Condor Petroleum Inc. provided an update on its operations at the Zharkamys West 1 Contract Territory (the Zharkamys Territory) in Kazakhstan.

Shoba Appraisal Program

Shoba‐6 (Sh‐6), the third well of the Shoba appraisal program, reached a total depth of 2,940 feet (896 meters) in May 2012. The wellbore encountered 62 feet (19 meters) of net oil pay and 33 feet (10 meters) of net gas pay (128 feet or 39 meters of gross pay) within the Triassic, sharing a common oil/water contact with previously drilled wells. In addition, a new oil zone in the Basal Jurassic has been interpreted from petrophysical analysis with 11.5 feet (3.5 meters) of net pay.

Mapping and further analysis is in progress to better define the Jurassic zone’s potential across the field. Production casing has been set and the well is scheduled to be produced as part of the Trial Production Project which is expected to commence in 3Q 2012.

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