Oryx Plots Path to Oil Production

The Corporation is also considering re-testing the AAS-1 well prior to drilling an appraisal well. Drilling is planned in 2014 that will appraise and test the discovery in the lower Jurassic which should allow the Corporation to further understand the full extent of the discovered oil column. The appraisal well is also intended to drill to the Triassic to understand any upside potential that the AAS-1 well was unable to reach.

Zey Gawra (ZEG-1) Exploration Well - An exploration well targeting the Zey Gawra prospect was spudded in mid-April 2013 in the Hawler license area. The ZEG-1 well is targeting light oil potential in the lower Jurassic and Triassic, and heavier oil potential in the Tertiary and Cretaceous. Netherland, Sewell & Associates, Inc. ("NSAI") estimates as of March 31, 2013 that the Zey Gawra prospect contains 23 MMbbl of unrisked gross (100%) prospective resources (risked: 9 MMbbl).

The ZEG-1 well reached a total depth of 4,398 metres in August. A testing program was designed based on logging of potential hydrocarbon bearing zones and observations during drilling. The program, using the Romfor 22 rig and encompassing the testing of four zones with one additional test contingent on the results of the fourth test, is in progress and is expected to be completed in Q4 2013.

Banan Exploration well (BAN-1) and 2D seismic - The KS Discoverer 1 rig spudded the BAN-1 well, the Corporation`s fourth exploration well in the Hawler license area, targeting the Banan prospect on September 14, 2013. The BAN-1 well is targeting light oil potential in the lower Jurassic and Triassic, and heavier oil potential in the Cretaceous and upper Jurassic.

NSAI estimates as of March 31, 2013 that the Banan prospect contains 196 MMbbl of unrisked gross (100%) prospective resources (risked: 102 MMbbl). NSAI`s estimate excludes a significant portion of the Banan prospect that was outside the Hawler license area boundaries prior to the December 2012 boundary extension.