New Zealand Energy Announces Second Quarter Results and Operational Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2013) - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF) has released the results of its second quarter ended June 30, 2013. Details of the Company's financial results are described in the Unaudited Consolidated Financial Statements and Management's Discussion and Analysis which, together with further details on each of the Company's projects, will be available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

HIGHLIGHTS

Production and Development

Announced development plans for the Taranaki Basin until the end of 2014, forecasting exit production rates of 2,300 BOE/day (applying mid-case assumptions)1 48,752 barrels of oil ("bbl") produced and 49,204 bbl sold during six-month period, generating pre-tax oil sales of $5.3 million Positive net cash flow from petroleum operations during six-month period of approximately $1.7 million Average field netback during six-month period of $35.10/bbl Substantial reduction to direct production costs at Copper Moki site during June 2013 as a result of the installation of permanent production facilities 56,717 bbl produced and 59,623 bbl sold year to date (August 26, 2013), generating pre-tax oil sales of approximately $6.4 million Cumulative production of 264,938 bbl since commencement of production, generating pre-tax oil sales (including sales from pre-production testing) of approximately $28.5 million Initiated installation of artificial lift at Waitapu-2 well Received results of RPS reservoir study, providing the Company with a better understanding of Mt. Messenger reservoir characteristics and declines Lodged an application for a petroleum mining permit that will encompass the Company's Copper Moki, Waitapu, Arakamu and Wairere sites in the Eltham Permit (18.73 km2)

Acquisition of TWN Licences and TWN Assets from Origin Energy

Amended deal terms related to the acquisition, resulting in a simplified sale and reduced purchase price Entered into a binding letter agreement with L&M Energy ("L&M") to explore and operate the TWN Licences and TWN Assets, securing $18.25 million from L&M to purchase a 50% interest in the assets Obtained an extension to secure remaining required funds ($9.25 million) until September 30, 2013 Settled the HSBC operating line of credit Announced 2P reserves of 1.07 million BOE attributed to the TWN Licences (NZEC's interest)2 1 Barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. The boe conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. See Forward-looking Information for assumptions associated with production forecast.2 Reserves associated with the TWN Licences, as previously announced in an NZEC press release on June 17, 2013, will not be attributable to NZEC until the Company has completed the acquisition of assets from Origin and filed an updated Reserve report under NI 51-101. NZEC's shares of the TWN Reserves is 50%, as per the terms of the TWN Arrangement with L&M.

FINANCIAL SNAPSHOT

Six months
ended
June 30, 2013
Three months
ended
June 30, 2013
Six months
ended
June 30, 2012
Three months
ended
June 30, 2012
Total comprehensive income (loss)(Loss) earnings per share - basic and diluted

Note: The abbreviation bbl means barrel or barrels of oil.

Six-month Operating Results

During the six-month period ended June 30, 2013, the Company produced 48,752 barrels of oil and sold 49,204 barrels for total oil sales of $5,277,878, with an average oil sale price of $107.27 per barrel. Total recorded production revenue, net of a 5% royalty payable to the New Zealand Government (an average of $4.94 per barrel), was $5,034,958. Production costs during the six-month period ended June 30, 2013 totalled $3,307,876, or an average of $67.23 per barrel, generating an average field netback of $35.10 per barrel during the period. NZEC calculates the netback as the oil sale price less fixed and variable production costs and a 5% royalty. The notable reduction in netback during the six-month period ended June 30, 2013, is predominantly the result of decreased oil production. As previously announced, the Company had shut in the Waitapu-2 well during May 2013 in order to gather critical data for the Mt. Messenger reservoir study (see Reservoir Study) and to evaluate and install artificial lift.

The Company undertook a number of reservoir and production tests with the objective of optimizing oil production, and these tests have added to production costs. During the six-month period ended June 30, 2013, fixed production costs represented approximately 84% of total production costs. Installation of the Copper Moki surface facilities was completed in May and, as expected, this resulted in a reduction in production costs for the Copper Moki site during the month of June 2013, as discussed under June Operating Results - Copper Moki Site Only. Although shutting in the Waitapu-2 well in May 2013 reduced some of the fixed operating costs, the Company continues to incur costs on that site.

Three-month Operating Results

During the three-month period ended June 30, 2013, the Company produced 18,573 barrels of oil and sold 21,958 barrels for total oil sales of $2,216,815, with an average oil sale price of $100.96 per barrel. Total recorded production revenue, net of a 5% royalty payable to the New Zealand Government (an average of $4.88 per barrel), was $2,109,700. Production costs during the three-month period ended June 30, 2013 totalled $1,616,471, or an average of $73.62 per barrel, generating an average field netback of $22.46 per barrel during the period.

As demonstrated in Six-month Operating Results, reduced production following the shut-in of Waitapu-2 greatly impacted the three-month netback results, although this was partially offset by reduced production costs related to the Copper Moki site following the commissioning of surface facilities (see June Operating Results - Copper Moki Site Only).

June Operating Results - Copper Moki Site Only

The Company is starting to see the positive effect on production costs of installation of surface facilities as reflected in reduced production costs related to the Copper Moki site during June 2013. Following the commissioning of surface facilities on the Copper Moki site in May 2013, the Company incurred direct production costs of approximately $165,000 to produce 4,740 barrels of oil, which amounted to $34.81 per barrel during the month of June 2013, a significantly lower production cost per barrel than the quarterly average of $73.62 per barrel. This is also comparable to management's estimate of well-site production costs of NZ$40 per barrel as assumed in management's forecast of cash flows from operations referenced in the Company's August 6, 2013 press release.

Considering the proportion of fixed production costs reported for the quarter ended June 30, 2013, as well as netbacks reported in prior periods, the direct production costs per barrel is reflective of the economies of scale. Thus, further savings should arise from higher production levels from future developments.

At August 26, 2013, the Company had an estimated $4.6 million in net working capital.

ACQUISITION OF INTEREST IN UPSTREAM AND MIDSTREAM ASSETS

As previously announced, the Company has entered into an agreement with Origin Energy Resources NZ (TAWN) Limited ("Origin") to acquire three (net) petroleum mining licences in the Taranaki Basin totalling 23,049 acres (93.3 km2) - the Tariki, Waihapa and Ngaere Licences (the "TWN Licences") - as well as the Waihapa Production Station and associated gathering and sales infrastructure (the "TWN Assets"). On August 12, the Company announced that Origin had agreed to extend the deadline for satisfying the financing condition precedent for the acquisition from August 14, 2013 to September 30, 2013, and to extend the deadline for obtaining the required government approvals from September 13, 2013 to October 14, 2013. In exchange, the Company agreed to increase its acquisition deposit to $6 million.

L&M Letter Agreement to Form Joint Arrangement

On July 30, 2013, the Company announced that it had entered into a binding agreement (the "L&M Letter Agreement") with L&M Energy ("L&M") to form a 50/50 joint arrangement to explore, develop and operate the TWN Licences and the TWN Assets. Once the joint arrangement is completed, the Company and L&M will each own 50% of the TWN Licences and will also hold a 50% interest in the TWN Assets (the "TWN Joint Arrangement"). The reserves and resources estimated for the TWN Licences, as announced on June 17, 2013, will be attributable to NZEC on a 50% basis upon closing of the acquisition and the TWN Joint Arrangement, and filing of an updated reserve report.

Under the terms of the L&M Letter Agreement, L&M will contribute $18.25 million towards the approximately $33.5 million purchase consideration agreed to under the Origin Sale and Purchase Agreement, in order to obtain a 50% interest in the TWN Joint Arrangement. L&M will also contribute 50% of all future development and operating expenditures.

The Company will become the operator of the TWN Joint Arrangement, and decisions regarding exploration, development and operations of the TWN Joint Arrangement will be made by management committees with equal representation from both the Company and L&M.

The Company will be responsible for funding the $15.25 million balance of the $33.5 million purchase consideration agreed to under the Origin Sale and Purchase Agreement. The Company has paid a $6 million acquisition deposit to Origin, leaving $9.25 million to be funded to complete the acquisition.

The concurrent completion of the acquisition and the L&M Letter Agreement is subject to the Company placing the remainder of the purchase price into an escrow account by September 30, 2013, Origin and Contact consenting to L&M becoming a party to the definitive agreements, as well as receiving the relevant government approvals.

PROPERTY REVIEW

Taranaki Basin

The Taranaki Basin is situated on the west coast of the North Island and is currently New Zealand's only oil and gas producing basin, with total production of approximately 130,000 barrels of oil equivalent per day ("boe/d") from 18 fields. Within the Taranaki Basin, NZEC holds a 100% interest in the Eltham Permit, a 65% interest in the Alton Permit in joint arrangement with L&M, and a 60% interest in the Manaia Permit in joint arrangement with New Zealand Oil & Gas ("NZOG"). The Eltham Permit covers approximately 93,166 acres (377 km2) of which approximately 31,877 acres (129 km2) are offshore in shallow water. The Alton Permit covers approximately 119,204 onshore acres (482 km2). The Manaia Permit covers approximately 27,426 onshore acres (111 km2) and was granted to NZEC and NZOG in December 2012 as part of the annual New Zealand block offer for exploration permits.

NZEC also expects to acquire 50% of the three TWN Licences and to hold a 50% interest in the TWN Assets upon completion of the acquisition of assets from Origin, as outlined in Acquisition of Interest in Upstream and Midstream Assets.

Production

At the date of this MD&A, three of the Company's four commercially producing wells are in active production. The Waitapu-2 well is currently shut in and installation of artificial lift and surface facilities is underway. During the quarter, the Company also temporarily shut-in its Copper Moki-3 well to replace the down-hole pump, which seized as a result of fines settling in the pump during commissioning of the Copper Moki surface facilities. The wells are producing light oil that is trucked to the Shell-operated Omata Tank Farm and sold at Brent pricing. Cumulatively, as of the date of this report, the Company has produced approximately 264,938 barrels of oil, with cumulative pre-tax oil sales of approximately $28.5 million, including sales from oil produced during testing (net results of operations are discussed under Results of Operations). The wells have consistently produced between 123 bbl/d and 162 bbl/d since July 1, 2013, with an average production rate of 144 bbl/d, indicating that oil production from the Copper Moki wells appears to have stabilized. Over 26 production days in August 2013, the wells have collectively produced oil at an average rate of 139 bbl/d and extracted gas at an average rate of 490 mcf/d. The Company is not yet generating cash flows from extracted gas.

Copper Moki-1 has been producing since December 10, 2011, Copper Moki-2 since April 1, 2012 and Copper Moki-3 since July 2, 2012. All three wells produce ~41° API oil from the Mt. Messenger formation and flowed from natural reservoir pressure until October 2012, when NZEC installed artificial lift (pump jacks) to stabilize production rates.

Waitapu-2 commenced production on December 20, 2012 and was shut-in in May 2013 as described above. The well produces ~40° API oil from the Mt. Messenger formation and flowed from natural reservoir pressure until shut-in. Installation of artificial lift is currently underway. In addition to installation of artificial lift, during the period the Company ran down-hole gauges into Waitapu-2 that measures the bottom hole temperature and pressure of the reservoir. These data were critical to the recently completed Mt. Messenger reservoir study (see below).

Reservoir Study

Production declines from the Copper Moki wells have been greater than expected and this prompted the Company to initiate an independent reservoir study through RPS Group PLC, a world leader in well evaluation. The study provided the Company with a better understanding of reservoir characteristics and declines, based on data from Waitapu-2, the three Copper Moki wells, and other Mt. Messenger wells in the region.

The RPS study concluded that declines are not related to wax buildup or mechanical issues. Information from the study and from a proprietary database merging five 3D seismic surveys has allowed the Company to refine its Mt. Messenger exploitation strategy, which includes:

Choosing optimally sized targets based on interpretation of the merged 3D dataset, Reducing costs by drilling multiple wells from each pad, and Prioritization of targets close to the Waihapa Production Station to expedite tie-in.

The Mt. Messenger formation remains an integral part of the Company's development plans, as described in the Outlook section. These development plans include the Horoi-1 well, which is expected to be drilled later this year on the Alton Permit.

Application for Eltham Petroleum Mining Permit

During the quarter ended June 30, 2013, the Company lodged an application for a petroleum mining permit that will have an initial duration of 15 years. This petroleum mining permit will cover 18.73 km2 within the area currently included under the Company's Eltham Permit and includes all sites on which the Company had previously drilled its ten exploration wells (i.e. the Copper Moki site, Waitapu site, Arakamu site, and the Wairere site). A successful application for the petroleum mining permit will extend the duration that the Company is able to operate within the area covered by the permit, and will also reduce the surface area within the existing Eltham Permit that will be subject to relinquishment in September 2013 when the Eltham Permit is due for extension.

East Coast Basin

The East Coast Basin of New Zealand's North Island hosts two prospective oil shale formations, the Waipawa and Whangai, which are the source of more than 300 oil and gas seeps. Within the East Coast Basin, NZEC holds a 100% interest in the Castlepoint Permit, which covers approximately 551,042 onshore acres (2,230 km2), and a 100% interest in the Ranui Permit, which covers approximately 223,087 onshore acres (903 km2) and is adjacent to the Castlepoint Permit. NZEC is considering relinquishing the Ranui Permit but has not yet made a definitive decision in this regard. On September 3, 2010, NZEC applied to the Minister of Energy to obtain a 100% interest in the East Cape Permit. The application is uncontested and the Company expects the East Cape Permit to be granted to NZEC upon completion of New Zealand Petroleum & Minerals' ("NZPAM") review of the application. The East Cape Permit covers approximately 1,067,495 onshore acres (4,320 km2) on the northeast tip of the North Island. In addition, NZEC has entered into a binding agreement with Westech to acquire 80% ownership and become operator of the Wairoa Permit, which covers approximately 267,862 onshore acres (1,084 km2) south of the East Cape Permit. Preliminary approval of transfer of ownership was obtained from NZPAM on December 20, 2012 and formation of a joint arrangement with Westech is subject to final NZPAM approval.

The Company has completed the coring of two test holes on the Castlepoint Permit. The Orui (125 metres total depth) and Te Mai (195 metres total depth) collected core data across the Waipawa and Whangai shales. NZEC also completed a test hole on the Ranui Permit. Ranui-2 was drilled to 1,440 metres, coring the Whangai shale across several intervals. In Q2-2012, NZEC completed 70 line km of 2D seismic data across the Castlepoint and Ranui permits to further its technical understanding of the area and identify targets for exploration in 2013.

The Wairoa Permit has been actively explored for many years, with extensive 2D seismic data across the permit and log data from more than 15 wells drilled on the property. Historical exploration focused on the conventional Miocene sands. NZEC's technical team has identified conventional opportunities as well as potential in the unconventional oil shales that underlie the property. NZEC's team knows the property well and provided extensive consulting services (through the consulting company Ian R Brown Associates) to previous permit holders, assisting with seismic acquisition and interpretation, well-site geology and regional prospectivity evaluation. In addition, NZEC's team assisted with permitting and land access agreements and worked extensively with local district council, local service providers, land owners and iwi groups, allowing the team to establish an excellent relationship with local communities. During Q1-2013 the Company completed a 50 km 2D seismic program on the property, the results of which are currently being processed and reviewed and will help to identify exploration targets on the permit.

OUTLOOK

On August 6, 2013, the Company announced its updated plans to develop its oil and gas assets in the Taranaki Basin, including its plans for exploration and development of the TWN Licences and integration of the TWN Assets. Completing the acquisition of the TWN Licences and TWN Assets will be transformative for NZEC, resulting in a fully integrated upstream/midstream company with the cash flow, infrastructure and inventory to support long-term growth.

Taranaki Basin

Owning 50% of the TWN Assets and TWN Licences will allow NZEC to optimize development of its existing permits. The gas supply that NZEC has identified to reactivate gas lift and production from existing Tikorangi wells on the TWN Licences will provide the blending gas required to deliver NZEC's Copper Moki gas to market, bringing additional cash flow to NZEC from the Copper Moki wells. The Company also plans to build a pipeline to connect the Waitapu-2 well to the Copper Moki site and is currently evaluating the economics of this initiative. The pipeline would effectively tie in the Waitapu gas production (and associated liquefied petroleum gas or "LPG") into the Waihapa Production Station via the Copper Moki pipeline.

As NZEC continues to explore the Eltham and Alton permits, the Company will focus on drill targets that are close to the Waihapa Production Station and associated pipelines, allowing for rapid and cost effective tie-in of both oil and gas production.

NZEC has prepared a detailed financial and production model outlining the exploration and development program for its Taranaki assets that has allowed the Company to forecast the impact of those activities on its production and cash flow. NZEC's activities planned to the end of 2014 in the Taranaki Basin are outlined in the table below:

PLANNED POST ACQUISITION WORK PROGRAMProduction Impact
(Exit 2014)
Tikorangi well reactivations
-- Reactivate six existing Tikorangi wells with gas lift
-- High volume lift installation on two initial wellsIncluded in 2014
production belowMt. Messenger development
-- Waitapu artificial lift and tie-inTwo Mt. Messenger uphole completions in existing wells
-- Horoi exploration well (including surface infrastructure)Included in 2014
production belowTikorangi Well Reactivations
-- Increase water handling capacity at Waihapa Production Station
-- High volume lift installation on four remaining wellsNew Tikorangi wells
-- Drill two new Tikorangi wellsMt. Messenger development
-- Three new Mt. Messenger wells (including surface infrastructure)Kapuni development (cost to be funded by new JV partner)
-- Two new Kapuni wellsSeismic acquisition, G&G studies and OtherExit 2,300 boe/day
(including production from
existing wells)

The forecast on which the above information is based reflects management's mid-case production assumptions, while capital costs indicate management's net share of the capital cost to be incurred by the TWN Joint Arrangement.

Development and operating costs in the first 12 months following the date of this report are to be funded initially by existing working capital and cash flows from production. However, in order to carry out all of the planned development activities, the Company is considering a number of options to increase its financial capacity. These options include increasing cash flow from oil production, additional joint arrangements, commercial arrangements or other financing alternatives. For the assumptions related to the production forecast, refer to the full Management's Discussion & Analysis filed on the Company's website and on SEDAR.

East Coast Basin

NZEC has drilled two stratigraphic holes on its 100% working interest Castlepoint Permit and one stratigraphic hole on its 100% working interest Ranui Permit. These three stratigraphic test wells have advanced NZEC's understanding of the Waipawa and Whangai formations. A review of the geochemical and physical properties of the two shale packages, coupled with information from seismic data, has focused NZEC's exploration strategy for the area. The Company is actively seeking a joint venture partner for its East Coast permits. The Company is currently considering its plans for the Ranui Permit, including possible relinquishment of the permit.

NZEC has applied to NZPAM to extend the deadline for drilling the exploration well on the Castlepoint Permit to Q2-2014, while the Company continues to work towards obtaining the requisite consents and land access agreements for the Castlepoint Permit drill locations. The Company has met regularly with local communities to discuss its exploration plans.

NZEC completed a 50-km 2D seismic survey on the Wairoa Permit in Q2-2013 and is currently processing the data. The Company will finalize its exploration plans for the permit after reviewing all of the seismic and well log data.

The Company's application for the East Cape Permit is uncontested and NZEC expects the permit to be granted upon completion of NZPAM's review of the application.

SUMMARY OF QUARTERLY RESULTS

Exploration and evaluation assetsTotal comprehensive income (loss)Basic (loss) earnings per shareDiluted (loss) earnings per shareExploration and evaluation assetsTotal comprehensive income (loss)Basic (loss) earnings per shareDiluted (loss) earnings per share

On behalf of the Board of Directors

John Proust, Chief Executive Officer & Director

About New Zealand Energy Corp.

NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers approximately 2.25 million acres (including permits and acquisitions pending) of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol "NZ" and on the OTCQX International under the symbol "NZERF". More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION

This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the words "will", "intend", "objective", "become", "transforming", "potential", "continuing", "pursue", "subject to", "look forward", "unlocking" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. This document contains forward-looking statements and assumptions pertaining to the following: business strategy, strength and focus; the granting of regulatory approvals; the timing for receipt of regulatory approvals; geological and engineering estimates relating to the resource potential of the properties; the estimated quantity and quality of the Company's oil and natural gas resources; supply and demand for oil and natural gas and the Company's ability to market crude oil and natural gas; expectations regarding the Company's ability to continually add to reserves and resources through acquisitions and development; the Company's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the Company's ability to raise capital on appropriate terms, or at all; the ability of the Company to obtain the necessary approvals and secure the necessary financing to conclude the acquisition of assets from Origin on schedule, or at all; the ability of the Company to obtain the necessary approvals to conclude the TWN Joint Arrangement on schedule, or at all; the ability of the Company's subsidiaries to obtain mining permits and access rights in respect of land and resource and environmental consents; the recoverability of the Company's crude oil, natural gas reserves and resources; and future capital expenditures to be made by the Company.

Actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and elsewhere in the document, such as the speculative nature of exploration, appraisal and development of oil and natural gas properties; uncertainties associated with estimating oil and natural gas resources; changes in the cost of operations, including costs of extracting and delivering oil and natural gas to market, that affect potential profitability of oil and natural gas exploration; operating hazards and risks inherent in oil and natural gas operations; volatility in market prices for oil and natural gas; market conditions that prevent the Company from raising the funds necessary for exploration and development on acceptable terms or at all; global financial market events that cause significant volatility in commodity prices; unexpected costs or liabilities for environmental matters; competition for, among other things, capital, acquisitions of resources, skilled personnel, and access to equipment and services required for exploration, development and production; changes in exchange rates, laws of New Zealand or laws of Canada affecting foreign trade, taxation and investment; failure to realize the anticipated benefits of acquisitions; and other factors. Readers are cautioned that the foregoing list of factors is not exhaustive. Statements relating to "reserves and resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can be profitably produced in the future. This document includes references to management's forecasts of future development, production and cash flows from such operations. The major assumptions applied by management are outlined in the MD&A, published on the Company's website and on SEDAR. The forward-looking statements contained in the document are expressly qualified by this cautionary statement. These statements speak only as of the date of this document and the Company does not undertake to update any forward-looking statements that are contained in this document, except in accordance with applicable securities laws.

CAUTIONARY NOTE REGARDING RESERVE ESTIMATES

The oil and gas reserves calculations and income projections were estimated in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH") and National Instrument 51-101 ("NI 51-101"). The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six Mcf: one bbl was used by NZEC. This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on: the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates. Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. Revenue projections presented are based in part on forecasts of market prices, current exchange rates, inflation, market demand and government policy which are subject to uncertainties and may in future differ materially from the forecasts above. Present values of future net revenues do not necessarily represent the fair market value of the reserves evaluated. The report also contains forward-looking statements including expectations of future production and capital expenditures. Information concerning reserves may also be deemed to be forward looking as estimates imply that the reserves described can be profitably produced in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause the actual results to differ from those anticipated.


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Africa Oil Second Quarter of 2013 Financial and Operating Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 28, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three and six months ended June 30, 2013.

On the back of the successful exploration activities in Kenya during 2012, the Company, together with its partners, continues to ramp up its exploration program in Kenya and Ethiopia. Entering the year, two Tullow-Africa Oil joint venture rigs were operating in Kenya and one joint venture rig was operating in Ethiopia. A fourth Tullow-Africa Oil joint venture rig has been secured and is expected to commence testing and drilling operations in Kenya on Blocks 10BB and 13T during October 2013. The Company, as operator, and its partner in Block 9 (Kenya) have secured a fifth rig, which will commence drilling operations in September 2013. In addition, the Company and its partners in Block 7/8 (Ethiopia) have secured a sixth rig, which will commence drilling operations in September 2013. For a period, the Company will have six drilling rigs operating and expects to exit the year with five rigs operating in the region. The Company plans to have drilled ten exploration wells and to have tested four wells across its exploration blocks during 2013 During the first half of the year, the Company completed a series of well tests at both Twiga South-1 and Ngamia-1 on Blocks 13T and 10BB in Kenya, respectively. These successful well tests confirmed over 5,000 barrels of oil per day ("bopd") flow potential per well and a doubling of our previous estimates of net oil pay. Ekales-1, the next exploration well in the Basin Bounding Fault Play and on trend with Ngamia-1 and Twiga South-1, commenced drilling in July. Transient Pressure Analysis has been conducted on the Twiga South-1 and Ngamia-1 well tests. No pressure depletion was recorded over the duration of the tests. Flow periods ranged from 0.5 to 2.5 days and build up periods ranged between 3 to 12 days. Upon completing testing operations at Ngamia-1 in Block 10BB, the Weatherford 804 rig mobilized to the Ekales-1 well in Block 13T. The Ekales prospect is located on the main basin bounding fault midway between the Ngamia-1 and Twiga South-1 discoveries and is targeting the same formations that were productive in these discoveries. The well spud in July and is expected to be completed around end September. In July, the Company announced a new major oil discovery at Etuko-1. Etuko-1 is located 14 kilometers east of Twiga South-1 in Block 10BB and is the first test of the Basin Flank Play in the eastern part of the Basin. The well encountered approximately 40 meters of net oil pay in the Auwerwer and Upper Lokhone targets and approximately 50 meters of additional potential net pay in the Lower Lokhone interval. The well will be tested later in the year. In July, the Company reported that the Sabisa-1 well on the South Omo Block in Ethiopia, the most northerly well drilled on the Tertiary rift trend to date, had confirmed a viable hydrocarbon system with oil and heavy gas shows. Based on the encouragement of the results, the decision was made to drill the Tultule-1 as the next well on the South Omo Block. This well is expected to spud around the end August. In the first quarter of 2013, the Company and its operating partners on Block 10A completed drilling the Paipai-1 exploration well. The Paipai-1 well tested a large four-way closed structure with Cretaceous-age sandstone targets at multiple depths. Paipai-1 spudded in September 2012 and completed drilling in the first quarter of 2013 to a total depth of 4,255 meters. Light hydrocarbons were encountered while drilling a 55 meter thick gross sandstone interval. Attempts to sample the reservoir fluid were unsuccessful and the hydrocarbons encountered while drilling were not recovered to surface. The Company and its partners were unable to test the well at the time due to the unavailability, in country, of testing equipment capable of handling the higher reservoir pressures encountered at this depth. As a result, the well has been temporarily suspended pending further data evaluation. The Company and its partner on Block 9 are currently planning to drill one exploration well in 2013. Block 9 is in the Cretaceous rift basin on trend with the South Sudan oil fields and the play concept was confirmed by the recent Paipai-1 well drilled in Block 10A. Two major prospects, Bahasi-1 and Sala-1, with large volume potential have been identified. The Company, as operator, and its partners in Block 9 have completed construction of the access road and well site for the Bahasi-1 exploration well. The Greatwall GW190 rig has commenced mobilization to site and the well is expected to spud in September. The Company and its partners continue to focus on the El Kuran oil accumulation on Block 8, discovered in the early 1970's. After completing reservoir characterization studies, the Company focused efforts on testing and completion strategies for producing commercial quantities of oil and gas. The Company and its joint operating partners on Blocks 7/8 (New Age operated) are planning to drill and test the El Kuran-3 appraisal well. The well site has been constructed, erection of the rig is ongoing at site and the well is expected to spud in September 2013. The Company continues to actively acquire, process and interpret 2D seismic over Blocks 10BA, 10BB, 12A, 13T and South Omo. In addition, the Company and its partner in Blocks 10BB and 13T will mobilize a 3D seismic crew to complete a 550 square kilometer 3D seismic survey over the Ngamia and Twiga structures later in 2013. In first quarter of 2013, the Company executed a PSC for the Rift Basin Area in Ethiopia. Located north of the South Omo Block, the Rift Basin Area covers 42,519 square kilometers. This block is on trend with highly prospective blocks in the Tertiary rift valley including the South Omo Block in Ethiopia, and Kenyan Blocks 10BA, 10BB, 13T, and 12A. The Company commenced acquiring a Full Tensor Gradiometry survey in May 2013, which is approximately 70% complete, and is conducting an exhaustive environmental and social impact assessment over the block in preparation for a seismic program in 2014. Africa Oil ended the quarter in a strong financial position with cash of $179.5 million and working capital of $141.2 million.

Keith Hill, President and CEO, commented, "Africa Oil is very encouraged with the results of our first three exploration wells in the Lokichar basin. Our fully funded 2013 work program is focused on drilling and testing multiple wells in the Lokichar sub-basin in Kenya in an effort to reach commercial thresholds and on drilling multiple potential basin-opening wells across its vast East African exploration acreage."

Second Quarter 2013 Financial and Operating HighlightsConsolidated Statement of Net Income (Loss) and Comprehensive Income (Loss)(Thousands of United States Dollars)Three months
ended
June 30,
2013
Three months
ended
June 30,
2012
Six months
ended
June 30,
2013
Six months
ended
June 30,
2012
Stock exchange and filing feesImpairment of intangible exploration assetsNet income (loss) and comprehensive income (loss)Net income (loss) and comprehensive income (loss) attributable to non-controlling interestNet loss and comprehensive loss attributable to common shareholdersNet loss attributable to common shareholders per shareWeighted average number of shares outstanding for the purpose of calculating earnings per share

Operating expenses increased $3.8 million for the three months ended June 30, 2013 compared to the prior year due mainly to an increase of $6.5 million in stock-based compensation relating to the 5,673,500 options granted in the current period. The increase was offset partially by a decrease of $3.1 million in professional fees due to finder fees paid in shares during the second quarter of 2012. The remaining $0.4 million increase can be attributed to increased salary and travel related costs associated with increased headcount and operational activity.

Operating expenses increased $1.2 million for the six months ended June 30, 2013 compared to the prior year due mainly to an increase of $6.6 million in stock-based compensation relating to the 5,673,500 options granted in the current period. The increase was offset by a decrease of $3.2 million in professional fees due to finder fees paid in shares and $3.1 million in impairment of intangible exploration assets relating to the abandonment of Blocks 7 and 11 in Mali during the prior period. The remaining $0.8 million increase can be attributed to increased salary and travel related costs associated with increased headcount and operational activity.

Financial income and expense is made up of the following items:

Three months
ended
June 30,
2013
Three months
ended
June 30,
2012
Six months
ended
June 30,
2013
Six months
ended
June 30,
2012
Fair value adjustment - warrants

The loss on revaluation of marketable securities is the result of a decrease in the value of 10 million shares held in Encanto Potash Corp which were acquired as part of the acquisition of Lion. These shares were sold during the first quarter of 2012.

At June 30, 2013, nil warrants were outstanding in AOC and 53.4 million warrants were outstanding in Horn. AOC holds 13.3 million of the warrants outstanding in Horn. The Company recorded a $0.2 million gain on the revaluation of warrants for the three months ended June 30, 2013 and a $2.9 million gain for the six months ended June 30, 2013, due to a reduction in the volatility of the shares of Horn combined with a reduction in the remaining life of the warrants. The Company will incur fair market value adjustments on the Horn warrants until they are exercised or they expire (43,868,527 expire September 20, 2013, 9,375,000 expire June 8, 2014, 156,248 expire June 11, 2014, and 15,000 expire June 18, 2014).

Interest income increased in the first six months of 2013 due to a significant increase in cash late in the fourth quarter of 2012 as a result of cash received from the non-brokered private placement in December of 2012.

The foreign exchange gains and losses are the direct result of changes in the value of the Canadian dollar in comparison to the US dollar. The Company's cash holdings are primarily in US and Canadian currency.

(Thousands United States Dollars)Accounts payable and accrued liabilitiesEquity attributable to common shareholders

The increase in total assets from December 31, 2012 to June 30, 2013 is primarily attributable to intangible asset expenditures incurred during the quarter in Kenya, Ethiopia and Puntland (Somalia).

Consolidated Statement of Cash Flows(Thousands United States Dollars)Three months
ended
June 30,
2013
Three months
ended
June 30,
2012
Six months
ended
June 30,
2013
Six months
ended
June 30,
2012
Cash flows provided by (used in):Net income (loss) and comprehensive income (loss) for the periodImpairment of intangible exploration assetsFair value adjustment - warrantsUnrealized foreign exchange lossChanges in non-cash operating working capitalProperty and equipment expendituresIntangible exploration expendituresProceeds from sale of marketable securitiesChanges in non-cash investing working capitalDeposit of cash for bank guaranteeEffect of exchange rate changes on cash and cash equivalents denominated in foreign currencyDecrease in cash and cash equivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of period

The decrease in cash for the three and six months ended June 30, 2013 is mainly the result of intangible exploration expenditures and cash-based operating expenses.

Consolidated Statement of Equity(Thousands United States Dollars)Shares to be issued in lieu of professional feesNet loss and comprehensive loss attributable to common shareholdersTotal equity attributable to common shareholdersNon-controlling interest on issuance of Horn sharesNet income (loss) and comprehensive income (loss) attributable to non-controlling interest

The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three and six months ended June 30, 2013 and the 2012 Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com).

Outlook

The Company is significantly increasing the pace of exploration. For a period during the last half of the year, the Company will have six drilling rigs operating and expects to exit the year with five rigs operating.

The Ngamia-1, Twiga South-1 and Etuko-1 light oil discoveries in the Lokichar sub-basin, combined with positive results from reservoir analysis and flow rate tests at Ngamia-1 and Twiga South-1, has led to a significant increase in the pace of exploration focused on tertiary rift basins. The Company and its joint venture partners in the tertiary rift play in east Africa plan to have four rigs operating by the end of 2013. The near term focus of these rigs is to continue drilling and testing wells in the Lokichar sub-basin in Kenya with improved efficiencies in an effort to continue building its contingent resource base, and to drill potential basin-opening wells in the Turkana, Chew Bahir, and Kerio basins in the tertiary rift play within Kenya and Ethiopia. Resources discovered to date are of a scale that the Tullow-Africa Oil joint venture partnership will initiate discussions with the Government of Kenya and other relevant stakeholders to consider development options. These discussions include consideration of a "start-up phase" oil production system with potential to deliver significant production rates with oil export via road or rail in advance of a full-scale pipeline development. The Company and its partners will continue to acquire seismic data throughout the tertiary rift in Kenya and Ethiopia in an effort to add to its existing portfolio of drill-ready prospects.

The Company and its operating partner in Block 9 in Kenya are currently mobilizing Greatwall GW190 rig to drill the Bahasi-1 exploratory well. This well which is planned to spud in September will be drilled on a large anticlinal structure targeting tertiary and cretaceous sandstones where six billion barrels of oil was discovered along trend in Sudan in a similar geologic setting. A follow-up well is also being considered in early 2014 in Block 9. The Company and its operating partners in Blocks 7/8 in Ethiopia are currently mobilizing a rig to drill a well to appraise reservoir characteristics of Jurassic carbonates on the El Kuran oil accumulation. The main focus of this well which is expected to spud in September, is to establish commercial rates with acidizing, fraccing and horizontal sidetracks being considered.

Based on the encouragement provided by the Shabeel wells, the Company and its partners entered the next exploration period in both the Dharoor Valley and Nugaal Valley PSAs which carry a commitment to drill one well in each block within an additional three year term ending October 2015. The current operational plan is to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland Government regarding drill ready prospects in the Nugaal Valley block. The focus of the Dharoor Valley block seismic program will be to delineate new structural prospects for the upcoming drilling campaign. Horn has been in discussion with potential joint venture partners and is reviewing new venture opportunities in the region.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 250,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. Two new significant discoveries have been announced in the Lokichar basin in which the Company holds a 50% interest along with operator Tullow Oil plc. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward- looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

ON BEHALF OF THE BOARD

"Keith C. Hill", President and CEO

Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.

Neither the TSX Venture Exchange nor its Regulation Services Pareto Provider Öhman (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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Agentur f�r Energieregulierung in Alberta genehmigt Antrag auf HCSS-Demoprojekt auf Liegenschaften von Deep Well

SOURCE: Deep Well Oil & Gas, Inc.

Deep Well Oil & Gas, Inc.

EDMONTON, ALBERTA--(Marketwired - Aug 27, 2013) - Deep Well Oil & Gas, Inc. (und seine Tochtergesellschaften Northern Alberta Oil Ltd. und Deep Well Oil & Gas, Inc. - "Deep Well" oder das "Unternehmen")(OTCQB: DWOG) teilt mit, dass die Energieregulierungsstelle Alberta Energy Regulator ("AER", das ehemalige Energy Resources Conservation Board bzw. ERCB) einen von dem Unternehmen bei AER eingereichten Erschließungsantrag unter Einsatz der horizontalen zyklischen Dampfstimulation ("HCSS") genehmigt hat. Dabei geht es um das geplante Aufbereitungsprojekt auf der einen Hälfte einer Liegenschaft, die an der Kreuzung 10-92-13W5 in der Nähe von Sawn Lake (Alberta) gelegen ist. Diese Genehmigung bezieht sich auf eine Liegenschaft, die sich derzeit zu 90% im Besitz von Deep Well befindet. MP West Canada SAS, eine hundertprozentige Tochter der Saint-Aubin Energy (die zu einem Drittel Maurel et Prom und zu zwei Dritteln MPI, zwei in Paris an der Börse gelisteten Unternehmen gehört), hat die Option, zusätzlich zu dem bisher bekannt gegebenen SAGD-Projekt mit bis zu 45% aktiver Beteiligung an diesem HCSS-Projekt zu partizipieren, indem sie sich verpflichtet, zusätzliche 110.000.000 US-Dollar an Finanzierung zu leisten.

Im September 2009 hatte Deep Well bei der AER einen Antrag auf die gewerbliche Aufbereitung von Bitumen gestellt, um eine unserer Quellen für eine potenzielle Erschließung mittels der zyklischen Dampfstimulation ("CSS") an einer unserer vertikalen Quellen einzuschätzen. Im Oktober 2010 wurde dieser Antrag durch die AER genehmigt. Im Februar 2012 reichte Deep Well bei der AER einen Änderungsantrag zu dem vorher genehmigten CSS-Antrag ein mit dem Ziel, ein HCSS-Aufbereitungsverfahren statt des vertikalen CSS an der Quelle einzusetzen.

Die Änderung des Produktionsplans von Deep Well entstand aus der Lagerstättenmodellierung durch DeGoyler und MacNaughton Canada ("D&M"). Diese Modelle zeigten die Ergebnisse einer thermischen Aufbereitung mithilfe des horizontalen CSS-Verfahrens mit optimierten Aufbereitungsfaktoren für bestimmte Bereiche der Deep Well-Lagerstätte.

Diese AER-Genehmigung für das von Deep Well geplante thermische Aufbereitungsprojekt in der Nähe von Sawn Lake auf einem halben Abschnitt der Liegenschaft an der Kreuzung 10-92-13W5 ist die Genehmigung, die noch fehlte, bevor ernsthafte Arbeiten in Angriff genommen werden konnten.

Diese Pressemitteilung enthält zukunftsgerichtete Aussagen, u.a. solche zu beabsichtigten Tätigkeiten und Terminen für die Produktion im Sawn-Lake-Gebiet. Die Wörter oder Fügungen "würde", "soll", "wird erlauben", "beabsichtigen", "wird wahrscheinlich dazu führen", "erwartet", "wird weiterhin", "wird beabsichtigt", "potenziell", "Aufbereitung", "aufbereitbar", "Aufbereitungsfähigkeit", "Schätzung", "Prognose", "Projekt" oder ähnliche Ausdrücke sind dazu bestimmt, zukunftsgerichtete Aussagen anzuzeigen. Die tatsächlichen Ergebnisse können wesentlich von den Ergebnissen abweichen, die in dem von der Gesellschaft geplanten Geschäft im Zusammenhang mit Erdöl und Gas prognostiziert und in dieser Pressemitteilung beschrieben werden. Das Geschäft der Gesellschaft und die Umsetzung der in dieser Pressenotiz angegebenen Ergebnisse unterliegen verschiedenen Risiken, die in den vom Unternehmen bei der SEC eingereichten Unterlagen diskutiert werden. Die Einreichungen des Unternehmens können im Edgar-System der SEC eingesehen werden auf www.sec.gov. Die in diesem Dokument aufgestellten Aussagen beziehen sich auf das Datum dieser Pressemitteilung und man darf sich nicht auf zu einem späteren Zeitpunkt verlassen. Das Unternehmen weist die Leser darauf hin, sich nicht in unzulässiger Weise auf derartige Aussagen zu verlassen. Sofern nicht anderweitig gesetzlich vorgeschrieben, verpflichten wir uns nicht und lehnen ausdrücklich jede Haftung zur Verpflichtung ab, in die Zukunft gerichtete Aussagen um Vorkommnisse, Entwicklungen, unvorhergesehene Ereignisse oder Umstände nach dem Datum einer solchen Aussage zu aktualisieren.


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Marauder Resources East Coast Inc.: News Release

CALGARY, ALBERTA--(Marketwired - Aug. 28, 2013) - Marauder Resources East Coast Inc. (TSX VENTURE:MES) ("Marauder") announces that it has filed with Canadian securities authorities its interim unaudited consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2013.

Copies of the filed documents may be obtained through http://www.sedar.com/.

This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.


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Douglas Channel LNG Project, British Columbia

HAMILTON, BERMUDA--(Marketwired - Aug 30, 2013) - Further to recent announcements regarding the Douglas Channel LNG Project, a clarification press release has been issued by the Project Partners and is attached below for reference.

August 30, 2013The Board of DirectorsGolar LNG LimitedHamilton, Bermuda.Questions should be directed to:Golar Management Limited - +44 207 063 7900Doug Arnell - Chief Executive OfficerBrian Tienzo - Chief Financial OfficerStuart Buchanan - Investor Relations

BCLNG Release - August 30 2013: http://hugin.info/133076/R/1726437/576077.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Golar LNG via Thomson Reuters ONE [HUG#1726437]


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ChemSW to Sponsor BLR Webcast on Achieving Regulatory Chemical Compliance: Strategies & Approaches That Reduce Risk & Lower Costs

SOURCE: ChemSW, Inc.

ChemSW, Inc.

FAIRFIELD, CA--(Marketwired - Aug 30, 2013) - ChemSW, Inc. will present a Business & Legal Reports (BLR) webcast on the "Achieving Regulatory Chemical Compliance: Strategies & Approaches that Reduce Risk & Lower Costs" on Wednesday, September 18, 2013 from 11:00am-12:00pm PT / 2:00pm-3:00pm ET. Register at http://webcasts.blr.com/SafetyDailyAdvisor/chemsw/chemical-compliance.aspx.

As most EHS managers know, compliance with many regulations on OSHA, SARA, TSCA, hazard communications, hazardous and solid waste -- and many more -- require you to have a detailed understanding of the materials that you are using in your facility. But, it goes much further than that. It is also necessary to have a detailed understanding of the quantity and attributes of the chemicals that you store, use, and dispose.

Compliance with most of these regulations is just not possible without a thorough understanding of the data on "what materials" and "how much." Trying to manage these two components manually and assure compliance is nearly impossible in the existing and complex regulatory reality.

Join us on September 18 for a free 60-minute webinar on how to achieve regulatory compliance for the regulated chemicals on your site. Our speakers will provide you with the latest on regulatory requirements impacting chemical use and storage, best practices for maximizing chemical inventory management compliance at your organization, and much, much more!

Attendees will learn:

A review of the general developments and regulatory requirements concerning chemical management Regulatory requirements that impact a company storing or utilizing chemicals as well as associated chemical waste The challenges you could face if you continue to use common methods to maintain compliance Best practices and management strategies to maximize chemical inventory management compliance  The true ROI of chemical inventory management and compliance, including costs to the company and the benefits of streamlining chemical inventory workflows

Hosted and moderated by BLR, the webinar will feature in-depth presentations by Laura Casey, Certified Safety Professional, and Anne Sefried, Sr. Inventory Consultant at ChemSW.

REGISTER NOW at
http://webcasts.blr.com/SafetyDailyAdvisor/chemsw/chemical-compliance.aspx

About BLR
Business & Legal Reports (BLR) has been helping HR, Safety and Environmental professionals with legal compliance and professional support resources for over 25 years. Employers know that they can count on BLR's compliance and training products to keep them out of legal trouble. For more information, visit http://www.blr.com.

About ChemSW
Founded over two decades ago, ChemSW is a leading provider of chemical and biochemical inventory management systems, MSDS systems, safety inspection software, and other chemistry laboratory software and services. ChemSW's wide range of products enables organizations to efficiently manage assets and processes. ChemSW supports over 15,000 customers in more than 40 countries throughout the world. For more information, visit www.ChemSW.com or call +1 707-864-0845.


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Samoth Announces Private Placement

CALGARY, ALBERTA--(Marketwired - Aug. 30, 2013) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Samoth Oilfield Inc. ("Samoth" or the "Corporation") (TSX VENTURE:SCD) is pleased to announce a non-brokered private placement for gross proceeds of up to $500,000 (the "Private Placement").

Pursuant to the Private Placement, which is subject to acceptance by the TSX Venture Exchange, Samoth intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian securities laws, up to 10,000,000 Common Share Units (the "Units) at a price of $0.05 per Unit. Each Unit is comprised of one Common Share and one Common Share Purchase Warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share of Samoth at an exercise price of $0.05 for a period of two (2) years from the date of issuance of the Units.

The proceeds from the Private Placement will be used for the purposes of potential asset acquisition(s), reserves evaluation and for general working capital.

READER ADVISORY

Statements in this press release may contain forward-looking information including, statements regarding expected use of proceeds. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Samoth. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed private placement will be completed. The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release


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Top Industrial Market News Stories for Fourth Week of August 2013, an Industrial Info News Alert

SOURCE: Industrial Info Resources

Industrial Info Resources

SUGAR LAND, TX--(Marketwired - Aug 30, 2013) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Here are Industrial Info's most-read stories from the past week. Browse other breaking industrial news stories at www.industrialinfo.com.

Ten Highest-Value U.S. Industrial Project Starts Span Multiple Sectors

While most of the high-value industrial projects under way are relegated to a few big-spending industries such as Power and Metals & Minerals, the 10 highest-value project starts from January through July 2013 span a diverse range of sectors. View the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/news/abstract.jsp?newsitemID=237750&refer=mw.

Building Trade Unions Prepare for 12 Million Man-Hour Labor Demand Growth along U.S. Gulf Coast

The booming Oil & Gas Industry along the U.S. Gulf Coast is presenting skilled craft laborers with a startling number of job opportunities. Industrial Info's Gulf Coast Region Labor Market Analysis is predicting 12 million additional man hours of labor for pipefitters alone through 2015. View the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/news/abstract.jsp?newsitemID=237727&refer=mw.

New Projects in Industrial Info's Oil and Gas Database May Surpass 2012's Number

Industrial Info has been following the newest developments in the Oil and Gas Industry. So far this year, the new project count stands at more than 970, putting Industrial Info on track to surpass last year's growth. View the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/news/abstract.jsp?newsitemID=237695&refer=mw.

Water-Free Process Could Revolutionize Extraction of Crude Oil from Oil Sands

American Sands Energy Corporation (OTCBB:AMSE) claims it can produce heavy crude oil from oil sands without using water and with a minimal environmental impact. View the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/news/abstract.jsp?newsitemID=237722&refer=mw.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the www.industrialinfo.com "Contact Us" page.


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Greenfields Petroleum Corporation Announces Financial Results for the Three and Six Months Ended June 30, 2013 and Operations Update

HOUSTON, TEXAS--(Marketwired - Aug. 29, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB), an independent exploration and production company with producing assets in Azerbaijan, announces its financial results and operating highlights for the second quarter and year-to-date of 2013.

Second Quarter and Year-to-Date 2013 Financial Results and Operating Highlights

The Company's entitlement sales volumes from production for its net interest in the Bahar ERDPSA averaged 556 bbl/d and 4,645 mcf/d or 1,330 boe/d in the second quarter and 499 bbl/d and 4,043 mcf/d or 1,173 boe/d year-to-date. Through its interest in Bahar Energy, the Company realized average netback oil prices of $95.56/bbl for the quarter and $99.26/bbl year-to-date. Realized gas prices have remained constant during 2013 at $3.96/mcf. The second offshore oil well, Gum Deniz 716, was drilled in the Gum Deniz Field on platform 2 with the PSG-1 drilling rig. The initial production from the 716 well was over 650 bbl/d. The Company recorded net income of $0.5 million and EPS of $0.03 for the second quarter and net loss of $3.3 million and EPS of ($0.21) year-to-date.

Operating Highlights and Plans

As of June 30, 2013, gross field production levels were approximately 1,884 bbl/d for oil and 21,532 mcf/d for natural gas, or approximately 5,758 boe/d. This puts Bahar Energy ahead of schedule in reaching the 1.5 times 2008 production target of 6,944 boe/d to attain the full 25 year contract terms for the ERDPSA. With additional oil and gas workovers scheduled and increased production from 2013 new well drilling in the Gum Deniz Field, Bahar Energy anticipates reaching the 1.5 production target in fourth quarter 2013, possibly one quarter ahead of prior estimates. Gross field production for the April-June 2013 period averaged 1,876 bbl/d for oil and 15,605 mcf/d for natural gas or approximately 4,683 boe/d, an increase of 37% over first quarter production. This increase was due to successful workovers and oil production from the new Gum Deniz 715 well. The Gum Deniz 716 well commenced drilling April 8, 2013 and reached intermediate casing point on May 12, 2013 and stuck pipe while coming out of hole to log. After several unsuccessful attempts, the well was sidetracked and was drilled to a total depth of 2,891 meters. The well was logged with a total net pay of 244 meters and completed in 15 meters of SP sand, which flowed at the initial rate of approximately 650 bbl/d. In the Gum Deniz Field, the workovers and recompletions on several wells have added approximately 230 bbl/d in gross field production. In the Bahar Gas Field, the recompletions on wells 196, 208 and 238 have added approximately 9,800 mcf/d in gross field production (1,763 boe/d). Most notably, the Bahar 196 gas well was re-completed and is flowing at 7,400 mcf/d. The PSG-3 rig is currently in the process of mobilization and rig up on Platform 208. The GD-757 well is expected to spud by early October 2013, initiating the drilling campaign in the eastern portion of Gum Deniz Field. Planned Gum Deniz development drilling will continue through 2015 and possibly longer with at least three drilling rigs. A third rig is currently being tendered. Bahar Energy tendered and awarded a contract for a 200 square kilometer 3D seismic survey to cover the Gum Deniz Field area. PGS, the winning bidder, completed the hazard survey and environmental work in July 2013 in preparation for acquisition work. Mobilization of vessels and equipment is underway and acquisition is expected to begin in October 2013, after securing all required permits from the required agencies. The acquisition is expected to take approximately 5 months after which the data will be processed for interpretation. The integration of the new 3D seismic and well control data will allow for the optimization of the location and producing rates of wells to be drilled to develop the Gum Deniz Field. The 3D seismic acquisition survey over the Bahar-2 exploration area, located immediately south of the Bahar Gas Field in the ERDPSA area, was completed in December 2012 after acquiring 82 square kilometers of 3D data. The data have been processed and the interpretation is being finalized. If the interpretation demonstrates an attractive exploration prospect or prospects, Bahar Energy will develop an appropriate drilling strategy to evaluate the commerciality of the prospects. This is contingent on approval by SOCAR of a request, which has been submitted, for an extension of the three years Contract Exploration Period past October 2013. As of the morning of August 29, 2013, the Gum Deniz 714 well is drilling 12 1/4 hole at a depth of 1,986 meters with an expected completing date in late September 2013.

Selected Information

On January 1, 2013, the Company changed accounting for its interest in Bahar Energy Limited, a joint venture, from proportionately consolidated to the equity method of accounting. This was required under IFRS 11, "Joint Arrangements", issued on May 12, 2011, which replaces IAS 31, "Interest in Joint Ventures". The standard is effective for annual periods beginning on or after January 1, 2013. See Note 3 - "Changes in Accounting Policies" and Note 8 - "Investment in Joint Ventures" in the Company's condensed consolidated financial statements for the three and six months ended June 30, 2013 for more information.

The selected information below is from the Greenfields' Management Discussion & Analysis for the three and six months ended June 30, 2013. The Company's complete financial statements as of and for the three and six months ended June 30, 2013 and 2012 with the notes thereto and the related Management's Discussion & Analysis can be found either on Greenfields' website at www.Greenfields-Petroleum.com or on SEDAR at www.sedar.com. All amounts below are in thousands of US dollars unless otherwise noted.

Greenfields Petroleum Corporation

Convertible debt and Shareholders' equity (3)(1) Revenues for the three and six months ended June 30, 2013 and 2012 reflect change from proportionate consolidation to equity method of accounting for the Company's investment in Bahar Energy Limited. 2012 financial results have been restated to reflect the change in accounting policy effective January 1, 2013. (2) The June 30, 2012 working capital balance has been restated to exclude the Company's share of Bahar Energy Limited working capital due to the change to equity method accounting noted above. (3) Convertible debt is combined with shareholders' equity at June 30, 2013 due to the Company's right to settle this debt by issuing shares. (4) These figures were restated to comply with the adoption of IFRS impacting the accounting for the joint venture. See Note 3 of the Condensed Consolidated Financial Statements for the three and six months ended June 30, 2013. Bahar Energy Limited (a Joint Venture)
Average Entitlement Sales Volumes (1)Average Entitlement Sales Volumes(1)(1) Daily volumes represent the Company's share of the Contractor Parties entitlement volumes net of 5% compensatory petroleum and the government's share of profit petroleum.

About Greenfields Petroleum Corporation

Greenfields is a junior oil and natural gas Company focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins, and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields". More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.

Forward-Looking Statements

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Greenfields. Although Greenfields believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Greenfields can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Greenfields. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. These risks include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety, political and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional risk factors can be found under the heading "Risk Factors" in Greenfields' Annual Information Form and similar headings in Greenfields' Management's Discussion & Analysis which may be viewed on www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and Greenfields undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement.

Notes to Oil and Gas Disclosures

Barrels Oil Equivalent or "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of 6mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The Company uses a 6mcf: 1bbl ratio to calculate its share of entitlement sales from the Bahar project. The production threshold of 6,944 boe to earn the full 25 year initial term of the ERDPSA uses a 5.559 mcf: 1bbl conversion ratio per contract to measure total field production toward this obligation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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Appulse Corporation: Announcing an Exclusive Canadian Services Provider Agreement With Flottweg Separation Technology Inc.

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Appulse Corporation (TSX VENTURE:APL) ("Appulse") today announced that its primary operating subsidiary, Centrifuges Unlimited Inc. ("CUI ") has signed an exclusive authorized services provider agreement for Canada with Flottweg Separation Technology Inc., a subsidiary of Flottweg SE ("Flottweg"), headquartered in Vilsbiburg, Germany.

Flottweg is a major centrifuge manufacturer with a strong international reputation for quality. With an annual revenue for the group exceeding 140 million euros, Flottweg exports sophisticated separation equipment to all major markets, with eight prime business centers including Flottweg Separation Technology Inc. of Independence Kentucky, covering the United States and Canada. The company is increasing its focus on the Canadian market with applications in a variety of industries currently concentrated in central and eastern Canada.

Under terms of the agreement, CUI will provide maintenance, repair and start-up services to current and future Flottweg customers in Canada. All spare parts requirements will be facilitated through CUI from a local stock of Flottweg parts. CUI will also be involved in the sale of new Flottweg machines for the industrial market. In addition, the companies have entered into preliminary discussions related to the joint development of a new decanter style centrifuge related primarily to the oil industry including drilling mud applications.

About Appulse

Through its subsidiaries, Centrifuges Unlimited Inc., Rolyn Oilfield Services Inc., and Design Machining Unlimited Inc., Appulse specializes in the sales, servicing and refurbishing of centrifuge equipment, serving both domestic and international markets, and offers full service industrial machining. The Corporation continues to pursue expansion to its product base and geographic markets, in addition to adopting a program of controlled acquisitions complementing its current activities.

Further information on Appulse and its subsidiaries can be obtained through the Corporation's website, at www.appulsecorp.net and on SEDAR at www.sedar.com. Certain statements in this release are forward looking and the reader is cautioned that such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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RIB MC2 Welcomes Ron Babich to Its Expanding International Team as CEO, North America

SOURCE: RIB MC2

RIB MC2

GLENDALE, AZ--(Marketwired - Aug 30, 2013) - RIB MC², creator of 5D Total Cost Management software solutions for the construction industry, today announced Ron Babich has been brought on board as CEO for its North America operations.

RIB Software is a successful global corporation that offers software solutions for the construction industry and currently has over 15,000 customers. Babich has extensive experience in the construction software sector, having served as Chief Revenue Officer at Hard Dollar Corporation for five years. While at Hard Dollar, he helped to grow the company to four times its previous employee size and increase revenue by 143 percent, with a consistent 32 percent year over year increase in a recessive market. Ron also led the company in the expansion into new market segments and transformed the brand from a point solution into an enterprise level platform for owners, EPCMs, and contractors in mining, oil and gas, shutdowns, turnarounds, and outages (STO), power/process and environmental industries. Ron's contributions to revenue growth were also acknowledged by Inc. 5000 as one of the fastest growing private companies in America for 2011-2013. Additionally, the Arizona Business Journal and Business Marketing Association recognized Babich as Arizona Marketer of the Year in 2012. 

"I'm thrilled to join the RIB team," said Ron Babich, CEO, North America of RIB MC². "The company's longevity and sheer customer size is proof of its permanence within the industry. Its acclaimed products to owners, EPCMs and contractors are evidence of the needs the company fills in the marketplace. I could not be more eager to bring my experience with software and construction technology together to further the great work of RIB."

Prior to Hard Dollar, Babich spent 20 years in software development and technology, holding leadership roles with Telesoft Corporation, Sage SalesLogix, General Electric, and Western Savings and Loan. Babich excels in leading teams to bring enterprise software solutions into the hands of those in the construction industry by creating new market categories with innovative products. He believes in the power of progressive technology in achieving maximum ROI and transparent visibility to costs and productivity in high profile construction projects.

As CEO, North America, Babich will focus on taking the success that RIB has overseas and developing it within the United States. With headquarters in Stuttgart, Germany, the business has gained considerable market share in Germany and other locations including Guangzhou, China, and 13 additional offices globally. Babich plans to accomplish similar results on U.S. soil.

"We feel very privileged to welcome Ron to our team and couldn't have asked for a better fit for our organization," says Thomas Wolf, CEO of RIB Software. "His proven track record with enterprise solutions and his strategic experience will guide our North American division toward great success. We're confident in his abilities, and looking forward to seeing him replicate his success with us."

Babich is establishing the RIB MC² North American corporate headquarters in Glendale, Arizona and will be hiring new employees and overseeing operations. The company is expected to achieve record revenue heights this year, and Babich will be an integral part of achieving that goal.

About the RIB Group
With more than 15,000 customers, the Stuttgart-based RIB Group is one of the largest software providers in the field of technical ERP solutions for the construction industry. Established in 1961, RIB has attained a market-leading position in Germany. The world's largest construction companies, public administrations, architecture and engineering firms, and large enterprises in the field of industrial and plant construction around the globe optimize their planning and construction processes with the aid of RIB software systems. RIB is represented by its own branches in EMEA, North America, and APAC. Further information is available at www.rib-software.com.


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Strata-X Successfully Drills Horizontal Through Oil Zone in the Burkett 5-34HOR Well, Illinois, USA

DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2013) -

Vail Oil Project - Burkett 5-34HOR well HIGHLIGHTS:

Successful execution of first horizontal well Total depth of 6,762 feet reached (with 1,824 feet of lateral drilling) Oil and gas shows encountered and oil visible in drilling mud from targeted Lingle formation Next step - execute stimulation of the oil zone - on track for completion by end of October 2013 Highly encouraging progress to date in this 100% owned project

The directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE:SXE)(ASX:SXA) are pleased to announce that the Company has reached a total depth of 6,762 in the Burkett 5-34HOR well. The revised lateral length of approximately 1,824 feet was drilled through the targeted Lingle formation. While drilling the lateral portion of the well, oil and gas shows were encountered and live oil was visible in the drilling mud. Please refer to Slide 14 of the Vail Project Primer found on the Company's website (www.strata-x.com) which illustrates the current stage of the well and the Company's plans for the overall development of the well.

The next stage is to set a liner through the lateral section using mechanical packers and a sliding sleeve completion system. Once the liner has been set the drilling rig will be moved off location. As indicated on Slide 16 of the Vail Primer, the Company will conduct a breakdown and pressure test to obtain definitive reservoir data. This pressure data together with rock mechanics data derived from the core taken in the vertical stage, will be used to finalize the stimulation design for the well. Since the rock mechanics data being undertaken by a third party is not scheduled to be completed until the middle of October, the Company anticipates that it should be able to finalize the design and execute a stimulation of the oil zone by the end of October 2013. The Company owns a 100% working interest in the well and 48,000 net acres in the Vail Oil Project overall.

Ron Prefontaine, the Chairman of Strata-X said, "We have always stated our primary risks for the Vail Oil Project in the Illinois Basin and our Maverick Oil Project in the Eagle Ford shale trend were successful execution of the well drilling and subsequent completion programs in these projects. Strata-X's CEO Tim Hoops, and his technical team led by Vice President of Operations Larry Kellison, have successfully executed the first horizontal well in our Illinois Basin project within an oil saturated dolomitic reservoir. I am very encouraged by the oil and gas shows encountered in the drilling of this well and I am looking forward to continued successful execution of the next stages of the well including the stimulation and testing program of the oil zone in the coming months".

As previously announced the Company will be presenting at the RIU Good Oil Conference which is being held September 3-4, 2013 in Freemantle, Western Australia. Timothy Hoops, President and Director of Strata-X, will give a presentation on the Company on September 4, 2013 at the afternoon session. The Good Oil Conference is one of the leading venues for Junior explorers in Australia.

The Company also intends to present at the ASX Spotlight Investor Conference to be held in Singapore & Hong Kong on October 29 and 31, 2013. More details will follow on times and location of this conference.

As previously announced (Press Release dated July 17, 2013) the Company released an Investor Presentation called the Vail Oil Project Primer which can be found www.strata-x.com.

About Strata-X

Strata-X is a Denver, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, California, Colorado, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 123,912,453 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.

This announcement was made in Canada for the TSX.V and in Australia for the ASX.

Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and ASX.com.au (Australia).

By definition of the COGE Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." The Handbook further states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."

CAUTIONARY STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions is intended to identify forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected and the forward-looking statements included in this news release should not be unduly relied upon. See "Risks and Uncertainties" in the Company's Filing Statement dated August 30, 2011 available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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Elumelu Broadens Oil and Gas Focus, Expands Into West African Offshore Services

Heirs Holdings Has Acquired Significant Stake in Seadrill Mobil Units (Nigeria) Limited, a West African Affiliate of NY Listed Global Offshore Drilling Company, Seadrill

LAGOS, NIGERIA--(Marketwired - Aug 29, 2013) - Tony O. Elumelu's pan-African investment vehicle, Heirs Holdings, today announced a substantial investment in Seadrill Mobil Units (Nigeria) Limited, an affiliate of one of the world's leading offshore deepwater drilling companies, Seadrill. Elumelu has been appointed as chairman of the Board of Seadrill Mobil Units.

The investment is further evidence of Elumelu's strategy of increasing African businesses participate across the oil and gas value chain, and complement existing interests in oil and gas production and exploration. Seadrill, the world's leading offshore driller is listed on both the New York and Oslo stock exchanges, operating the second largest ultra-deepwater fleet and largest premium jackup fleet in the industry with 7,500 staff in 15 countries.

Commenting on the investment, Elumelu said, "Seadrill is a significant player in the oil and gas space, with a strong track record and one of the most respected names in the industry. The partnership makes strong commercial sense, bringing together a major global player and a leading African participant in the oil and gas industry. Successful development of Nigeria's deep water oil and gas fields is of strategic importance for our country. This is an important part of our own approach of creating synergistic added value investment across the energy sector, from extraction to processing and perhaps most importantly for Nigeria, industrial production and power generation."

Commenting further, Elumelu said, ''This partnership sets the stage for greater development in our energy sector, driven by local talent and should serve as a model for further, genuine, indigenous participation, creating both economic and social impact."

Seadrill Mobil Units (Nigeria) Limited, Director Svend Anton Maier added, "The partnership with Heirs Holdings creates the right mix of global technical expertise, backed by operational excellence and sound financial management to the Nigerian market. It positions the company as a local industry leader and a truly indigenous player."

Heirs Holdings makes proprietary investments in strategic sectors throughout Africa. Through affiliates Tenoil Petroleum & Energy Services; and Transcorp Energy -- established to lead Transcorp's focus on the energy sector, Heirs Holdings has already made significant commitments to the oil exploration and production sector, through the acquisition of OPL 281, an onshore oil field with substantial gas reserves, by Transcorp and Tenoil's development of OPL 2008, which is intended to enter production in 2014.

About Heirs Holdings
Heirs Holdings is a pan-African proprietary investment company driving Africa's development. We are active long-term investors who specialise in building businesses and corporate turnaround. We aim to transform the companies in which we invest and grow them into businesses that last. We invest in Africa to create value for our shareholders and partners, and to create economic prosperity and social wealth for the continent. Our investments in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare are helping to build economies, create jobs, drive prosperity and ultimately transform the lives of ordinary Africans in Africa.


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RenuEn Corp Announces Investor Conference Call

Company to Update Shareholders on Recent Quarter and St. Cloud Project

ST. CLOUD, FL--(Marketwired - Aug 30, 2013) - RenuEn Corporation (OTC Pink: RENU), a Renewable Energy Development Company, announces a shareholder conference call on September 13 at 4:15pm EST. The company will discuss its latest quarterly financials and the St. Cloud Landfill gas project.

RenuEn will be accepting questions PRIOR to the scheduled Webinar. All questions should be received no later than Wednesday, September 11th, at 5:00 pm EST for consideration. Please submit your questions to our Investor Relations liaison, Mike Irving (mike@parvise.com). These questions will be compiled via email and culled through to determine the most frequently asked and most relevant to the purpose of the call.

To participate in the scheduled webinar please follow the below link to register for the webinar and to receive updates:
https://www1.gotowebinar.com/register/189022224

You will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended.

Or, you may select "Use Telephone" after joining the Webinar.

Dial +1 (702) 489-0001
Access Code: 171-575-350
Audio PIN: Shown after joining the webinar

Webinar ID: 189-022-224

About RenuEn Corporation
RenuEn Corporation is a Renewable Energy Development company. The company focuses on Landfill Compressed Natural Gas capture, International Renewable Power projects and the development of solar, geothermal and other renewable energy strategies.

Safe Harbor Statement
Forward Looking Statements: Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RenuEn Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. RenuEn Corporation assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors. There may be other factors not mentioned above that may cause actual results to differ materially from those projected in any forward-looking statement. We assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by applicable securities laws.


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