Mr. Don Streu reports

CONDOR RECEIVES ZHARKAMYS CONTRACT EXTENSION

The government of Kazakhstan has approved an extension to Condor Petroleum Inc.'s Zharkamys West 1 exploration contract for 10 months until Dec. 14, 2016. The Zharkamys exploration contract will be amended in due course.

Drilling update

A drilling contractor has been selected to drill the KN-501 Primary basin well. The well location will be constructed in May, and drilling is expected to commence in June. The KN-501 well offsets the company's play opening KN-E Primary basin discovery by eight kilometers and is located under the same salt dome. The well is planned to reach 4,250 metres and is targeting 67 million barrels oil equivalent unrisked mean prospective resources (internal company estimate).

Working capital

The company's current working capital is $55-million, and the company has no debt.

Resource advisory

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

We seek Safe Harbor.