Mr. Russell Tripp reports

TRIOIL RESOURCES LTD. ANNOUNCES RECORD FIRST QUARTER 2013 RESULTS

TriOil Resources Ltd. has filed its financial statements and related management's discussion and analysis for the three months ended March 31, 2013, on SEDAR. Selected financial and operational information is outlined herein and should be read in conjunction with TriOil's audited financial statements and related MD&A, available for review at the TriOil website and SEDAR.

Highlights:

• Achieved record average production of 3,472 barrels of oil equivalent per day in first quarter 2013; this represents strong organic growth of 117 per cent over first quarter 2012 production of 1,602 boe per day and a significant 23-per-cent increase over fourth quarter 2012 production of 2,821 boe per day;
• Increased April average production to a record 4,000 boe per day (62 per cent oil and natural gas liquids) (based on field estimates), with additional Kaybob wells brought on production during May and additional Lochend wells waiting to be brought on production postbreakup; TriOil is on track to deliver a strong second quarter 2013 and to meet or exceed its 2013 guidance;
• Increased funds from operations by 149 per cent to a record $10.5-million in first quarter 2013 from $4.2-million in first quarter 2012 and by 19 per cent from the $8.8-million generated in fourth quarter 2012;
• Continued to deliver strong per-share growth; first quarter 2013 cash flow of 16 cents per share is up 78 per cent from nine cents per share in first quarter 2012 and up 14 per cent from 14 cents per share in fourth quarter 2012;
• Achieved net earnings of $2.5-million (four cents per share) in first quarter 2013 compared with a net loss of $300,000 (one cent per share) in first quarter 2012;
• Generated a strong operating netback of $38.65 per boe in first quarter 2013;
• Decreased operating expenses by 27 per cent to $10.81 per boe in first quarter 2013 from $14.91 in first quarter 2012 and by 8 per cent from $11.73 per boe in fourth quarter 2012;
• The company's credit facilities were expanded by $20-million to $90-million during the quarter.

                                                                     
                    FINANCIAL AND OPERATING RESULTS                    
                   ($000s, except per-share numbers)   

                                        Three months ended March 31,
                                                    2013       2012
Financial
Total petroleum and natural gas sales            $18,064     $9,587
Funds from operations (1)                         10,486      4,219
Per share -- diluted                                0.16       0.09
Net income (loss)                                  2,513       (343)
Per share -- basic and diluted                      0.04      (0.01)
Operating
Average daily production
Crude oil and NGLs (bbl/d)                         2,040      1,114
Natural gas (Mcf/d)                                8,593      2,926
Total (boe/d)                                      3,472      1,602
Average sales prices
Crude oil and NGLs ($/bbl)                         83.69      88.45
Natural gas ($/Mcf)                                 3.49       2.32
Total ($/boe)                                      57.81      65.76
Wells drilled -- gross (net)                     13 (9.1)    9 (5.5)
Drilling success rate (%)                            100        100
Operating netback ($/boe)
Oil and natural gas sales                          57.81      65.76
Realized gain (loss) on derivative contracts        1.70      (3.88)
Royalties                                          (8.69)    (10.62)
Operating costs                                   (10.81)    (14.91)
Transportation                                     (1.36)     (1.38)
Operating netback                                  38.65      34.97
  
(1) Funds from (used in) operations is a non-generally 
accepted accounting principles measure and is calculated 
as cash flow from operating activities before the change 
in non-cash working capital and abandonment expenditures.

Operations update

TriOil conducted a very successful light oil development drilling program in the first quarter. Field activity was focused at Kaybob, where the company drilled eight (5.8 net) wells and brought three (2.0 net) wells on production at the end of the quarter, while Lochend operations were limited to drilling four (2.7 net) wells with only one (1.0 net) well brought on production late in the quarter due to very early March 1 road bans.

Kaybob Dunvegan

TriOil participated in the first modern horizontal multistage completion well on the Kaybob Duvegan light oil play in late 2011. To date, the company has drilled and completed a total of 28 horizontal oil wells on the play, and Kaybob has been a major factor in the company's strong per-share reserve, production and cash flow growth over the past 18 months.

Year to date, TriOil drilled nine (6.7 net) wells at Kaybob, eight (5.7 net) of which have been completed and brought on production with the remaining one (1.0 net) well expected to be on production after breakup. Of the nine wells drilled and brought on production in 2013, seven (5.1 net) wells were booked as proved undeveloped locations, one (0.6 net) well was assigned probable reserves and one (1.0 net) well had no reserve booking in the company's year-end 2012 reserve report.

TriOil is very pleased with the results of the company's 2013 Kaybob drilling program, the early results of which are set out in the attached Kaybob drilling results for 2013 table.

           KAYBOB DRILLING RESULTS FOR 2013

Well     IP15 (% oil and NGLs)  IP30 (% oil and NGLs)

4-23            344 boe/d (84%)        266 boe/d (88%)
4-27            409 boe/d (81%)       299 boe/d) (87%)
9-22            387 boe/d (92%)
4-34            346 boe/d (89%)        304 boe/d (89%)
12-27           448 boe/d (88%)        391 boe/d (88%)
5-34            493 boe/d (89%)
4-3             509 boe/d (93%)
12-34           524 boe/d (87%)
Average         432 boe/d (88%)        315 boe/d (87%)

Kaybob continues to deliver top-tier capital efficiencies with strong netbacks of $53.53 per barrel of oil equivalent in first quarter 2013, a 16-per-cent increase from $45.98 per boe in 2012. The company's drilling and completion costs have improved to $3.4-million per well in 2013 from $4.1-million for the first few wells on the play.

Capital spending in the first quarter of 2013 was heavily weighted to Kaybob due to the March 1 road bans that curtailed field operations at Lochend. Kaybob drilling activity in second-half 2013 will be limited to five (3.1 net) wells as the company's capital program in the second half of the year will be mainly focused at Lochend.

With a derisked drilling inventory of 44 net wells at four-well-per-section spacing, plus the added potential for enhanced recovery and future downspacing, the company expects that the company's Kaybob Dunvegan asset will continue to deliver production growth for the company for a number of years.

Lochend Cardium

TriOil has built a significant land position, strong operational presence and multiyear drilling inventory in the Cardium light oil resource play at Lochend. The company owns 98 (78 net) sections on the play and has a current derisked drilling inventory of approximately 90 net horizontal wells and a large undeveloped acreage position on the expanding Lochend Cardium trend. TriOil has a 55-per-cent working interest and operates a recently expanded 20-million-cubic-foot-per-day gas facility and owns a 22-per-cent interest in the recently expanded 7,000-barrel-per-day oil battery at Lochend.

The company has drilled and executed slick-water completions on a total of 21 horizontal wells at Lochend since 2011 with strong results, as set out in the attached Lochend results table.

                                       LOCHEND RESULTS

Number of wells    IP30 (per cent oil and NGLs) IP60 (per cent oil and NGLs) IP90 (per cent oil and NGLs)

Central/west
15                      302 boe/d (76 per cent)      268 boe/d (73 per cent)      237 boe/d (70 per cent)
East
6                       180 boe/d (89 per cent)      151 boe/d (88 per cent)      135 boe/d (84 per cent)

First quarter 2013 drilling and completion activities were cut short by very early road bans that came into effect March 1, 2013, due to unseasonably mild weather. TriOil was limited to drilling four (2.7 net) wells at Lochend with only one (1.0 net) well brought on stream late in the quarter. Field conditions are looking very favourable at this time, and the company expects to be back in the field in June.

TriOil, together with area operators, has invested significant capital on the play over the past 15 months to expand the TriOil-operated gas facility to 20 million cubic feet per day and to construct and expand a 7,000-barrel-per-day oil battery.

The company has an active drilling and completion program planned for the second half of the year at Lochend and expects to drill and complete 10 (5.2 net) horizontal wells prior to year-end.

Pouce Coupe Montney

TriOil owns approximately 15.5 net sections in the Pouce Coupe/Gordondale area that are prospective for both Upper and Lower Montney. The company drilled its first Lower Montney well on the play in late 2012 and executed a newer multistage completion technique. Results to date have exceeded the company's expectations, as well as independent engineering forecasts. The new well has produced at a stable rate of approximately 3.8 million cubic feet per day and 30 barrels per million cubic feet of natural gas liquids over its initial four months of production and achieved an IP120 of 725 boe per day. To date, the well has outperformed year-end reserve estimates by approximately 500 million cubic feet and is producing at a higher than expected liquids rate of approximately 30 bbl per million cubic feet.

The company plans to monitor performance of the company's new liquids-rich Lower Montney well, together with the significant Lower Montney oil results and drilling activity by a senior producer directly, offsetting the company's Pouce Coupe/Gordondale land block, with a view to adding a Lower Montney horizontal well to the budget in the second half of 2013. TriOil has a substantial drilling inventory of 90 (40 net) horizontal Montney development wells at Pouce Coupe/Gordondale, 73 (30 net) of which are unbooked.

Financial

TriOil posted record financial results for the first quarter of 2013, primarily due to a 117-per-cent increase in production volumes over first quarter 2012 and a 23-per-cent increase in production volumes over fourth quarter 2012. Funds from operations were $10.5-million or 16 cents per share compared with $4.2-million or nine cents per share in first quarter 2012 and $8.8-million or 14 cents per share in fourth quarter 2012.

The company's operating netback of $38.65 per boe decreased 4 per cent from $40.35 per boe in fourth quarter 2012 due to a 12-per-cent decrease in average sales prices as a result of increased natural gas production from a significant new gas well at Pouce Coupe, partially offset by an 8-per-cent decrease in operating costs per boe to $10.81 per boe and a 41-per-cent decrease in royalties per boe.

In the first quarter of 2013, the company spent $32.5-million on drilling, completion and tie-in operations at Lochend and Kaybob, $3.2-million on a production facility expansion project at Lochend and major pipeline infrastructure at Lochend and Kaybob, and $10.9-million on an acquisition at Kaybob.

Outlook

TriOil has assembled a strong operating position and multiyear growth platform on three proven resource plays that provide predictable and sustainable growth for the company. The company's Lochend Cardium and Kaybob Dunvegan light oil assets continue to drive strong per-share production, cash flow and reserve growth with attractive capital efficiencies while the company's low-risk Montney liquids-rich gas asset provides the company with significant natural gas growth potential and exposure to improving natural gas markets.

TriOil has established a strong commodity hedge position to help stabilize forecast cash flow and to protect the company's capital program. The company currently has 1,700 bbl per day hedged at a fixed average price of WTI $99.23 per bbl to year-end 2013, 2,000 gigajoules per day hedged at a fixed average price of AECO $3.46 per gigajoule to year-end 2013 and 700 bbl per day hedged at a fixed average price of WTI $94.95 per bbl for calendar 2014.

After posting record production of 3,472 boe per day in first quarter 2013, TriOil reached a new high in April averaging 4,000 boe per day (62 per cent oil and NGLs) (based on April field estimates) and is on track for a strong second quarter. The company is very well positioned to meet or exceed its current guidance of an annual average of 3,900 to 4,100 barrels of oil equivalent per day and exit 2013 production of 4,400 barrels of oil equivalent per day.

Alternatives process update

The previously announced alternatives process is progressing on schedule and as planned. Further updates in respect of the company's alternative process will be made in due course. There can be no assurances or guarantees that this process will result in an acceptable transaction.

Shareholder rights plan

The board has adopted an amended and restated shareholder rights plan, effective May 21, 2013. The amended rights plan is substantially similar to the shareholder rights plan adopted, effective Feb. 22, 2013. The amendments were implemented to allow for increased shareholder participation in the context of an unsolicited bid and to comply with the requirements of new-generation rights plans. The amended rights plan was not adopted in response to, or in anticipation of, any pending, threatened or proposed acquisition or takeover bid.

The amended rights plan remains designed to provide shareholders and the board with adequate time to consider and evaluate any unsolicited bid made for the company, to provide the board with adequate time to identify, develop and negotiate value-enhancing alternatives, if considered appropriate, to any such unsolicited bid, to encourage the fair treatment of shareholders in connection with any takeover bid for the company, and to ensure that any proposed transaction is in the best interests of the company.

Shareholders meeting

The shareholders meeting has been scheduled to be held on June 25, 2013, at 2 p.m. (Calgary time) at the Metropolitan Conference Centre, 333 Fourth Ave. Southwest, Calgary, Alta. Additional details of the shareholders meeting, including the matters to be considered, are included in the management information circular to be mailed to shareholders and filed on SEDAR.

We seek Safe Harbor.