 million) is due from the buyer on July 27, 2014.

As previously reported, the Company plans to use a portion of the Marsel Transaction proceeds for the
Zharkamys West 1 Territory 2014 capital program, which includes 7 exploration wells targeting 93 MMboe
unrisked mean recoverable prospective resources.

Condor is a Canadian oil and gas company with a 100% interest in the exploration rights to the 3,777 square
kilometer Zharkamys West 1 Territory located in Kazakhstan’s Pre-Caspian basin. The Company is listed on
the TSX under the symbol “CPI”.