Jack J. Grynberg Squares up for Another Boardroom Battle

           Jack J. Grynberg Squares up for Another Boardroom Battle

  PR Newswire

  LONDON, February 26, 2013

LONDON, February 26, 2013 /PRNewswire/ --

Mr Jack J. Grynberg, President and CEO of RSM Production Corporation (RSM),
has urged shareholders to vote against the Board of Victoria Oil and Gas plc
(VOG) at a General Meeting being held on Friday 1 March 2013. He has urged
potential new investors to ask serious questions about the information they
have been provided with regarding VOG's asserted ownership of rights in the
Logbaba Concession.

He said today:

"The Board of Victoria Oil and Gas plc (VOG) have repeatedly made misleading,
false and incomplete claims concerning the ownership of their major asset,
which is a hydrocarbon concession in the Republic of the Cameroon. Their claim
that they own a "95% working interest" in the Logbaba Concession is false, and
is indeed the subject of protracted and ongoing arbitration between RSM and
VOG.

"The concession was originally granted to RSM in 2001 and in 2006 a 60%
interest was assigned by RSM to a Victoria Oil and Gas subsidiary. A
Presidential decree executed on 3rd December 2012 states that we retain a 38%
interest.

"Victoria Oil and Gas appears to have failed to keep the markets properly
informed of new developments concerning its major asset as it is required to
under the AIM Rules. There is also a serious risk that new investors for
shares in VOG will have signed up based on incomplete and misleading
information.

"I urge shareholders to vote against the Resolution -which is seeking approval
for the allotment of new shares as part of an equity fundraising - at the
General Meeting being held this Friday, 1 ^st  March. I further urge
potential new investors to fully satisfy themselves that they are aware of the
true facts in this case."

Notes to Editors:

  *Jack J. Grynberg is the President and CEO of RSM Production Corporation.
    He is an eminent and highly experienced expert in the fields of
    hydrocarbon research, exploration, development and production. He has been
    resolute and highly successful in defending his and his family's
    companies' interests through litigation. He has previously been involved
    in litigation against a number of companies and representatives in the oil
    and gas industry. In 2008 he named BP and its former chief executive Lord
    Browne of Madingley in a lawsuit alleging bribery of government officials
    in Grenada. Concurrently, he also sued BP and its - at the time - current
    and former chief executives Tony Hayward and Lord Browne over allegations
    of bribery of government officials and racketeering in Kazakhstan, as well
    as Norway's Statoil and its chief executive, Helge Lund.

  *RSM Production Corporation (RSM) operates as an oil and gas exploration
    and production company. The company was incorporated in 1996 and is based
    in Denver, Colorado. RSM owns at least a 38% (and possibly a 47.5 per
    cent) interest in the Logbaba Concession.

  *Victoria Oil and Gas plc (VOG) is an AIM listed oil and gas exploration
    and production company with assets in Africa and the FSU. The company's
    principal assets are the Logbaba gas and condensate project in Cameroon
    and the West Medvezhye project in Siberia, Russia. VOG Chairman is Kevin
    Foo.

Background

  *The Logbaba Concession was granted to RSM by the Republic of Cameroon on
    31 May 2001. On 9 August 2006 RSM assigned an interest to a VOG
    subsidiary, which was approved by Cameroonian Presidential Decree on 29
    November 2006. It is a matter of contention as to whether the assignment
    was of a 50 per cent interest or a 60 per cent interest in the Concession.
    In 18 July 2011, VOG asserted that pursuant to the provisions of an
    operating agreement between the parties, RSM had forfeited to VOG its
    remaining interest. This assertion is disputed and is subject of ongoing
    and protracted Arbitration between the parties.

  *RSM rejects VOG's claims that RSM has forfeited its interest in the
    Logbaba Development and the Government of Cameroon has not approved the
    transfer of RSM's remaining interest in the Logbaba Development to VOG. A
    Republic of Cameroon Presidential Decree executed on 3 December 2012
    states that RSM owns a 38% interest in the Logbaba Concession.

Presidential Decree

The Presidential Decree executed on 3 December 2012, amended the 29 November
2006 decree which erroneously stated that VOG - and not its 100% subsidiary
Rodeo Development Limited (RDL) - held a direct 57% interest. The decree
provides as follows:

'A valuable Gas Concession called 'Logbaba' has been given to an association
of these companies: NATIONAL PTEROLEUM COMPANY (SNH) (PO Box 955 Yaounde),
RODEO DEVELOPMENT LIMITED (PO Box 128 Douala), and RSM Production Corporation
(5000 South Quebec Street, Suite 500, Denver, Colorado 80237-270 USA), each
company having an undivided interest as follows:

  *Rodeo Development Limited ..............................57%
  *RSM Production Corporation .............................38%
  *Societe Nationale des Hydrocarbures (SNH)................5%

Contact: Contact: David Rigg, Project Associates +44(0)207-432-3216
 
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