Kulczyk Oil Ventures Inc.: Ukraine-KUB-Gas Prepays USD 10.0

Kulczyk Oil Ventures Inc.: Ukraine-KUB-Gas Prepays USD 10.0 Million
to EBRD 
CALGARY, ALBERTA -- (Marketwire) -- 01/08/13 -- Kulczyk Oil Ventures
Inc. (WARSAW:KOV) ("Kulczyk Oil", "KOV" or the "Company") is pleased
to announce that the Company's indirectly held 70% subsidiary KUB-Gas
LLC ("KUB-Gas") has made a prepayment to the European Bank for
Reconstruction and Development ("EBRD") in the amount of USD 10.0
million under the terms of the EBRD loan agreement ("Loan"). KUB-Gas
will also make a regularly scheduled principle payment in the amount
of USD 935,897 on January 15, 2013. Following these repayments, the
outstanding balance of the EBRD loan after January 15, 2013 will be
USD 10,294,872. 
The Loan, initially for an amount of up to USD 40 million, was signed
in May 2011 with the funds therefrom intended to finance the ongoing
development of additional production from KUB-Gas' Vergunskoye,
Olgovskoye, Makeevskoye and Krutogorovskoye fields in the Lugansk
region of Ukraine. The first tranche of the Loan in the amount of USD
23.0 million was fully drawn. However, with consistently strong
production and financial performance from KUB-Gas' producing
properties, the second tranche of USD 17.0 million was never drawn.
The USD 10.0 million prepayment on the first tranche was made from
KUB-Gas' internally generated funds. 
Tim Elliott, President and Chief Executive Officer, stated that:  
"Early repayment has been made possible by the excellent results we
have had in Ukraine to date. The capital made available under the
loan agreement was critical in allowing us to kick start our
aggressive development program and the EBRD has proven to be an
effective and meaningful partner for us. We continue to be optimistic
about the future of KUB-Gas and will continue with our exploration
and development plans which will be self-funded going forward."  
About Kulczyk Oil  
Kulczyk Oil is an international upstream oil and gas exploration and
production company with a diversified portfolio of projects in
Ukraine, Brunei and Syria and with a risk profile ranging from
exploration in Brunei and Syria to production and development in
Ukraine. The common shares of the Company trade on the Warsaw Stock
Exchange under trading symbol "KOV".  
In Ukraine, KOV owns an effective 70% interest in KUB-Gas LLC. The
assets of KUB-Gas consist of 100% interests in five licences near to
the City of Lugansk in the northeast part of Ukraine. Four of the
licences are gas producing.  
In Brunei, KOV owns a 90% working interest in a production sharing
agreement which gives the Company the right to explore for and
produce oil and natural gas from Block L, a 1,123 square kilometre
area covering onshore and offshore areas in northern Brunei.  
In Syria, KOV holds a participating interest of 50% in the Syria
Block 9 production sharing contract which provides the right to
explore for and, upon the satisfaction of certain conditions, to
produce oil and gas from Block 9, a 10,032 square kilometre area in
northwest Syria. The Company has an agreement to assign a 5%
ownership interest to a third party which is subject to the approval
of Syrian authorities, and which, if approved, would leave the
Company with a remaining effective interest of 45% in Syria Block 9.
KOV declared force majeure, with respect to its operations in Syria,
in July 2012.  
The main shareholder of the Company is Kulczyk Investments S.A., an
international investment house founded by Polish businessman Dr. Jan
For further information, please refer to the Kulczyk Oil website
Translation: This news release has been translated into Polish from
the English original.  
Forward-looking Statements: This release may contain forward-looking
statements made as of the date of this announcement with respect to
future activities of KUB-Gas and related to its five licence areas in
Ukraine and to certain wells drilled or seismic activities undertaken
within those licence areas that either are not or may not be
historical facts. Although the Company believes that its expectations
reflected in the forward-looking statements are reasonable as of the
date hereof, any potential results suggested by such statements
involve risk and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Various factors that could impair or prevent the Company
from completing the expected activities on its projects include that
the Company's projects experience technical and mechanical problems,
there are changes in product prices, failure to obtain regulatory
approvals, the state of the national or international monetary, oil
and gas, financial, political and economic markets in the
jurisdictions where the Company operates and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties and actual results may vary materially from those
expressed in the forward-looking statement. The Company undertakes no
obligation to revise or update any forward-looking statements in this
announcement to reflect events or circumstances after the date of
this announcement, unless required by law. 

Suite 1170, 700-4th Avenue S.W.,                                            
Calgary, Alberta, Canada                                                    
Telephone: +1-403-264-8877                                                  
Al Shafar Investment Building, Suite                                        
123, Shaikh Zayed Road,                                                     
Box 37174, Dubai, United Arab Emirates                                      
Telephone: +971-4-339-5212                                                  
Nowogrodzka 18/29                                                           
00-511 Warsaw, Poland                                                       
Telephone: +48 (22) 414 21 00                                               

Kulczyk Oil Ventures Inc. - Canada
Norman W. Holton
Vice Chairman
Kulczyk Oil Ventures Inc. - Poland
Jakub J. Korczak
Vice President Investor Relations & Managing Director CEE
+48 22 414 21 00
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