Mr. David Pinkman reports

SACCHARUM ENERGY CORP. ANNOUNCES TERMINATION OF LETTER OF INTENT WITH OIL RESERVE INC.

Saccharum Energy Corp. and Oil Reserve Inc. have mutually agreed to terminate a letter of intent with ORI dated effective July 26, 2013, entered into for the purpose of combining all of the issued and outstanding securities of Saccharum and ORI pursuant to a share exchange, amalgamation, plan of arrangement or such other comparable form of transaction. Saccharum has cited, in particular the inability to obtain the required financing and secure a senior management team, as well as the continuing impact of other negative market conditions, particularly as such relate to junior oil sands exploration businesses, as the principal reasons for its withdrawal from the transaction. They emphasize that such withdrawal was in no way a reflection on the quality of the properties. Saccharum continues to manage its oil and gas exploration and production interests, and will continue to evaluate other oil and gas business expansion and development opportunities as such may occur.