Molopo Announces Closing of Queensland Asset Sale

Molopo Announces Closing of Queensland Asset Sale 
CALGARY, ALBERTA -- (Marketwire) -- 10/31/12 -- Molopo Energy Limited
(ASX:MPO) is pleased to confirm that the previously announced sale of
its Queensland Bowen Basin coal bed methane assets to a wholly-owned
subsidiary of PetroChina International Investment Company Limited has
successfully closed. Upon closing, Molopo received total proceeds of
A$41 million plus a working capital adjustment of A$2.4 million.  
The proceeds from this sale contribute to Molopo's cash balances and
strategy to focus on continued drilling and development of its
Wolfcamp oil acreage, situated in the Permian Basin in Texas, USA.  
For further details on the transaction please see Molopo's press
release dated August 1st, 2012. 
This press release contains certain forward-looking statements. These
statements relate to future events or future performance of the
Company. When used in this press release, the words "may", "would",
"could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "predict", "seek", "propose", "expect", "potential",
"continue", and similar expressions, are intended to identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties, and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect the Company's
current views with respect to certain events, and are subject to a
number of risks, uncertainties and assumptions. Many factors could
cause Molopo's actual results, performance, or achievements to
materially differ from those described in this press release. Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those described in other
public disclosures made by the Company or this press release as
intended, planned, anticipated, believed, estimated, or expected.
Furthermore, statements relating to "reserves" or "resources" are
deemed to be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions that the
resources and reserves described can be produced profitably in the
future. The forward-looking st
atements contained in this press
release are expressly qualified in their entirety by this cautionary
declaration. These statements speak only as of the date of this press
release. The Company does not intend and does not assume any
obligation, to update these forward-looking statements to reflect new
information, subsequent events or otherwise, except as required by
law. 
Molopo Energy Limited is an oil and gas exploration and production
company listed on ASX under code 'MPO', with management based in
Calgary, Alberta, Canada. With a strong balance sheet, the Company is
predominantly focused on the development of its Wolfcamp shale oil
resource play in the Permian Basin, Texas, USA. In addition, Molopo
also has oil assets in the Williston Basin, Saskatchewan, Canada;
shale gas assets in Quebec, Canada; and onshore gas projects in South
Africa. 
Contacts:
Molopo Energy Limited
Cindy Gray
VP Capital Markets
+1.403.648.8026 / + 61 3 9618 8704 (Australia local)
investorrelations@molopo.com.au