Condor Commences Drilling the KN-501 Primary Basin Well

CALGARY, ALBERTA--(Marketwired - July 16, 2015) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to announce that drilling operations have commenced on the KN-501 Primary Basin well on the Company's 100% owned Zharkamys West 1 Territory in Kazakhstan.

The KN-501 Primary Basin well is targeting 67 mmboe unrisked mean prospective resources (internal Company estimate - see Reserve and Resource Advisory) and is planned to reach a depth of 4,250 meters. The well has a conventional 4-way closure across a 30 km² area and an extensive salt top seal which ensures robust trap integrity. The estimated remaining cost to drill KN-501 is CA$8 million.

KN-501 offsets the Company's play opening KN-E Primary Basin discovery by 8 kilometers and is located under the same salt dome. The KN-E discovery validated the Primary Basin play in Kazakhstan, demonstrating that oil source, migration, reservoir, trap and top seal can be successfully imaged with the Company's high quality 3D seismic which utilizes the latest industry acquisition and processing techniques. Condor's current Primary Basin prospect inventory, including KN-501, contains 391 mmboe of unrisked mean prospective resources (internal Company estimate - see Reserve and Resource Advisory).

The Company has current estimated working capital of CA$53 million and no debt.

About Condor: Condor is a Canadian based oil and gas company with a 100% interest in the exploration rights to the 3,777 square kilometer Zharkamys West 1 Territory located in Kazakhstan's Pre‐Caspian basin. The Company is listed on the TSX under the symbol "CPI".

Resource advisory

This news release includes information pertaining to internal Condor generated estimates of Company resources effective January 20, 2015, which were prepared by a qualified reserves evaluator in accordance with National Instrument 51-101.

Statements relating to resources are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated. The resource estimates of Condor's properties described herein are estimates only. The actual resources may be greater or less than those calculated. Estimates with respect to resources that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and analogy to similar types of resources, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same resources based upon production history will result in variations, which may be material, in the estimated resources.