Lundin Petroleum's Nomination Committee

Lundin Petroleum's Nomination Committee 
STOCKHOLM, SWEDEN -- (Marketwire) -- 10/24/12 -- Lundin Petroleum AB
(TSX:LUP)(OMX:LUPE) (Lundin Petroleum) is pleased to announce the
composition of the Nomination Committee for the 2013 Annual General
Meeting (AGM) in accordance with the resolution at the AGM in Lundin
Petroleum on 10 May 2012.  
The Nomination Committee has been formed with the following members:  


 
--  Asa Nisell (Swedbank Robur fonder) 
--  Ossian Ekdahl (Forsta AP-fonden) 
--  Arne Loow (Fjarde AP-fonden) 
--  Ian H. Lundin (Lorito Holdings (Guernsey) Ltd., Zebra Holdings and
    Investment (Guernsey) Ltd. and Landor Participations Inc., as well as
    Chairman of the Board of Directors, Lundin Petroleum) 
--  Magnus Unger (member of the Board of Directors, Lundin Petroleum) 

 
At the Nomination Committee's first meeting, Magnus Unger was elected
as Chairman of the Nomination Committee. 
The Nomination Committee shall make recommendations to the 2013 AGM
regarding:  


 
--  Election of the Chairman of the 2013 AGM 
--  Election of members of the Board of Directors, including number of
    members 
--  Election of the Chairman of the Board of Directors 
--  Remuneration of the members of the Board of Directors, distinguishing
    between the Chairman and other members, and remuneration for Board
    Committee work 
--  Election of the auditor and remuneration of the auditor 
--  Nomination Committee Process for the 2014 AGM 

 
Shareholders who wish to present a motion to the Nomination Committee
regarding the above-mentioned issues should contact the Chairman of
the Nomination Committee, Magnus Unger, at nomcom@lundin.ch not later
than 31 January 2013. 
Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class
assets primarily located in Europe and South East Asia. The Company
is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the
Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has
proven and probable reserves of 211 million barrels of oil equivalent
(MMboe). 
This information has been made public in accordance with the
Securities Market Act (SFS 2007:528) and/or the Financial Instruments
Trading Act (SFS 1991:980). 
Forward-Looking S
tatements  
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable
securities legislation). Such statements and information (together,
"forward-looking statements") relate to future events, including 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 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. No assurance can be
given that these expectations and assumptions will prove to be
correct and such forward-looking statements should not be relied
upon. These statements speak only as on the date of the information
and 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, operational risks
(including exploration and development risks), productions costs,
availability of drilling equipment, reliance on key personnel,
reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and
financial risks. These risks and uncertainties are described in more
detail under the heading "Risks and Risk Management" and elsewhere in
the Company's annual report. Readers are cautioned that the foregoing
list of risk factors should not be construed as exhaustive. Actual
results may differ materially from those expressed or implied by such
forward-looking statements. Forward-looking statements are expressly
qualified by this cautionary statement. 
Reserves and Resources  
Unless otherwise stated, Lundin Petroleum's reserve and resource
estimates are as at 31 December 2011, and have been prepared and
audited in accordance with National Instrument 51-101 Standards of
Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian
Oil and Gas Evaluation Handbook ("COGE Handbook"). Unless otherwise
stated, all reserves estimates contained herein are the aggregate of
"Proved Reserves" and "Probable Reserves", together also known as "2P
Reserves". For further information on reserve and resource
classifications, see "Reserves and Resources" in the Company's annual
report. 
Contingent Resources  
Contingent Resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known
accumulations using established technology or technology under
development, but are not currently considered to be commercially
recoverable due to one or more contingencies. Contingencies may
include factors such as economic, legal, environmental, political and
regulatory matters or a lack of markets. There is no certainty that
it will be commercially viable for the Company to produce any portion
of the Contingent Resources. 
Prospective Resources  
Prospective Resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective Resources have both a chance of discovery and a chance of
development. There is no certainty that any portion of the
Prospective Resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion
of the Prospective Resources.  
BOEs  
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. 
Contacts:
Lundin Petroleum AB
Maria Hamilton, Head of Corporate Communications
+41 22 595 10 00 or +46 8 440 54 50
Mobile: +41 79 63 53 641
maria.hamilton@lundin.ch 
Lundin Petroleum AB
Teitur Paulsen
VP Corporate Planning and Investor Relations
+41 22 595 10 00
www.lundin-petroleum.com
 
 
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