Mr. Don Streu reports

CONDOR'S POYRAZ 5 APPRAISAL WELL ENCOUNTERS OVER 140 METERS OF NET GAS PAY

Condor Petroleum Inc. has released drilling results of the Poyraz 5 appraisal well in Turkey.

Based on wireline log interpretation, the Poyraz 5 well encountered over 140 metres of net gas pay in multiple stacked reservoirs of Miocene age (Kirazli and Gazhanedere sandstone formations) and Eocene age (Sogucak carbonate formation). No gas-water contact was encountered in the Gazhanedere formation and the gas-water contact in the Sogucak formation was confirmed to be located beneath Condor's mapped structural spill point. Don Streu, Condor's president and chief executive officer, noted: "The Poyraz 5 appraisal well validates both our seismic interpretation/modelling and petrophysical analysis. The results are very encouraging as only gas-down-to volumes were used to calculate existing proved reserves. As the gas-down-to depth is now deeper based on Poyraz 5, it should positively impact reserves. Also, since our petrophysical analysis indicates that Poyraz Ridge is filled to the structural spill point, this fact should also enhance existing reserves."

Production casing has been run and cemented on Poyraz 5. The drilling rig is moving to drill Poyraz 3, which is on the same drilling pad. Completion and testing operations will commence once the drilling rig moves off the shared pad.

In Kazakhstan, the Taskuduk production contract has been executed with the government of Kazakhstan and provides for commercial production at the company's 100-per-cent-owned Taskuduk oil field. Production at Taskuduk is expected to recommence during October. The Shoba oil field, which commenced commercial production in September, continues to produce at rates exceeding 500 barrels per day as forecast.

About Condor

Condor is a Canadian-based oil and gas company with a 100-per-cent interest in the production rights to the Shoba oil field and 100-per-cent interest in the exploration rights to the 3,777-square-kilometre Zharkamys West 1 territory located in the Pre-Caspian basin in the Republic of Kazakhstan and a 100-per-cent working interest in four contiguous production licences covering 171 square kilometres located in the Gallipoli peninsula in the Republic of Turkey.

We seek Safe Harbor.