Mr. Hendrik Van Alphen reports

CARDERO ANNOUNCES COMPLETION OF DEBT SETTLEMENTS

Cardero Resource Corp. has completed debt settlements with a number of arm's-length creditors. Pursuant to such settlements, on Dec. 12, 2013, the company settled an aggregate of $2,690,473 of outstanding trade debts in consideration of the payment, either on closing or over time, of an aggregate of $1,038,367 in cash plus the issuance of 3,219,617 common shares at a deemed price of 16 cents per share.

"These debt settlements represent the next step in getting our financial affairs in order so as to be in a position to realize the significant value that we believe is tied up in the Carbon Creek metallurgical coal asset," stated Hendrik Van Alphen, the chief executive officer of Cardero. "We will continue to seek to improve our financial position, not only to allow the company to continue operations in a difficult market, but also to allow it to potentially take advantage of additional opportunities that present themselves in the current commodity market."

All common shares issued in the debt settlements are subject to a hold period expiring on April 13, 2014.