Condor Petroleum: Receives Zharkamys West 1 Exploration Contract Extension Till Dec 2016

Condor Petroleum Inc. (“Condor” or the “Company”) (CPI) is pleased to announce that the Government of Kazakhstan has approved an extension to the Zharkamys West 1 exploration contract for ten months until December 14, 2016. The Zharkamys exploration contract will be amended in due course.

Drilling Update: A drilling contractor has been selected to drill the KN-501 Primary Basin well. The well location will be constructed in May and drilling is expected to commence in June. The KN-501 well offsets the Company’s play opening KN-E Primary Basin discovery by 8 kilometers and is located under the same salt dome. The well is planned to reach 4,250 meters and is targeting 67 MMboe unrisked mean prospective resources (internal Company estimate – see Resource Advisory).

Working Capital: The Company’s current working capital is CA$55 million and the Company has no debt.