News

Oryx Petroleum Q1 2014 Financial and Operational Results

07 May 2014

Calgary, Alberta, May 7, 2014

Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announces its financial and operational results for the quarter ended March 31, 2014.

Highlights:

• A Q1 2014 net loss of $6.9 million ($0.07 per common share) compared to $47.0 Million ($0.64 per common share) in Q1 2013
• $153.8 million of cash and cash equivalents as of March 31, 2014
• Revised 2014 capital expenditure forecast of $400-$450 million
• Operating Update and 2014 Outlook – Hawler License Area (Kurdistan Region of Iraq)
  - Demir Dagh First Production – Declaration of Commercial Discovery; Facilities work is significantly advanced with first production expected before the end of Q2 2014 consistent with previous guidance; gross (100%) production expected to reach 25,000 bbl/d by 2014 year end
  - Demir Dagh Appraisal & Development Drilling – successful test of the Demir Dagh-4 (“DD-4”) well;; testing of Demir Dagh-5 (“DD-5”) and Demir Dagh-3 (“DD-3”) wells to be completed within weeks; five additional development wells and 3D seismic planned in 2014
  - Ain Al Safra Appraisal – Ain Al Safra-2 (“AAS-2”) appraisal well currently at approximately 2,600 metres and expected to reach planned total depth and complete testing in Q3 2014
  - Zey Gawra Appraisal – Zey Gawra-2 (“ZEG-2”) appraisal well to be drilled in 2014
  - Banan Discovery/Appraisal – Successful testing of the Banan-1 (“BAN-1”) exploration well announced in March 2014; Banan-2 (“BAN-2”) appraisal well likely to be spudded in the next month
  
  
• Operating Update and 2014 Outlook – West Africa
  - AGC Shallow – The Corporation is in the final stages of securing a rig for a high impact exploration well to be drilled in the second half of 2014 targeting the Dome Iris prospect
  - Haute Mer A – The Corporation is working with its partners in the Haute Mer A license area to determine next steps following the successful test of the Elephant-1 discovery.
  - Haute Mer B – A high impact exploration well is planned for the second half of 2014

CEO´s Comment

Commenting today, Oryx Petroleum´s Chief Executive Officer, Michael Ebsary, stated:

“The first quarter was another solid quarter for Oryx Petroleum as we continued to successfully execute our drilling program and progress towards first production.

In the Kurdistan Region of Iraq we declared commerciality for Demir Dagh and first production is due to be on stream this quarter before steadily increasing throughout the year. Our exploration and appraisal drilling program during the quarter included the successful Banan-1 exploration well and the spudding of the first appraisal well at Ain Al Safra and three appraisal wells at Demir Dagh. Successful testing results were announced for the DD-4 well and testing results for the DD-3 and DD-5 wells are expected shortly. Throughout the balance of the year we will continue appraisal and development drilling on all four discoveries in the Hawler license area with the aim of converting contingent resources into reserves, and reserves into production.

In West Africa, we completed the successful test of the Elephant-1 discovery and now are working with our partners to determine the steps that give us the best chance to add the additional resource volumes necessary for a commercial development. We are also in the final stages of securing a rig to drill a high impact exploration well in the AGC license area in the second half of the year.”