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,
2013Three months
ended
June 30,
2012Six months
ended
June 30,
2013Six months
ended
June 30,
2012Stock 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,
2013Three months
ended
June 30,
2012Six months
ended
June 30,
2013Six months
ended
June 30,
2012Fair 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,
2013Three months
ended
June 30,
2012Six months
ended
June 30,
2013Six months
ended
June 30,
2012Cash 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.

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

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

SOURCE: 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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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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Detector Announces Filing of Second Quarter, 2013 Interim Financial Statements

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Detector Exploration Ltd. (TSX VENTURE:DEX) ("Detector") announces that Detector has filed (through SEDAR) Detector's:

(a) second quarter ended June 30, 2013 unaudited financial statements,

(b) second quarter report to the Shareholders, operations review (including management discussion and analysis).

Copies of all of these materials are available for viewing by electronic means from the SEDAR web site (www.sedar.com).

Detector is an oil and gas corporation whose shares are listed for trading on TSX Venture Exchange Inc. under the symbol DEX.

As of August 29, 2013 Detector has outstanding 11,918,701 Common Shares. Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 5,589,752 based on information provided to Detector by its insiders.

The officer responsible for issuance of this press release and who may be contacted for further information is:

Ronald E. Alexander, PresidentSuite 1100, 540 - 5th Avenue S.W.

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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Golar LNG Limited Dividend Information

HAMILTON, BERMUDA--(Marketwired - Aug 29, 2013) - Reference is made to the second quarter 2013 report released on August 29, 2013. Golar LNG will be trading ex-dividend of a total dividend of $0.45 per share on September 11, 2013. The record date is September 13, 2013, and the dividend will be paid on or about September 26, 2013.

Golar LNG Limited

Hamilton, Bermuda

August 29, 2013

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

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Changed Number of Outstanding Shares in BlackPearl

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 30, 2013) - BlackPearl Resources Inc. (the "Company") (TSX:PXX)(OMX:PXXS) -

As a result of the exercise of options, the total number of shares and votes in the Company has changed during August 2013 as follows.

The number of shares has increased by 77,500 and the total number of shares and votes in the Company as of August 30, 2013 is 296,299,808.

The above information has been made public in accordance with the Swedish Financial Instruments Trading Act.

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Alvopetro Announces Second Quarter 2013 Financial and Operating Results

Alvopetro Inc.

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

Alvopetro Inc. ("Alvopetro" or the "Company") today announces its financial and operating results for the three and six months ended June 30, 2013. The Company's financial statements and management's discussion and analysis for the three and six months ended June 30, 2013 are available on the Company's website (www.alvopetro.com) or SEDAR (www.sedar.com).

Financial and Operating Summary
($000's except per share amounts)Funds from (used in) operations (1)Working capital (deficiency) (1)Operating netback (1) ($/Mcfe)The terms "funds from operations", "operating netback" and "working capital" are not recognized measures under IFRS. Management believes that in addition to net income, funds from operations and operating netback are useful supplemental measures as they provide an indication of the results generated by the Company's principal business activities before the consideration of how those activities are financed. Investors are cautioned, however, that these measures should not be construed as alternatives to net income determined in accordance with IFRS. The Company's method of calculating funds from operations may differ from that of other companies, and, accordingly it may not be comparable to measures used by other companies. The Company calculates funds from operations by taking cash flow from operating activities as determined under IFRS before changes in non-cash operating working capital and abandonment expenditures. Operating netback is calculated on a per Mcfe basis taking natural gas sales and deducting royalties, operating expenses and transportation expenses. Working capital is calculated as current assets less current liabilities.

Corporate Highlights

The following are the highlights for the quarter:

In June, the Company completed the first two tranches of a $5,000,000 non-brokered private placement, raising proceeds of $1,937,000 through the issuance of 7,746,000 common shares at a price of $0.25 per share. In addition, the Company issued $200,000 of convertible debentures in April. The proceeds will be used to augment the Company's unallocated working capital and finance its operations in Brazil.

In May, Alvopetro S.A. completed the farm-in agreements for blocks 170 and 183 in the Recôncavo Basin. Both blocks are contiguous with Alvopetro S.A.'s existing acreage and offer the same tight-oil potential on trend with the Gomo member of the Candeias Formation. The acquisitions are subject to approval by the Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis of Brazil (the "ANP").

In May, Alvopetro S.A. participated in the Brazilian 11th Bid Round, administered by the ANP, and successfully bid and was awarded Block REC-T 107 in the Recôncavo Basin. The block is comprised of 7,561 acres located in the southern portion of the Recôncavo Basin, near Alvopetro S.A.'s Bom Lugar field and will be subject to an ANP contract which is expected to be finalized in August 2013. The first phase work commitment consists of drilling two wells.

Natural Gas, Crude Oil and Natural Gas Liquids (NGL) Conversions

Certain crude oil and NGL volumes have been converted to cubic feet equivalent (cfe) on the basis of one barrel (bbl) to six thousand cubic feet (Mcf). Cfe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the well head.

Caution to Reader

This news release contains forward-looking information, including without limitation statements concerning the acquisition of the exploration blocks, the planned drilling program, and the ability to continue as a going concern. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Alvopetro at the time of preparation, may prove to be incorrect. The actual results achieved in future periods will vary from the information provided herein and the variations may be material.

The common shares of Alvopetro have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of 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. The common shares of Alvopetro have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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Alexander Energy Ltd. Announces Proposed Private Placement of Common Shares

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Alexander Energy Ltd. ("Alexander" or the "Company") (TSX VENTURE:ALX) announced today its intention to complete a non-brokered private placement offering of common shares at a price of $0.15 per share, for gross proceeds of up to $1,300,000.

The closing of the offering is expected to occur on or about September 16, 2013 and is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details on the offering, please contact the Company. The common shares issued in connection with the offering will be subject to a hold period of four months from the date of closing. The net proceeds from the offering will be used for general working capital purposes.

Forward-Looking Statements: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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

To receive Press Releases and Corporate Updates directly via email send your email address to info@alexanderenergy.ca.

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Manitok Energy Inc. Announces Financial Results for the Second Quarter of 2013

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) announces its financial and operating results for the second quarter of 2013.

The full text of Manitok's second quarter report containing its unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2013 and the related management's discussion and analysis will be available electronically on Manitok's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and also on Manitok's website at www.manitokenergy.com. All dollar figures are in Canadian dollars unless otherwise noted.

Second Quarter 2013 Operational & Financial Highlights:

An increase in average production by 133% to 4,045 boe/d for the second quarter of 2013 from 1,733 boe/d for the comparable period in 2012. Increased the crude oil and NGLs weighting to 52% of total production in the second quarter of 2013 from 22% of total production in the second quarter of 2012. Funds from operations increased by 356% to $11.3 million ($0.16 per share) in the second quarter of 2013 from $2.5 million ($0.04 per share) for the comparable period in 2012. Operating netback increased by 47% to $34.73 per boe for the second quarter of 2013 from $23.60 per boe for the comparable period in 2012 due to the increase of light oil volumes in the total production mix. Achieved strong quarterly per share growth as production and funds from operations per weighted average diluted share increased 100% and 292%, respectively, while decreasing net debt to $9.2 million as at June 30, 2013 from $10.9 million as at June 30, 2012. Total operating costs in the second quarter of 2013 were $6.42 per boe net of recoveries and $7.06 per boe prior to recoveries, which is 27% and 36% lower, respectively, on a boe basis, than the comparable period last year. Transportation and marketing costs were $2.93 per boe, up from $1.87 per boe in the comparable period last year due mainly to the increased proportion of oil production. Manitok's capital expenditures before divestitures for the second quarter of 2013 were $9.6 million, which is down 11% from $10.8 million in the comparable quarter in 2012. Drilled 4 gross (1.5 net) wells in the second quarter of 2013, 3 (1.0 net) in the Stolberg area of Alberta and 1 (0.5 net) in the Cabin Creek area of Alberta. Completed a disposition of royalty interest properties for total cash consideration of $3.3 million. As at June 30, 2013, Manitok had net debt of approximately $9.2 million and unused credit facilities of $90.0 million. Purchased 282,700 shares at an average price of $2.54 in the quarter pursuant to its normal course issuer bid ("NCIB"). Subsequent to the second quarter, the Corporation has acquired an additional 1,087,100 shares at an average price of $2.65 per share under its NCIB program. Increased net income to $4.8 million ($0.07/share) for the second quarter of 2013 from $0.5 million ($0.01/share) for the comparable period in 2012. The income in the second quarter of 2013 included a gain on divestiture of $0.7 million compared to loss on divestiture of $0.4 million in the second quarter of 2012. Operational and Financial HighlightsAverage realized sales price (CAD$)Undeveloped Land (end of period)Petroleum and natural gas salesRealized gain on financial instrumentsTransportation and marketing expensesGeneral and administrative expenses, netInterest and financing expensesFunds from operations netback(1)Petroleum and natural gas revenue ($000)Funds from operations ($000)(1)Weighted average for the period - basicWeighted average for the period - dilutedCapital expenditures, net ($000)Working capital deficiency ($000)(2)Drawn on credit facilities ($000)

(1) Funds from operations, funds from operations per share and funds from operations netback are non-GAAP measures that represent cash flow from operating activities as determined in accordance with International Financial Reporting Standards ("IFRS") before changes in non-cash operating working capital and decommissioning expenditures. Funds from operations should not be considered an alternative to, or more meaningful than cash flows from operating activities as determined in accordance with IFRS as an indicator of the Corporation's performance. Funds from operations, funds from operations per share (basic and diluted), and funds from operations netback do not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures for other entities.

(2) Working capital deficiency is defined as current assets less current liabilities excluding the current portion of the amount drawn on the credit facilities and the fair value of financial instruments.

Operations

Based on recent field estimates, current corporate production is approximately 4,240 boe/d (47.5% crude oil and condensate, 0.5% NGLs). The field estimates include a contribution of about 300 bbls/d of oil from the four well pad, which was recently drilled in the Stolberg area. The 4 (1.33 net) wells on the pad are expected to be on full production by early October and are anticipated to add another 200 to 300 bbls/d to net production. Manitok is currently drilling 2 (1.5 net) wells at Stolberg. One is the first horizontal well of an expected 2 (1.6 net) well pad targeting Cardium oil on section 29, which has produced over 575,000 bbls of light oil (454,000 net) from 3 (2.4 net) wells over the last 14 months. The second is a liquids rich natural gas well (0.75 net), offsetting a Manitok liquids rich gas well drilled in 2011. That well initially flowed at approximately 5.0 Mmcf/d (3.75 net) with about 10.0 bbls/Mmcf (7.5 net) of wellhead condensate and has produced nearly 3.0 Bcf (2.25 net) of natural gas and approximately 22,000 bbls (16,500 net) of condensate over the course of about two years. The current drill will intersect the same Ostracod pool and is ultimately targeting a repeat of the same zone about 100 to 250 metres deeper. If successful, Manitok intends to produce the two zones separately within the same wellbore.

Normal Course Issuer Bid

As of today, Manitok has purchased a total of 1,369,800 shares for approximately $3.6 million (average price of $2.62 per share) in 2013, pursuant to its NCIB programs. Management believes that with potential acquisition values ranging from 5 to 7 times next year's projected funds from operations, buying Manitok shares at less than 3 to 4 times next year's projected funds from operations under its NCIB program is advantageous to Manitok shareholders with a longer term view.

2013 Guidance

Assuming drilling success based on Manitok's expected outcomes and applied risk parameters, Manitok expects to exit 2013 with production ranging from 5,300 to 5,500 boe/d (approximately 55% to 57% crude oil and condensate, 0.5% NGLs), which would be a 40% to 45% increase over the 2012 exit production rate. At that production level, funds from operations is estimated to be $5.7 to $6.0 million per month, which would be an increase of approximately 50% over the 2012 exit funds from operations rate. It is anticipated that there will be an additional 400 to 500 boe/d of production (about 85% crude oil) added in the first quarter of 2014 where the majority of the capital expenditures relating to that production will be incurred in the fourth quarter of 2013.

Manitok has increased its 2013 capital expenditure budget by 7% to approximately $76.0 million or $72.6 million net of dispositions. This is an increase of $5.0 million to the previously guided $71.0 million which was made up of $63.0 million for drilling, completions, tie-ins and equipping and $8.0 million for land and seismic. The increased $76.0 million of capital expenditures is made up of $70.0 million of drilling, completions, tie-ins and equipping and $6.0 million of land and seismic. The updated forecast includes 19 (12.1 net) wells with all but 2 (1.75 net) targeting Cardium light oil predominantly in the Stolberg area and also in the Cabin Creek and Quirk Creek areas. The first of the two wells not targeting Cardium is a vertical liquids rich natural gas well targeting an Ostracod pool (mentioned in the operations section above) and the second is an exploration well targeting an oil zone other than the Cardium in a new area. The increased capital budget will be financed with funds from operations and Manitok's existing $90.0 million credit facilities with the National Bank of Canada.

Average production in 2013 is expected to range between 4,200 to 4,400 boe/d (approximately 52% crude oil and condensate, 0.5% NGLs), which would be an increase of 76% to 84% over its 2012 average production. Manitok anticipates funds from operations to be $48.0 to $50.0 million, which is lower than the previous guidance of $55.0 to $57.0 million. However, it still results in an anticipated increase of over 150% from funds from operations in 2012. The main reasons for the decrease are timing delays of new production additions due to drilling four wells on one pad versus drilling four wells on two pads, lower working interests in wells than previously budgeted due to a pooling agreement, and a lower oil weighting than anticipated, decreasing from 57% to 52% on total production for 2013, due mostly to adding a liquids rich gas well to the 2013 drilling program in lieu of an additional Cardium oil well. Manitok would like to caution the readers that changes to the drilling and production schedules may be necessary from time to time in order to capture value from new opportunities or gain efficiencies in its operations. Given the relatively low number of drills Manitok will execute in a one year period and the potentially high initial production rates associated with these wells, these changes may initially have a negative short term impact to funds from operations; however that does not materially change the ultimate value created over the life of the well.

After adjusting for the increased capital expenditures in 2013 and the shares purchased through our NCIB, net debt at the end of 2013 is now expected to range between $38.0 to $40.0 million. The net debt to twelve month trailing funds from operations ratio is anticipated to be about 0.8 times as at December 31, 2013 and the net debt to the exit funds from operations rate ratio is anticipated to be about 0.6 times as at December 31, 2013.

The 2013 re-forecasted budget assumes an average price of US$99.00/bbl of WTI crude oil, an average differential of $6.00/bbl, an average $CAD/$US exchange rate of 1.03 and an average price of $3.08/mmbtu of AECO natural gas which results in about a $3.60/mcf realized field price due to heat content. For 2013, royalties, combined operating and transportation costs net of recoveries, general and administrative expenses ("G&A") and interest are expected to average approximately $16.09, $9.06, $3.42 and $0.47 per boe respectively. The average operating netback for 2013 is anticipated to be approximately $34.28/boe, with a range of $23.85/boe at the beginning of the year to $43.34/boe at year end. The average funds from operations netback (operating netback, net of G&A and interest), is anticipated to be approximately $30.39/boe, ranging from $18.27/boe at the beginning of the year to $40.57/boe at year end.

Details regarding Manitok's hedging activities are available in Manitok's unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2013 and the related management's discussion and analysis which will be available electronically on Manitok's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and also on Manitok's website at www.manitokenergy.com.

Manitok's anticipated capital expenditures and estimated production results are based upon various assumptions as to equipment availability, well production rates, well drainage areas, success rates, timing and costs of future well drilling, the availability of capital, future costs and availability of labour and services.

Management Addition

The Corporation is extremely pleased to announce the appointment of Ms. Yvonne McLeod as Vice-President, Drilling and Facilities. Ms. McLeod has been with Manitok for about 18 months, most recently as our Drilling Manager and has proven she has the technical expertise, leadership skills, integrity and passion to be an excellent member of Manitok's executive team.

About Manitok

Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills. Manitok's corporate strategy is that of being an "early mover" in the exploitation phase of the development life cycle of hydrocarbon reserves in the Canadian foothills. The Corporation will continue to utilize its experience and expertise to develop the untapped conventional sweet oil and liquids-rich natural gas pools in this large and under-exploited region of the Western Canadian Sedimentary Basin.

Forward-looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning planned capital expenditures, the breakdown of planned capital expenditures by class, the anticipated 2013 average and exit rates of production, anticipated funds from operations, the anticipated year end net debt and debt to trailing funds from operations and the development and growth potential of Manitok's properties.

The forward-looking statements in this press release are based on certain key expectations and assumptions made by Manitok, including expectations and assumptions concerning the success of future drilling and development activities, the performance of existing wells, the performance of new wells, the successful application of technology, prevailing weather conditions, commodity prices, royalty regimes and exchange rates and the availability of capital, labour and services.

Although Manitok 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 Manitok 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These 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 reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), uncertainty as to the availability of labour and services, commodity price and exchange rate fluctuations, unexpected adverse weather conditions and changes to existing laws and regulations. Certain of these risks are set out in more detail in Manitok's current Annual Information Form, which is available on Manitok's SEDAR profile at www.sedar.com.

The forward-looking statements regarding Manitok's expected 2013 funds from operations are included herein to provide readers with an understanding of Manitok's anticipated funds from operations and Manitok's ability to fund its expenditures based on the assumptions described herein. Readers are cautioned that this information may not be appropriate for other purposes.

Forward-looking statements are based on estimates and opinions of management of Manitok at the time the statements are presented. Manitok may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but Manitok undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.

Non-GAAP Financial Measures

This press release contains references to measures used in the oil and natural gas industry such as "funds from operations", "funds from operations netback", "funds from operations per share", "operating netback", "working capital deficiency (surplus)" and "net debt". These measures do not have any standardized meanings prescribed by generally accepted accounting principles ("GAAP") and therefore, reported amounts may not be comparable to similarly titled measures reported by other companies. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding Manitok's liquidity and its ability to generate funds to finance its operations.

Funds from operations should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net earnings as determined in accordance with IFRS, as an indicator of Manitok's performance or liquidity. Funds from operations is used by Manitok to evaluate operating results and Manitok's ability to generate cash flow to fund capital expenditures and repay indebtedness. Funds from operations or funds from operations netback denotes cash flow from operating activities as it appears on the Corporation's Statement of Cash Flows before changes in non-cash operating working capital and decommissioning expenditures. Funds from operations or funds from operations netback is also derived from net income (loss) plus non-cash items including deferred income tax expense (recovery), depletion and depreciation expense, exploration and evaluation expense, impairment expense, stock-based compensation expense, accretion expense, acquisition-related expenses, unrealized gains or losses on financial instruments and gains or losses on asset divestitures. Funds from operations per share denotes funds from operations divided by the weighted average number of shares outstanding. Operating netback denotes petroleum and natural gas revenue and realized gain (loss) on financial instruments less royalty expenses, operating expenses and transportation and marketing expenses. Working capital deficiency (surplus) includes current assets less current liabilities excluding the current portion of the amount drawn on the credit facilities and the fair value of financial instruments. Manitok uses net debt as a measure to assess its financial position. Net debt includes current liabilities less current assets excluding the current portion of the fair value of financial instruments.

Barrels of Oil Equivalent

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas (6 mcf) to one barrel of oil (1 bbl). This boe conversion ratio of 6 mcf to 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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

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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Divestco Reports Q2 2013 Results

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - (TSX VENTURE:DVT) - Divestco Inc. ("Divestco" or the "Company") announces its operating results for the three and six months ended June 30, 2013.

Three Months Ended June 30, 2013

Divestco had a net loss of $2.2 million for the second quarter of 2013 ($0.03 per share - basic and diluted) compared to net income of $0.9 million ($0.01 per share - basic and diluted) for the same period in 2012. The loss in Q2 2013 was primarily due to the Company recognizing a $1 million accounting loss from the disposal of certain data library assets and a $0.7 million impairment of leasehold improvements (net of tenant inducements) associated with the surrender of office space in the quarter. Excluding the non-cash loss and impairment, the net loss for Q1 2013 would have been $0.5 million.

The Company generated revenue of $7.1 million in Q1 2013 compared to $11.5 million in Q2 2012, a decrease of $4.4 million (38%). Revenue in the Software and Data segment increased by $1 million (48%) related to a significant software license sale. Revenue in the Seismic Data segment decreased by $4 million (79%) due to lower industry activities and corresponding revenue in the Services segment also decreased by $1.3 million (32%) with geomatics, processing and land management services all experiencing weaker than normal demand as compared to Q2 2012.

Operating expenses (excluding depreciation and amortization) decreased by $1.3 million (17%) to $5.9 million in Q2 2013 from $7.2 million in Q2 2012. Salaries and wages were down $0.5 million (12%). G&A expenses were down $0.6 million (22%) due to lower occupancy costs as the Company surrendered a floor of office space effective January 1, 2013 and another floor effective June 1, 2013. In addition, stock-based compensation, professional fees, and bad debt expenses were lower than 2012. Depreciation and amortization decreased by $1.6 million (52%) mainly due to lower depreciation on seismic data as the Company completed a seismic program in Q2 2012 but did not acquire any new data in Q2 2013.

Excluding the non-cash accounting loss and impairment of $1.7 million, EBITDA was $1.1 million in Q2 2013, a $3.2 million (74%) decrease from $4.3 million for the same period in 2012. The Company generated funds from operations of $1.2 million ($0.02 per share - basic and diluted) for the second quarter of 2013, compared to $4.3 million ($0.06 per share - basic and diluted) for the same period in 2012, a decrease of $3.1 million (73%) primarily due to a lower volume of services and seismic data activities.

Six Months Ended June 30, 2013

Divestco had a net loss of $0.1 million for the first six months of 2013 ($nil per share - basic and diluted) compared to net income of $3.6 million ($0.05 per share - basic and diluted) for the same period in 2012. Excluding the loss and impairment, the Company would have had net income of $1.5 million ($0.02 per share - basic and diluted) for the six months ended June 30, 2013.

The Company generated revenue of $18.7 million compared to $25.9 million in 2012, a decrease of $7.2 million (26%). Revenue in the Software and Data segment increased by $1.1 million (28%) related to a significant software license sale. Revenue in the Seismic Data segment decreased by $4.6 million (39%) which was primarily due to lower speculative survey revenue and seismic data management revenue. Revenue in the Services segment decreased by $3.7 million (38%) with geomatics, processing and land management services all experiencing weaker demand as compared to 2012.

Operating expenses (excluding depreciation and amortization) decreased by $1.6 million (11%) to $12.6 million in for the first six months of 2013 from $14.2 million during the same period in 2012. Salaries and wages were down $1 million (11%) and G&A expenses were down $0.6 million (14%) due to lower occupancy costs as the Company surrendered a floor of office space effective January 1, 2013 and another floor effective June 1, 2013. In addition, stock-based compensation, professional fees, and bad debt expenses were lower than 2012. Depreciation and amortization decreased by $4.1 million (50%) mainly due to lower depreciation on seismic data as the Company acquired more data in 2012 as compared to 2013.

Excluding the non-cash accounting loss and impairment of $1.7 million, EBITDA was $6.1 million in the first six months of 2013, a $5.6 million (48%) decrease from $11.7 million for the same period in 2012. The Company generated funds from operations of $6.4 million ($0.10 per share - basic and diluted) in the first half of 2013, compared to $11.5 million ($0.17 per share - basic and diluted) for the same period in 2012, a decrease of $5.1 million (44%) primarily due to a lower volume of services and seismic data activities.

Liquidity and Working Capital

On May 9, 2013, the Company announced it had closed a new senior credit facility of up to $11 million. The Company also received $1 million in new shareholder loans just prior to the closing of the new facility. The proceeds were used to retire bank and subordinated debt totaling approximately $6 million. The facility has an expanded operating line ($8 million as compared to $5 million under its previous facility) based on receivables aged less than 90 days and $3 million in term debt as well as a financial covenant that is better suited to the Company's business.

Management ensures that Divestco's credit facilities, combined with its working capital and funds from operations, will be sufficient in the short-term and long-term to meet planned growth and to fund future capital expenditures.

Divestco ended Q2 2013 with positive working capital of $0.7 million (December 31, 2012: $7.5 million deficit), excluding deferred revenue of $3.4 million (December 31, 2012 - $2.4 million). The improvement in working capital from the end of 2012 was primarily due to a number of data transactions completed in the first six months of 2013 offset by an unpredictably slow period for the services segment. As a result of closing these data deals, the Company has significantly reduced its payables since the end of 2012. The Company's funded debt to equity ratio was 0.66:1 at June 30, 2013 compared to 0.64:1 at December 31, 2012.

Financial Position (Thousands)Long-Term Financial Liabilities (2)Excludes the current portion of deferred revenue of $3.4 million (December 31, 2012: $2.4 million; December 31, 2011: $4.6 million).Includes long-term debt obligations, deferred rent obligations, sublease loss provision and other long-term liabilities. The long-term debt obligations are comprised of the Company's subordinated debt, shareholder loans and finance leases.

Operations Update

In June, 2013, the Company subscribed for 500,000 shares of a newly incorporated entity in exchange for $0.2 million in cash and a portion of its well data library that was transferred to the new entity with a fair value of $0.3 million for a total investment of $0.5 million. Concurrently, two private companies (dealing at arm's length with the Company) subscribed for 1 million shares for $1 million in cash. As a result each company became a 1/3 shareholder of the new entity. Immediately thereafter, the Company granted a software license to the new entity for $1.2 million. The Company recognized $0.8 million of revenue on this transaction after eliminating the Company's share in the new entity. The new entity has granted each shareholder a data licence for $250,000 per annum payable on a monthly basis. As a result of the non-monetary contribution made by the Company, an accounting loss on disposal of $1 million was recognized for the difference between the net book value and fair value of the assets contributed.

During the first six months of 2013, the Company completed a 3D seismic participation survey, covering an area of approximately 93 square kilometers.

Mr. Stephen Popadynetz, CEO commented: "Divestco returned to positive working capital in Q2 2013 through the restructuring of its debt, commitment to cost control and realizing the value of its assets. Despite a weak industry in the first half of 2013, our seismic inventory sales and software sales in the first six months of 2013 remained strong. As well, despite the softness in our Services group as we entered 2013, we are seeing increased activity levels which should result in improved results going forward. Our efforts to expand into international markets are expected to result in increased revenue in 2013. Additionally, our Software group is rapidly developing new products which are about to hit the marketplace and we believe will lead to significant growth later this year. With all of these positive growth catalysts, we remain optimistic that Divestco will continue to strengthen its balance sheet."

Non-GAAP Measures

The Company's condensed consolidated interim financial statements have been prepared in accordance with IFRS. Certain measures in this document do not have any standardized meaning as prescribed by IFRS and are considered additional GAAP measures. While these measures may not be comparable to similar measures presented by other issuers, they are described and presented in this MD&A to provide shareholders and potential investors with additional information regarding the Company's results, liquidity, and its ability to generate funds to finance its operations. These measures include:

Earnings before interest, taxes, depreciation and amortization ("EBITDA")

Divestco uses EBITDA as a key measure to evaluate the performance of its segments and divisions as well as the Company overall, with the closest IFRS measure being net income or loss. EBITDA is a measure commonly reported and widely used by investors as indicators of the Company's operating performance and ability to incur and service debt, and as a valuation metric. The Company believes EBITDA assists investors in comparing the Company's performance on a consistent basis without regard to financing decisions and depreciation and amortization, which are non-cash in nature and can vary significantly depending upon accounting methods or non-operating factors such as historical cost.

EBITDA is not a calculation based on IFRS and should not be considered an alternative to net income or loss in measuring the Company's performance. As well, EBITDA should not be used as an exclusive measure of cash flow, because it does not consider the impact of working capital growth, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows. While EBITDA has been disclosed herein to permit a more complete comparative analysis of the Company's operating performance and debt servicing ability relative to other companies, investors should be cautioned that EBITDA as reported by Divestco may not be comparable in all instances to EBITDA as reported by other companies. Investors should also carefully consider the specific items included in Divestco's computation of EBITDA.

The following is a reconciliation of EBITDA with net income (loss):

Working capital

Working Capital is calculated as current assets minus current liabilities (excluding deferred revenue). Working capital provides a measure that can be used to gauge Divestco's ability to meet its current obligations.

Additional GAAP Measure

Funds from operations

Divestco reports funds from operations because it is a key measure used by management to evaluate its performance and to assess the ability of the Company to finance operating and investing activities. Funds from operations excludes certain working capital changes and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows.

Funds from operations is not a calculation based on IFRS and should not be considered an alternative to the consolidated statements of cash flows. Funds from operations is a measure that can be used to gauge Divestco's capacity to generate discretionary cash flow. Investors should be cautioned that funds from operations as reported by Divestco may not be comparable in all instances to funds from operations as reported by other companies. While the closest IFRS measure is cash from operating activities, funds from operations is considered relevant because it provides an indication of how much cash generated by operations is available before proceeds from divested assets and changes in certain working capital items.

The following reconciles funds from operations with cash from operating activities:

Cash from Operating ActivitiesChanges in Non-Cash Working Capital Balances Related to Operating ActivitiesFinancial Results (Thousands, Except Per Share Amounts)Income (Loss) before Income TaxesWeighted Average Shares OutstandingThree months ended June 30, 2013 (Thousands)Income (loss) before income taxesLoss on Disposal of Intangibles and Impairment of Property and EquipmentThree months ended June 30, 2012 (Thousands)Income (loss) before income taxesSix months ended June 30, 2013 (Thousands)Income (loss) before income taxesLoss on Disposal of Intangibles and Impairment of Property and EquipmentSix months ended June 30, 2012 (Thousands)Income (loss) before income taxes

Divestco Inc.

Condensed Consolidated Interim Statements of Financial Position

Prepaid expenses, supplies and depositsInvestment in affiliated companyParticipation surveys in progressLiabilities and Shareholders' EquityAccounts payable and accrued liabilitiesCurrent loss on sublease loss provisionCurrent portion of long-term debt obligationsCurrent portion of tenant inducementTotal liabilities and shareholders' equityDivestco Inc.

Condensed Consolidated Interim Statements of Income and Comprehensive Income

(Thousands, Except Per Share Amounts - Unaudited)Net income (loss) and comprehensive income (loss) for the periodWeighted average number of shares

Divestco Inc.

Condensed Consolidated Interim Statements of Changes in Equity

Reduction of stated capital and deficitNet income (loss) and comprehensive income (loss) for the periodTransactions with owners, recorded in equity contributions by and distributions to owners:Issuance of Class A common shares as service
awardsIssuance of Class A common shares on exercise of PSUsReclassification on exercise of PSUsNet income (loss) and comprehensive income (loss) for the periodTransactions with owners, recorded in equity contributions by and distributions to owners:Issuance of Class A common shares as service awards

Divestco Inc.

Condensed Consolidated Interim Statements of Cash Flows

Cash from (used in) operating activitiesNet income (loss) for the periodAmortization of tenant inducementsLoss on disposal of intangiblesImpairment of property and equipmentUnrealized foreign exchange lossChanges in non-cash working capital balancesNet cash from operating activitiesCash from (used in) financing activitiesRepayment of long-term debt obligationsProceeds received from long-term debt obligations (net of committedNet cash from (used in) financing activitiesCash from (used in) investing activitiesAdditions to intangible assetsDecrease in participation surveys in progressPurchase of property and equipmentPayments towards sublease loss provisionAdvances from equity-accounted investeesChanges in non-cash working capital balancesNet cash from (used in) investing activities

About the Company

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the TSX Venture Exchange under the symbol "DVT".

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 news release.

This press release contains forward-looking information related to the Company's capital expenditures, projected growth, view and outlook with respect to future oil and gas prices and market conditions, and demand for its products and services. Statements that contain words such as "could', "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning applicable by Canadian securities legislation. Although management of the Company believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the risks materialize, or should the assumptions underlying forward-looking statements or forward-looking information prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Readers should not place undue reliance on forward-looking statements or forward-looking information. All of the forward-looking statements and forward-looking information of the Company contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Except where required by law, the Company does not assume any obligation to update these forward-looking statements or forward-looking information if conditions or opinions should change.

In particular, this press release contains forward-looking statements pertaining to the following: Company's ability to keep debt and liquidity at acceptable levels, improve/maintain its working capital position and maintain profitability in the current economy; availability of external and internal funding for future operations; relative future competitive position of the Company; nature and timing of growth; oil and natural gas production levels; planned capital expenditure programs; supply and demand for oil and natural gas; future demand for products/services; commodity prices; impact of Canadian federal and provincial governmental regulation on the Company; expected levels of operating costs, finance costs and other costs and expenses; future ability to execute acquisitions and dispositions of assets or businesses; expectations regarding the Company's ability to raise capital and to add to seismic data through new seismic shoots and acquisition of existing seismic data; treatment under tax laws; and new accounting pronouncements.

These forward-looking statements are based upon assumptions including: future prices for crude oil and natural gas; future interest rates and future availability of debt and equity financing will be at levels and costs that allow the Company to manage, operate and finance its business and develop its software products and various oil and gas datasets including its seismic data library, and meet its future obligations; the regulatory framework in respect of royalties, taxes and environmental matters applicable to the Company and its customers will not become so onerous on both the Company and its customers as to preclude the Company and its customers from viably managing, operating and financing its business and the development of its software and data; and that the Company will continue to be able to identify, attract and employ qualified staff and obtain the outside expertise as well as specialized and other equipment it requires to manage, operate and finance its business and develop its properties.

These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including: general economic, market and business conditions; volatility in market prices for crude oil and natural gas; ability of Divestco's clients to explore for, develop and produce oil and gas; availability of financing and capital; fluctuations in interest rates; demand for the Company's product and services; weather and climate conditions; competitive actions by other companies; availability of skilled labour; failure to obtain regulatory approvals in a timely manner; adverse conditions in the debt and equity markets; and government actions including changes in environment and other regulation.

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Golar LNG Limited Interim Results for the Period Ended June 30, 2013

HAMILTON, BERMUDA--(Marketwired - Aug 29, 2013) -

Highlights

* Golar LNG ("Golar" or the "Company") reports second quarter 2013 ("second quarter") net income of $59.0 million (including a non-cash gain of $47.9 million on interest rate swaps).

* EBITDA* generated in the quarter amounts to $8.2 million.

* Underlying dividends received from Golar LNG Partners ("Golar Partners") during the second quarter 2013 increase to $16.0 million from the first quarter level of $14.4 million.

* Spot market remains volatile and inefficient, as a result the Hilli and Gandria enter layup in Indonesia.

* Board maintains dividend at $0.45 for the quarter.

Subsequent events

* Golar concludes $1.1 billion funding facility for eight of its thirteen newbuilds.

* Ten year FSRU time charter for the Golar Eskimo concluded with the Hashemite Kingdom of Jordan.

* Five year FSRU time charter for the Golar Igloo concluded with the Kuwait National Petroleum Company.

* Golar Tundra shipbuilding contract amended to include FSRU capability with new delivery date of November 2015.

* Golar Viking continues to trade in the spot market.

Note on Accounting Treatment for Golar Partners

Effective December 13, 2012, the operating income of Golar LNG excludes the operating results of Golar Partners. This means that the Company's share of the Partnership's results are now split and recorded below operating income based on the class of shares held.

Dividends pertaining to the Company's common unit holding in the Partnership, General Partner stake and Incentive Distribution Rights (IDRs) will be treated and reported as dividend income. Equity in Net Earnings of Affiliates will include Golar's share of the Partnership's results in respect of the Company's holding in the subordinated units only. Against these earnings will be a charge in relation to amortization of a share of the basis difference representing the fair value gain recognized upon deconsolidation. Where there has been an asset sale to the Partnership, as was the case in the first quarter ("first quarter") the asset concerned will be recorded at fair value and a gain or loss on sale will be recognized within operating income. A portion of the gain or loss will be deferred and amortized over the remaining useful life of the asset concerned.

* EBITDA is defined as earnings before interest, depreciation and amortization equal to operating income plus depreciation and amortization.

Financial Review

Following the IPO of the Partnership by the Company (together "Group wide") and subsequent multiple dropdowns of a large portion of Golar's operating fleet, within the Group wide operations, the majority of the vessels now reside in Golar Partners. Based on the Group wide second quarter operating results, 76% of the aggregate net time charter revenue is now sourced from vessels that are operating within Golar Partners' corporate structure. Vessels remaining within Golar's deconsolidated operating results are represented by the five vessels which have not yet been dropped down to Golar Partners, including Golar Arctic and Viking (both modern operational vessels), Gandria and Hilli (both first generation vessels currently in lay up pending conversion projects) and Gimi (first generation vessel which recently came off an existing charter during the second quarter). Costs incurred by Golar in its deconsolidated operating results include, primarily, direct operating costs of those five vessels, general and administration costs, as well as expenses related to the build-up in officer ranks for its newbuilding fleet and project related expenses for prospective FLNG and FSRU projects. As the operating performance of Golar Partners has such a material impact on the Company's over-all financial outcome, the review for the second quarter considers Group wide results as well as the deconsolidated results.

To assist investors with prior quarter comparisons and assessments of underlying performance of the Group wide operations, the Company is also presenting in a table below, some consolidated operating performance metrics.

+-------------------------------------------------------------------------+| || || (Including Consolidation of Golar || Partners) || || Apr - Jun Jan - Mar || ||(in thousands of $) 2013 (1) 2013 || || (unaudited) (unaudited) || ||Total revenues 103,817 108,874 || ||Vessel operating expenses 23,974 21,557 || ||Voyage and commission expenses 3,298 3,414 || ||Administrative expenses 6,915 5,569 || ||Depreciation and amortization 25,216 23,144 || ||Operating income 44,414 55,190 || ||Interest income 658 1,247 || ||Interest expense (11,385) (10,381) || ||Other financial items 47,547 (1,928) || || |+-------------------------------------------------------------------------+

1. Please see Appendix A for reconciliation to the results as reported in the condensed statements of income.

Group wide Results (including consolidation of Golar Partners)

Total revenue for the second quarter of 2013 is lower at $103.8 million against $108.9 million for the first quarter. This primarily reflects offhire and associated voyage costs for the Golar Winter and the Methane Princess which were both in drydock during the quarter together, idle time for the Gimi which concluded its short term charter in mid-June, and idle time on Golar Viking occurring in the time between two separate charters. Partly mitigating this, the Golar Spirit, which spent a substantial part of the first quarter in drydock, was on hire throughout the second quarter and fuel consumption on the idle Hilli and Gandria has been eliminated following their transition to lay-up. Whereas first quarter offhire was dominated by unplanned idling of the Hilli and Gandria, second quarter offhire has been mainly according to plan resulting in an improved second quarter Time Charter Equivalent ("TCE") of $107,945 per day compared to $94,748 for the first quarter (the laying up of Gandria and Hilli also contributed to the improved TCE).

Direct vessel operating expenses of $20.0 million compares favourably with the previous quarter at $20.2 million. However, additional operating expenses related to the build-up of our officer complement for the newbuilding programme, which grew from $1.4 million in the first quarter to $4.0 million in the second quarter, resulted in an overall increase of $2.4 million quarter to quarter on total operating cost. Current estimates are that operating costs related to the newbuilding crew programme will be approximately $6.0 million in the second half of 2013.

Underlying administration expenses (i.e. non-project related) of $4.2 million are higher than the previous quarter at $3.3 million however this is primarily due to a one-off provision relating to benefits. Project related expenses of $2.5 million, which substantially represents the balance of second quarter total administration costs of $6.9 million, is roughly in line with the first quarter ($2.1 million) and consists primarily of costs related to the Keppel FLNG project, the Kuwait and Jordan FSRU's and the Douglas Channel Project.

Net financial expenses at $10.7 million are higher due to additional Indonesian withholding tax related charges allocated to interest expense rather than corporation tax. As with the other Indonesian taxes incurred in connection with the vessel concerned, this withholding tax is reclaimable from the Indonesian charterer and is therefore cash neutral. Other financial items at $47.5 million mainly consist of non-cash interest rate swap and foreign currency gains.

Golar Deconsolidated Results

The Company's deconsolidated results show an operating income prior to depreciation and amortization of $8.2 million with the main components being total operating revenue at $27.9 million (down from first quarter 2013 at $35.1 million primarily due to the loss of revenue from Golar Maria following her dropdown to Golar Partners and commercial idle days on Golar Viking), vessel operating expenses of $12.3 million and administrative costs at $5.6 million. The above resulted in a second quarter deconsolidated net operating loss of $0.5 million.

The contribution to the Company's net income deriving from the operating results of Golar Partners comes largely in the form of dividend income on common units, its general partner stake and incentive distribution rights, which collectively totalled $6.9 million for the second quarter and which helped the Company turn a profit before interest and tax of $6.4 million. Dividend income shown in the income statement does not include cash received in respect of the Company's ownership of the Partnership's subordinated units. When all classes of ownership are taken into account, the aggregate underlying cash dividend received during the second quarter of 2013 is $16.0 million . This compares favourably to dividends of $14.4 million received from the Partnership during the first quarter of 2013 and $11.2 million received for the second quarter of 2012.

Golar reports net financial income of $1.0 million earned predominantly on the deposit of cash balances earmarked to meet the Company's newbuild pre-delivery instalment obligations, LC balances and project funding advances. Deemed interest in relation to the newbuilding program is capped by the interest payable on Golar's secured debt facilities and corporate borrowings. Interest expense is therefore nil. Other financial items of $47.9 million relate primarily to non-cash gains on interest rate swaps taken out in connection with the newbuilding program.

Financing

USD 1.1 billion newbuilding facility On July 25 the Company executed a USD $1.1 billion financing agreement ("the Facility") to fund the first 8 of its 13 newbuild vessels and FSRUs. The facility is divided into three tranches: A term loan of USD $450 million funded by a consortium of lenders and guaranteed by a 95% Korea Trade Insurance Corporation ("K-Sure") policy; A term loan of USD $450 million funded by The Export Import Bank of Korea ("KEXIM"), and; A term loan of USD $225 million funded by a syndicate of commercial banks (the "Commercial Tranche"). The tranches have a 12 year repayment profile. In anticipation of entering into this financing, the Company had previously entered into interest rate swaps to hedge the majority of the loan such that the all-in interest cost for the initial seven years of the facility will be approximately 3.74%.

With no requirement for contracts in place, this oversubscribed facility enables Golar to take a more flexible and long-term approach to the LNG shipping market and the company continues to be confident of its ability to finance the remaining five vessels on similar terms.

To date $749 million of the total newbuilding capital expenditure has been paid. With the Company's loan facility of $1.1 billion now in place and current cash reserves of $146 million, this leaves the Company needing $720 million to fully satisfy its newbuilding programme. The Company has already commenced discussions with various financial institutions to understand its options, but with its two newbuild FSRU's (discussed in detail below) being recently entered into long-term charters and therefore candidates for dropdown to Golar Partners, the Company is confident in being able to fund its remaining newbuild capital requirements.

Corporate and other matters

Douglas Channel Project

The Project continues to make good progress on the FEED for the barge based liquefaction solution and associated land based facilities. Permitting discussions with the Federal and Provincial authorities have been very positive and are ongoing. It is expected that the FEED will be completed near the end of the 3(rd) quarter or early 4(th) Quarter 2013 at which time a decision as to whether to proceed with the project is scheduled to be taken by the partners. Through the project's partnership framework agreement, Golar has secured a minimum of 25% of the project equity and LNG off take.

As previously described, the project is anticipated to consist of a 0.6-0.7 million metric tonne per annum (mmpta) capacity liquefaction barge and associated facilities. The Project's existing National Energy Board licence allows it to export up to 1.8 mmtpa for a period of 20 years, providing for a potential future expansion on the initial project. The total capital expenditures for the Project (including development costs) have been previously estimated at $500 million however the results of the FEED study have the potential to result in an increased cost estimate. Golar's decision to trigger its option to invest remains subject to the results of the FEED study and satisfactory progress on requisite approvals as well as partnership and other relevant commercial agreements. Investors should be aware that, although the Douglas Channel Project remains very attractive as a potential investment, several key commercial and shareholder issues remain to be clarified prior to a final decision. Our total exposure to the Project is approximately $14.0 milion, the majority of which is in the form of a loan for pre-FID financing, collateralised by the project's assets.

Chile FSRU

Although the Chilean project remains subject to indeterminate delays, Golar continues to engage in discussions with Gas Atacama and remains the exclusive FSRU provider. In the event that the start-up for this project is delayed beyond 2015 an additional newbuild FSRU will be considered.

Jordan FSRU

On July 31 the Company announced that it had entered into a firm Floating Storage and Regasification (FSRU) time charter with the Government of the Hashemite Kingdom of Jordan, represented by the Ministry of Energy and Mineral Resources ("the Government").

The FSRU Golar Eskimo will be moored at a purpose built structure that is to be constructed by the Aqaba Development Corporation off the Red Sea port of Aqaba. Capable of storing 160,000 cubic metres of LNG and delivering up to 500 MMSCFD with a peaking capacity of 750 MMSCFD, the FSRU will connect to the Jordan Gas Transmission Pipeline that delivers natural gas to power plants throughout the Kingdom.

Earnings under the ten year contract are due to commence during the first quarter of 2015. Annual EBITDA contribution to Golar for the first five years of the contract will be approximately $46 million and approximately $43 million per year for the second five year term. The Government has the option to terminate the time charter after year five, subject to payment of an early termination fee.

Kuwait FSRU

On August 4 Golar executed a firm contract to provide the Kuwait National Petroleum Company ("KNPC") with floating storage and regasification ("FSRU") services to support their LNG import operations at Mina Al Ahmadi. With an initial term of five years, the contract requires the provision of portside FSRU services for an anticipated nine months of the year together with a three month window where the vessel is free to pursue spot carrier and other short term business opportunities. Winter scheduling of the three month stand-down period together with favorable positioning mean that the company is optimistic for the vessels trading prospects. The 170,000cbm newbuild FSRU Golar Igloo which delivers during the fourth quarter of 2013 will service the contract that is set to commence in March 2014. With a total contract value of approximately $213 million covering both capital and operating elements over five years, Golar expects to supplement these earnings with additional hire payments during the winter months each year.

As both this and the Jordanian contracts are for five years or more, both vessels will be offered to Golar Partners to acquire, starting with the Igloo, most likely before the end of the 2013. Assuming these transactions proceed, Golar stands to benefit from increased distributions by virtue of its 51% ownership of the Partnership augmented further by its ever more valuable incentive distribution rights.

Drydockings

On a consolidated Golar Partners basis, second quarter earnings were impacted by the scheduled drydockings of the Golar Winter and the Methane Princess. The Golar Mazo was also drydocked during the quarter however this was revenue neutral. Looking ahead, there are no drydockings scheduled in the third quarter but fourth quarter earnings will be impacted by the scheduled drydocking of Golar Arctic, which is anticipated to be out of service for 3 to 4 weeks. Once complete, this will conclude a particularly eventful nine-month program of dockings, the likes of which are not expected to be repeated prior to 2018.

Shares and options

During the quarter 15,748 options were exercised. A further 7,342 options were canceled. As at 30 June, 2013 there are 557,327 remaining options. The total number of shares outstanding in Golar excluding options as at June 30, 2013 is 80,519,112.

Dividends

The oversubscribed commercial tranche of the recently concluded eight-unit newbuilding facility together with a near term dropdown to the MLP affirms the Boards confidence in the Company's ability to finance its cash commitments over the medium term. Against this background, the Board acknowledges the likelihood of earnings volatility over the coming 18 months. The Board proposes to hold the dividend to $0.45 and is confident of the Company's ability to maintain dividends at this level. The record date for the dividend will be September 13, ex-dividend date is September 11 and the dividend will be paid on or about September 26, 2013.

Floating Liquefaction ("FLNG")

Golar's FEED study with Keppel Shipyard and its liquefaction topside partners is nearing completion. The FEED is for the conversion of an existing 125,000 cubic meter Moss LNG Tanker into a Floating Storage and Liquefaction Vessel ("FSLV"). The FSLV will have 1 to 4 liquefaction trains with each train being approximately 0.6 Million Metric Tonnes per Annum ("MMTPA") of liquefaction capacity. This will allow Golar to pursue projects with approximately 0.6 to 2.4 MMTPA of capacity. Total cost for the FEED study is expected to reach $5.2million which is broadly in line with the original budget. The Company is optimistic that the FEED results will verify the FSLV as being one of the lowest cost liquefaction solutions in the market with a capital cost which is extremely competitive against traditional solutions, and an execution window of approximately 30 months from financial commitment. The preliminary price indications for the project clearly confirms the competitiveness, however some more work needs to be done in order to draw the final conclusion.

The modular nature of Golar's solution will allow the FSLV to be cost competitive across a wide range of reserve sizes and associated production capacity. This scalability allows Golar to pursue both large scale projects based on 4 train FSLVs or "stranded" reserves as small as 500 Billion Cubic Feet ("BCF").

In addition to Douglas Channel, The Company is pursuing another project in the Americas to export pipeline quality gas. Golar is also in discussions with producers and host governments in four different West African countries for both large scale and stranded gas projects.

The Board is pleased with the results to date of the FEED study and believes that Golar's FSLV can offer the market a flexible, modular liquefaction solution for clean gas reserves and deliver this earlier than anybody else.

Shipping

LNG production problems in the Atlantic resulted in reduced demand in the West during the early part of the second quarter. At the same time spot demand was slightly higher in the East with projects and energy majors chartering in tonnage to cover extra production. A lack of incoming cargoes to Spain from Nigeria and Norway however resulted in fewer reload opportunities being offered out. The overall reduction in available spot volumes in the Atlantic forced up FOB prices, reducing the price spread for Far East sales. This together with slightly lower demand from Far Eastern buyers which reduced interbasin volumes being taken from the Atlantic to the Pacific Basin had a downward effect on overall shipping demand. Spot fixtures during April for modern steam turbine vessels were concluded in the $90-100,000/day range.

Improvements were noted in May as both Nigeria LNG and Snohvit started to approach full production however these were short lived. Nigeria LNG declared another Force Majeure ("FM") two weeks after lifting the previous one. Towards the end of June another FM was declared when Nigeria's Maritime Agency blockaded the Bonny terminal for three weeks in a dispute over port levies. Additional volumes from Trinidad offered out to the market since the spring partly mitigated the negative consequences of this.

Shipping sentiment did however pick up during May, partly due to the prospect of imminent LNG production from Angola forcing the project to withdraw some of its vessels from the spot market. From May until the present date a number of players have also been bringing in tonnage to cover dry dockings. A record number of vessels (53) were delivered by shipyards in 2008 - all of which are due their five year special survey this year. Although most dockings appear to have been scheduled during the summer months when shipping demand is typically lower, there has still been a shortage of tonnage. Shipping demand was also boosted by unscheduled maintenance on several vessels that lead to prompt requirements proving difficult to fulfill and in some cases required creative solutions.

Spot rates remained stable during May and began to strengthen during June - a trend that continued during July with rates for modern steam ships, particularly those in the Atlantic, rising above $100,000/day again. The market was typified by mismatches between voyage requirements and available tonnage, in that the available ships were often incompatible or unable to call at the required terminals or didn't have the necessary time available to carry out the voyage.

Lower charter rates offered on 1(st) and 2(nd) generation vessels has seen some players continue to favor them on certain trades. These older ships make particular sense on trades where the cargo parcel size is smaller and where there is significant idle time, causing the rate to hold more importance than fuel consumption. The second quarter also bore witness to several transactions for medium term fixtures. Several steam vessels have been fixed since March for periods between nine months and two years. Charter rates for these deals were typically around $80,000/day. Four newbuildings were also fixed for five year terms during the quarter - one vessel will be delivered to charterers in Q4 2013, a second in 2015 and the remaining 2 in 2016. Rates for these fixtures are also believed to be between $75,000 - $85,000/day. Golar LNG does not find these rate levels financially attractive and will effectively seek other opportunities including, but not limited to, trading in the spot market. This can create higher volatility and possible weaker short-term results until the major LNG export facilities become operative in 2015-2016.

LNG Market

Far East price markers edged downwards at the beginning of the quarter as warmer spring temperatures reduced demand in Asian markets. Demand was instead focused on Latin American markets with both ENARSA/YPF in Argentina, and CFE in Mexico tendering for the supply of strips of cargoes. In Argentina the typical strategy was to repeatedly tender for a large number of cargoes and only purchase those which had the most favorable pricing, coming back to the market for the others at a later date. CFE followed a similar strategy with the first open tender awarding no cargoes, and 40 cargoes being awarded in 2 tranches thereafter. The CFE cargoes are for delivery into the Manzanillo terminal in southwestern Mexico, creating significant tonne-mile demand. It is politically difficult to sell additional spot volumes into Manzanillo from nearby Peru LNG. The next alternative would be from Sakhalin (c.5500nm) where volumes are generally tied up for Asian deliveries. Thereafter you are looking at projects that are no less than 7,500nm miles from the import facility.

As indicated earlier, supply side Atlantic projects continued to frustrate with two FMs in Nigeria caused by problems on the feedgas pipelines and a third due to the dispute with the Maritime Agency. Post resolution production in Nigeria has however been strong since the blockade and FM were lifted in mid-July. Snohvit in Norway also continued to suffer from a prolonged shutdown that started during the first quarter and lasted until early May. Despite a brief shutdown subsequent to this, production does now seem to be relatively stable. After a two year delay, Angola LNG finally produced its first LNG. The first cargo left the Soyo plant in early June and discharged in Brazil, with a few further cargoes loaded since. The plant will shortly shut down for planned maintenance and reopen a couple of months later, hopefully ramping up quickly to full and stable production.

Pacific projects have not been without their problems either. Pluto shut down for unscheduled maintenance in late June and Indonesia's older projects are in terminal, albeit anticipated, decline. Demand in Asia was subdued but steady as warmer spring temperatures reduced the need for gas in the biggest LNG markets. Some of the Far Eastern utilities quietly sought out a few spot cargoes during the summer, which required some spot fixtures.

Demand in China and India continued to grow, with both countries commissioning new terminals this year. India's Kochi terminal is being commissioned in mid-August and the Ningbo terminal in China opened earlier this year. Further Chinese terminals at Zhuhai and Tangshan are also reported to be opening before the end of the year. New regional trades are also developing, with a private domestic Chinese trader chartering a 90,000 cbm vessel for coastal trading.

Signs of further development in the spot market continue to present themselves. Long term European based buyers from Nigeria LNG, such as Galp and ENEL, have been selling strips of around six cargoes per year to the market. These volumes are lifted FOB allowing new players to establish a presence in the market whilst existing players can expand their portfolios beyond traditional bases. Once Angola LNG has fully ramped up production it will have approximately 70 cargoes per year. All of these cargoes are currently due to be sold on a spot basis. These additional short term volumes should constitute further aid to the continued development of the spot LNG shipping market.

FSRUs

On the back of strong underlying FSRU market fundamentals and Golar's on-going superior performance in this sector, the Board has approved an addendum to the Company's shipbuilding contract with Samsung Heavy Industries in respect of the Golar Tundra and on July 17, 2013 such agreement was executed. In lieu of a 160,000 TFDE LNG carrier due for delivery in early 2015, this amendment provides for the construction of a 170,000 TFDE FSRU capable of regassifying up to 750 mmscf/day for delivery in November 2015. The delivered cost of the Golar Tundra will be in line with the company's other FSRU newbuilds. Larger storage, higher regasification capacity and better fuel efficiency of these newbuild FSRUs has made them the industry's preferred option for large FSRU projects (over 3.0 million tonnes of regasification capacity) and the Company is evaluating several options for her deployment. While current FSRU demand is dominated by the Middle East and South America, the Board believes that Asian FSRU demand will begin to increase rapidly in the second half of this decade.

Outlook

On a Group wide basis, the Board is not satisfied with the operational cash flow from Q2. The cash flow has been suffering from a higher cost and longer dry-docking than anticipated on two of the Partners' vessels as well as the commercial waiting period for Golar Viking and layup for Hilli and Gandria. We are however pleased with the overall technical performance achieved during the quarter for both the Golar and Golar Partners vessels. The Company's commitment to operational excellence with its in-house technical manager, Golar Wilhelmsen Management, is paying dividends with operational up-time of over 99%. Golar's safety record remains unblemished with a sustained 12 month rolling Long Term Incident Frequency of zero.

The success on the Kuwait and Jordan FSRU projects, which combined will provide over $80 million in EBITDA contribution, can be tied to Golar's decision to commit to firm delivery dates. This allowed prompt offerings into these two opportunities. This, together with Golar's standing as an industry leading provider of baseload FSRU, created a strong negotiating position. In line with our omnibus agreement each of these vessels will be offered for sale to Golar Partners. Such transactions will, if concluded, release significant cash in Golar LNG and generate growth and increased dividend distribution potential for Golar Partners.

Success over the past two years in securing long term contracts for the Golar group vessels has, following the related dropdowns, resulted in the vast majority of time charter revenues now being sourced within the Golar Partners corporate structure. In the second quarter Golar Partners accounted for 76% of the group wide revenues and this figure is anticipated to grow to 84% in the third quarter. Remaining within the Company's direct holdings are the entities which own the two modern vessels (Golar Arctic and Viking) which at present are the sole revenue generators in the deconsolidated Golar operating results. Meanwhile, the Company is carrying the full cost of the additional crewing expense for the new build programme and also FSRU and FLNG project costs.

Based on this, and with the deconsolidated Golar Partner accounts, Golar LNG is to some extent increasingly looking like a project development company and its long term success will be dependent on how the Company can develop and finance its asset portfolio, conclude long term charter agreements and drop these assets into Golar Partners.

As such, although the Group wide operating results are robust and the Company's cash position remains strong (largely due to the proceeds of dropdowns to Golar Partners) the deconsolidated Golar operating earnings for the coming months will appear challenged until the first vessels being delivered out of the newbuilding programme begin to contribute starting in the fourth quarter of this year.

Current shipping supply and demand fundamentals remain strong. However it is likely that the estimated 35 speculative orders which will be delivered during the next two years might exceed the demand created by the additional LNG export facilities which will commence in the same period.

Over the longer term, with well over 100 mmtpa of new production expected on-stream within the next several years, the Board is confident that the market balance will return in favour of the ship owners as we enter 2015 and 2016.

The Board is satisfied with the progress made on the FEED study for the potential conversion of first generation vessels into floating liquefaction production units. Although, a small amount of work remains, the results appear to prove out the concept from a commercial and technical point of view.

We will during the next months work hard in order to establish and finance a structure where a full commitment to a floating LNG production vessel can be made. The Board sees massive opportunities and extreme profitability in this segment, however there is significant project completion risk for these kinds of projects.

The Board is pleased to see the share price performance of Golar Partners. The solid performance creates unique opportunities and flexibility for the group including future drop downs. Golar LNG had as of August 28, 2013 , 13.4 million common and general partner units in Golar Partners with a total value of $440 million. Furthermore, Golar also owns 5.9 million subordinated units of Golar Partners which are due to become common units during the second quarter of 2016 and based on current unit price will have a value of $521 million. Finally, the Company owns 100 % of the incentive distribution rights which received approximately $1.0 million in dividend in Q2. The incentive distribution rights are currently at the 25% threshold (including GP units). Once Golar Partners is able to increase its quarterly distributions per unit beyond $0.5775, Golar will receive 50% of incremental distribution. The incentive distribution rights therefore present significant value to Golar.

The Board wants to give credit to management for already securing flexible and attractive financing for the major part of our 13 newbuldings. With a necessary cash break even rate to service the debt facility as low as approximately $57,500 per ship per day, Golar will be in a strong competitive position to generate cash and act as the leading consolidator in the LNG market.

The operating results for Q3 and Q4 will be negatively influenced by the volatility from the trading of several of our vessels in the spot market including commercial waiting times between cargoes. The net income and cash generation for the future is expected to be strong, based on the likelihood that additional assets will be dropped into Golar Partners and the fact that the newbuildings, which will be farmed in, will have low financing cash break even.

The Board is confident about the way the company is positioned and financed and sees exciting opportunities to grow the business and thereby also the distribution to our shareholders.

APPENDIX A - RECONCILATION OF RESULTS INCLUDING CONSOLIDATION OF GOLAR PARTNERS

+-------------------------------------------------------------------------+| || || (Including || Golar consolidation of|| Partners Golar Partners)|| || Apr - Jun Complete Consolidation Apr - Jun || || 2013 Basis (100%) Adjustments 2013 || || (unaudited) (unaudited) (unaudited) (unaudited) || ||Total revenues 27,926 78,299 (2,408) 103,817 || ||Vessel operating ||expenses 12,311 14,070 (2,407) 23,974 || ||Voyage and ||commission ||expenses 1,780 1,518 - 3,298|| ||Administrative ||expenses 5,587 1,328 - 6,915|| ||Depreciation and ||amortization 8,865 16,991 (640) 25,216 || ||Operating (loss) ||income (617 ) 44,392 (639) 44,414 || ||Interest income 1,001 259 (602) 658 || ||Interest expense - (11,987 ) 602 (11,385) || ||Other financial ||items 47,874 (114 ) (213) 47,547 || || |+-------------------------------------------------------------------------+

Forward Looking Statements

This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of Golar. Although Golar believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, Golar LNG cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: inability of the Company to obtain financing for the new building vessels at all or on favorable terms; changes in demand; a material decline or prolonged weakness in rates for LNG carriers; political events affecting production in areas in which natural gas is produced and demand for natural gas in areas to which our vessels deliver; changes in demand for natural gas generally or in particular regions; changes in the financial stability of our major customers; adoption of new rules and regulations applicable to LNG carriers and FSRUs; actions taken by regulatory authorities that may prohibit the access of LNG carriers or FSRUs to various ports; our inability to achieve successful utilization of our expanded fleet and inability to expand beyond the carriage of LNG; increases in costs including: crew wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions; the current turmoil in the global financial markets and deterioration thereof; changes in applicable maintenance or regulatory standards that could affect our anticipated dry-docking or maintenance and repair costs; our ability to timely complete our FSRU conversions; failure of shipyards to comply with delivery schedules on a timely basis and other factors listed from time to time in registration statements and reports that we have filed with or furnished to the Securities and Exchange Commission, including our Annual Report on Form 20-F and subsequent announcements and reports. Nothing contained in this press release shall constitute an offer of any securities for sale.

August 29, 2013

The Board of Directors

Golar LNG Limited

Hamilton, Bermuda.

Golar LNG Limited Q2 2013 Results: http://hugin.info/133076/R/1725797/575625.pdf

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Source: Golar LNG via Thomson Reuters ONE

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