Oryx Updates on Demir Dagh

Demir Dagh-9 and Demir Dagh-10 Appraisal Wells

• The Demir Dagh-10 (“DD-10”) well was spudded last week with drilling and testing expected to be completed in Q4 2014
• The Demir Dagh-9 (“DD-9”) well is to be spudded in the coming weeks with drilling and testing expected to be completed in Q4 2014 or early 2015

Acquisition of 3D Seismic Data

• The acquisition of 223 km2 of 3D seismic data covering the Demir Dagh structure and the Banan structure east of the Zab River was recently completed

Commenting today, Henry Legarre (pictured), Oryx Petroleum’s Chief Operating Officer, stated:

“We are very pleased with the progress we have achieved in the development of Demir Dagh, including the test results of DD-7 which successfully flowed oil from the well´s primary target in the Cretaceous. The test demonstrated a productivity similar to DD-2 and we expect it to have comparable productive capacity once completed with the aid of an ESP.

"While the drilling of DD-8 was achieved ahead of schedule and under budget, and exhibited the same characteristics as DD-7, we were unable to successfully flow oil from DD-8 due to a mechanical failure in isolating the testing zone. We had moved the rig off to drill DD-10 while testing DD-7 and DD-8, but plan to return with an ESP for DD-7 and a short sidetrack for DD-8.   We intend to re-test the Cretaceous in DD-8 and all indications suggest that it has the potential to become a high productivity well similar to DD-2 and DD-7.

"Overall, we are very pleased that improvements in the security environment have enabled us to resume activities in a large portion of the Hawler license area.”