Mr. Gregg Vernon reports

PETRODORADO FILES FINANCIAL RESULTS AND MANAGEMENT DISCUSSION & ANALYSIS FOR THE THIRD QUARTER OF 2013 AND PROVIDES OPERATIONS UPDATE

Petrodorado Energy Ltd. has filed its interim financial results, and management discussion and analysis for the three and nine months ended Sept. 30, 2013, and has provided an operations update (all amounts expressed are in U.S. dollars).

Financial statements

Highlights include:

• Working capital of $24.0-million, plus $7.3-million in non-current restricted cash for a total of $31.3-million to finance exploration activities and general operations.

                               FINANCIAL HIGHLIGHTS
                                  (in U.S. dollars)  
                    
                                              Period ended          Period ended
                                            Sept. 30, 2013        Sept. 30, 2012

Working capital                                $24,034,381           $42,325,163
Exploration and 
evaluation assets                               58,130,438            59,741,834
Total assets                                    99,682,121           127,802,388
Funds used in 
operations (nine months)                         2,527,477             2,571,681
Funds used in 
operations (three months)                          915,018               632,746
Net income (loss) (nine months)                    628,469            (1,084,508)
Net income (loss) (three months)                (2,621,360)            1,040,883
Net income (loss) per 
share, basic and diluted                              
(nine months)                                         0.00                 (0.00)
Net income per share, 
basic and diluted (three                            
months)                                              (0.01)                 0.00

Complete reports and statements are available on SEDAR and on the company website.

Board and management changes

On Oct. 22, 2013, Robert Cross, an original founder of Petrodorado, was appointed to the board of directors. Mr. Cross has an extensive resource and investment banking background, and is currently a director of a number of energy and mining companies (Bankers Petroleum, BNK Petroleum, B2Gold). Following the above changes, the board of directors will consist of Douglas Urch, Gregg Vernon and Mr. Cross as chairman.

On that same date, Gregg Vernon, a director since inception, assumed the position of interim president and chief executive officer. Mr. Vernon resides in Colombia, and has been involved in the active management of a number of South American oil and gas companies (Petro Andina Resources, Prospero Hydrocarbons and Petromagdalena Energy, and currently Bochica Oil & Gas, a private company). Mr. Vernon is well positioned to ensure operational continuity, along with the support of Brian Smith, vice-president of operations, and Chris Reid, vice-president of finance and chief financial officer.

On Sept. 9, 2013, Brian Smith, PEng, agreed to terms of employment and commenced his role as vice-president of operations. Mr. Smith worked over five years for Petrominerales Ltd., where he assumed various responsibilities including the management of production operations, as well as the oversight of the testing, evaluation and development of new oil and gas wells within Colombia and Peru. He also previously worked within various subsidiaries of Schlumberger Ltd. throughout his employment there from 1988 to 2007, where his experience included time in its oil and gas operations in Canada, Saudi Arabia and Venezuela.

Talora

Petrodorado is pleased to announce that the current drilling program for the Verdal-2X well has reached a true vertical depth (TVD) of 5,000 feet, which fulfills the company's commitment with the Agencia de Hidrocarburos Nacional (ANH) in order to maintain the exploration licence on the Talora block as operator. Petrodorado plans to request permission to drill the Verdal-2X well deeper, to an approximate depth of 6,100 feet TVD, and then assess the company's options.

We seek Safe Harbor.