Mr. John McLeod reports

BOARD AND MANAGEMENT UPDATE

Emperor Oil Ltd. is providing an update regarding the board and management of the company.

At the company's annual general meeting held on July 25, 2014, the following were elected to the board of directors: Michael Dake, John G.F. McLeod, Daryn Gordon, Mark Bloom and Bassam Abu Yousef.

Following the meeting, Mr. Dake resigned as chief executive officer, and Gregory Fedun was appointed CEO and as a director of the company.

About Mr. Fedun and Mr. Usef

Mr. Usef obtained his diploma in information technology and business administration from Hebron Technical Engineering University in 1987. He began his career in the IT sector but his entrepreneurial spirit led him to start the first of his highly successful companies, Micro Data Computers, in 1991 in the United Arab Emirates. In 2001, he established Emirates Falcon Security to be followed by Emirates Falcon Industrial and Engineering Supplies in 2002 in Abu Dhabi. All the companies are still operating and under his leadership Emirates Falcon executes on average of 25 to 30 projects a year with annual revenue of $58-million.

Emirates Falcon is a specialist provider of piping materials. It offers, through its extensive network of relationships with the best local, and overseas suppliers and manufacturers, vital components to the oil and gas, petrochemical, water and power, and marine and construction sectors in the MENA (Middle East and North Africa) and Caspian belt regions. Emirates Falcon counts amongst its clients all the major regional oil and gas companies such as Saudi Aramco, ADNOC group of companies, Qatar Petroleum, PDO as well as all of the major EPC companies operating in the region. Specialized business units of Emirates Falcon complement and integrate with each other to offer a one-stop solution to the spectrum of requirements, thus providing full turnkey solutions to the sector.

Furthermore, Mr. Usef has negotiated exclusive distribution and agent agreements with some of the known global manufacturers in this arena such as U.S. Steel and Salzgitter Mannesmann to name but a few. For further information, please visit the Emirates website.

In addition, due to his reputation and expertise in emerging markets supported by his deeply entrenched relationships in the MENA region, Africa and the Caspian belt, he has originated, structured and executed numerous large-scale oil and gas, infrastructure, and mining investments from GCC and multinational companies into Africa.

Mr. Fedun

Coming from a long lineage of oil and gas professionals, Mr. Fedun has attained significant experience in the natural resource sector and in particular, the oil and gas sector. Mr. Fedun has assisted several companies in the development of their resource projects in North America, South America, Africa and the Middle East. The projects included the development and discovery of five offshore hydrocarbon assets in the Gulf of Mexico.

Mr. Fedun previously worked extensively with the Al Mualla royal family (UAE) consulting on various projects. Additionally, Mr. Fedun assisted Voyageur Oil & Gas Corp. in reforming its management team which directly resulted in Voyageur securing a business combination transaction with Anadarko Petroleum Corp. with a value in excess of $70-million.

The companies he has been associated with have raised in excess of $350-million over the past six years.

Update on projects

The company continues to conduct diligence with respect to various projects in both Africa and the Middle East, including prospective transactions pursuant to its letter of intent with the Four Winds group of companies (announced Feb. 6, 2014).

Private placement and debt settlement

In order to finance the company's overhead and administrative expenses, as well as finance the diligence required to undertake a project, the company will be completing a private placement of units for gross proceeds of up to $600,000. Each unit will be issued for five cents and will comprise a share and a 12-month warrant exercisable into a share for an exercise price of 10 cents per share.

In addition to the placement, the company will be settling $826,959.67 of debt incurred in the course of diligence and general and administrative expenses in units at a price of five cents per unit, each unit comprising a share and a 10-cent warrant for a period of 12 months. The indebtedness represents hard dollar advances to the company only and will result in the issuance of 15,539,180 shares of the company. The private placement and debt settlement are subject to regulatory approval.

We seek Safe Harbor.