Oryx Petroleum Corporation Limited Announces Operations Update for Kurdistan Region of Iraq

Oryx Petroleum Corporation Limited Announces Operations Update for Kurdistan 
Region of Iraq 
Advancing exploration activities and continued progress towards first 
production 
CALGARY, Sept. 9, 2013 /CNW/ - Oryx Petroleum Corporation Limited ("Oryx 
Petroleum" or the "Corporation") today announced an update on its activities 
in the Kurdistan Region of Iraq. 
CEO`s Comment 
Commenting today, Oryx Petroleum`s Chief Executive Officer, Michael Ebsary, 
stated: 
"We continue to make great progress on all fronts in our Hawler license 
area. Progress continues towards first production from the Demir Dagh 
discovery with an early production facility now contracted and we are 
advancing the balance of our exploration program. Testing of our second 
exploration well at Zey Gawra will begin in the next few weeks, 
preliminary indications from the third exploration well at Ain Al Safra are 
encouraging and we will spud our fourth and possibly most significant 
exploration well at Banan in the next two weeks. The coming months in 
Kurdistan should be exciting as we continue to unlock the potential we see in 
the Hawler license area." 
Hawler License Area 


    --  Demir Dagh Discovery: Contract Signed for Early Production
        Facility
        Oryx Petroleum recently agreed to lease an Early Production
        Facility (EPF)  from Expro, an international oilfield services
        company specializing in well flow management
        (www.exprogroup.com).
        The facility will have multiple trains with the ability to
        process light, heavy, sweet or sour crudes types. The lease
        period is expected to be two years with options to purchase at
        any point during the lease. The EPF will have an initial
        capacity of 25,000 bbl/d and will be re-engineered to a
        capacity of 40,000 bbl/d. The facility is expected to be in
        place in Q1 2014 with first production planned for Q2 2014. The
        EPF may also be utilized for the appraisal of the other
        outlying prospective fields Banan and Zey Gawra.
        Site preparation has commenced for the EPF which will be
        located 150 metres from the DD-2 well site and 500 metres from
        the Khurmala to Faysh Khabur pipeline that is expected to be
        completed by the end of 2013. A truck tanker loading station
        with initial capacity of 10,000 bbl/d will also be constructed
        9.5 kilometres from the EPF near the main highway to facilitate
        domestic sales.
    --  Banan Prospect:  Spudding of BAN-1 Exploration well and
        Additional Seismic Acquisition
        Oryx Petroleum expects to spud the BAN-1 well, its fourth
        exploration well in the Hawler license area, targeting the
        Banan prospect in the next two weeks. The KS Discover-1 rig has
        completed its move off the ZEG-1 well site to the BAN-1 site
        and is preparing to spud. The BAN-1 well is targeting oil
        potential in the Cretaceous, Jurassic and Triassic and is
        expected to reach total depth of 4,153 metres in Q1 2014.
        Netherland, Sewell & Associates, Inc. ("NSAI"), an independent
        oil and gas consulting firm, estimates as of March 31, 2013
        that the Banan prospect contains 196 MMbbl of unrisked gross
        (100%) prospective resources (risked: 102 MMbbl). NSAI`s
        estimate excludes a significant portion of the Banan prospect
        that was outside the Hawler license area boundaries prior to
        the December 2012 boundary extension.  Mobilisation is underway
        for a seismic campaign to acquire approximately 210 kilometres
        of 2D seismic covering the extended portion of the license area
        that will enable the Corporation to better understand and map
        the Banan structure.
        The BAN-1 well will be drilled approximately eight kilometres
        from the DD-2 well site. The Corporation is seeking to
        establish the presence of hydrocarbons in the Banan structure
        and the distribution of hydrocarbons across the shared
        spillpoint between the Demir Dagh and Banan anticlines.  The
        results of the BAN-1 well could significantly impact
        development plans for the Demir Dagh field.
    --  Zey Gawra Prospect: Commencement of Testing of Zey Gawra
        Exploration Well (ZEG-1)
        As previously reported, the ZEG-1 well reached a total depth of
        4,398 metres in early August. Oryx Petroleum has recently
        brought in a third rig, the Romfor 22 rig, to the Hawler
        license area, and has moved it on to ZEG-1 to commence the
        testing program. Based on logging of hydrocarbon bearing zones
        the Corporation intends to test four zones with one additional
        test contingent on results of the fourth test.  Depending on
        how many tests are conducted, the Corporation expects the
        testing program to be completed in  Q4.
        The ZEG-1 well is targeting oil potential in the Cretaceous,
        Jurassic and Triassic. NSAI estimates as of March 31, 2013 that
        the Zey Gawra prospect contains 23 MMbbl of unrisked gross
        (100%) prospective resources (risked: 9 MMbbl).
    --  Ain Al Safra Prospect: Progress of Ain Al Safra Exploration
        Well (AAS-1)
        As previously reported, the Sakson Hilong 10 rig spudded an
        exploration well targeting the Ain Al Safra prospect in the
        Hawler license area in early June. The AAS-1 well is targeting
        oil potential in the Cretaceous, Jurassic and Triassic. NSAI
        estimates as of March 31, 2013 that the Ain Al Safra prospect
        contains 225 MMbbl of unrisked gross (100%) prospective
        resources (risked: 44 MMbbl).
        The AAS-1 well has reached depth of approximately 3,000 metres
        in the lowermost Jurassic. The AAS-1 was originally scheduled
        to drill to a total depth of 3,700 metres in Q4 2013. Based on
        logging information and observations during drilling the
        Cretaceous reservoir has been deemed wet. However, in the lower
        Jurassic reservoirs, free oil on the shakers and sizable losses
        of drilling fluids have been observed with significant
        quantities of oil flowing to surface while drilling. Based on
        these observations during drilling and logging information,
        testing of at least three zones in the lower Jurassic is
        planned.
        Very heavy losses of drilling fluids were experienced at
        current total depth, which is symptomatic of a significant
        permeable fracture system. The losses and related absence of
        drilling fluids caused the bottom hole assembly (BHA) to become
        stuck. Attempts to free the BHA to date have been unsuccessful.
        The Corporation now plans to secure the well and test the lower
        Jurassic reservoirs. Further drilling into the Triassic will be
        dependent on the testing of the lower Jurassic reservoirs. The
        lower Jurassic testing is expected to commence in the next two
        weeks and conclude in early Q4.

Sindi Amedi License Area
    --  Conclusion of Seismic Acquisition and Analysis and
        Relinquishment of License
        A campaign targeting acquisition of approximately 145
        kilometres of 2D seismic was completed in mid-August.  The
        seismic covered the Gara East and Tawke East prospects. Based
        on analysis of the recently collected seismic data and prior
        data, Oryx Petroleum and its partner in the license area
        concluded that none of the identified prospects meet acceptable
        risk-reward parameters and that the license area should be
        relinquished. The partners have fulfilled all work commitments
        under the Production Sharing Contract as amended earlier in
        2013. Capital earmarked for Sindi Amedi will be re-deployed
        elsewhere in the Corporation's portfolio.

ABOUT ORYX PETROLEUM CORPORATION LIMITED

Oryx Petroleum is an international oil exploration company focused in Africa 
and the Middle East. The Corporation`s shares are listed on the Toronto Stock 
Exchange under the symbol "OXC". The Oryx Petroleum group of companies was 
founded in 2010 by The Addax and Oryx Group Limited and key members of the 
former senior management team of Addax Petroleum Corporation. Oryx Petroleum 
has interests in six license areas prospective for oil and is the operator or 
technical partner in four of the six license areas. Two license areas are 
located in the Kurdistan Region and the Wasit governorate (province) of Iraq 
and four license areas are located in West Africa in Nigeria, the AGC 
administrative area offshore Senegal and Guinea Bissau, and Congo 
(Brazzaville).

Reader Advisory Regarding Forward-Looking Information

Certain statements in this news release constitute "forward-looking 
information", including statements related to the nature, timing and effect of 
the Corporation's future capital, business and acquisition strategy and goals, 
opportunities, reserves and resources estimates and potential, drilling plans, 
development plans and schedules and chance of success, future seismic 
activity, results of exploration activities, future drilling of new wells, 
ultimate recoverability of current and long-term assets, possible 
commerciality of our projects, future expenditures, and statements that 
contain words such as "may", "will", "would", "could", "should", "anticipate", 
"believe", "intend", "expect", "plan", "estimate", "budget", "outlook", 
"propose", "potentially", "project", "forecast" or the negative of such 
expressions and statements relating to matters that are not historical fact, 
constitute forward-looking information within the meaning of applicable 
Canadian securities legislation.

In addition, information and statements in this news release relating to 
reserves and resources are deemed to be forward-looking information, as they 
involve the implied assessment, based on certain estimates and assumptions, 
that the reserves and resources described exist in the quantities predicted or 
estimated, and that the reserves and resources described can be profitably 
produced in the future. See "Reserves and Resources Advisory" below.

Although Oryx Petroleum believes these statements to be reasonable, the 
assumptions upon which they are based may prove to be incorrect. In making 
certain statements in this news release, Oryx Petroleum has made assumptions 
with respect to the following: the general continuance of the current or, 
where applicable, assumed industry conditions, forecasts of capital 
expenditures and the sources of financing thereof, timing and results of 
exploration activities, access to local and international markets for future 
crude oil production, if any and future crude oil prices, the Corporation's 
ability to obtain and retain qualified staff, contractors and personnel and 
equipment in a timely and cost-efficient manner, the political situation and 
stability in jurisdictions in which Oryx Petroleum has licenses, the ability 
to renew its licenses on attractive terms, the Corporation's future production 
levels, the applicability of technologies for the recovery and production of 
the Corporation's oil reserves and resources, the amount, nature, timing and 
effects of capital expenditures, geological and engineering estimates in 
respect of the Corporation's reserves and resources, the geography of the 
areas in which the Corporation is conducting exploration and development 
activities, operating and other costs, the extent of the Corporation's 
liabilities, and business strategies and plans of management.

Forward-looking information is subject to known and unknown risks and 
uncertainties which may cause actual results or events to differ materially 
from those anticipated in the forward-looking information and statements if 
the assumptions underlying them prove incorrect, or if one or more of the 
uncertainties or risks described below materializes. The risks and 
uncertainties affecting the Corporation include, but are not limited to, 
imprecision of reserves and resources estimates; ultimate recovery of 
reserves, ability to commercially develop its oil reserves and/or its 
prospective and contingent oil resources; commodity prices; general economic, 
market and business conditions; industry capacity; competitive action by other 
companies; refining and market margins; the ability to produce and transport 
crude oil and natural gas to markets; weather and climate conditions; results 
of exploration and development drilling and other related activities; 
fluctuation in interest rates and foreign currency exchange rates; ability of 
suppliers to meet commitments; actions by governmental authorities, including 
increases in taxes; decisions or approvals of administrative tribunals, 
renewal or granting of licenses; changes in environmental and other 
regulations; international political events; renegotiations of contracts; 
reliance on key managers and personnel; dry wells may lead to a downgrading of 
the Corporation's licenses or contracts or require further funds to continue 
exploration work; future foreign currency exchange rates; risks related to the 
actions and financial circumstances of our agents and contractors, 
counterparties and joint venture partners; political uncertainty, including 
actions by terrorists, insurgent or other groups, or other armed conflict, 
including conflict between states; and expected rates of return. More 
specifically, future production may be affected by exploration success, 
start-up timing and success, facility reliability, reservoir performance and 
natural decline rates, water handling and drilling progress, restrictions on 
ability to access necessary infrastructure, equipment and services, including 
but not limited to, those sourced from third party providers. Capital 
expenditures may be affected by cost pressures associated with new capital 
projects, including labour and material supply, project management, drilling 
rig rates and availability and seismic costs. Risk factors are discussed in 
greater detail in filings made by the Corporation with Canadian securities 
commissions.

Readers are strongly cautioned that the above list of factors affecting 
forward-looking information is not exhaustive. Although the Corporation 
believes that the expectations conveyed by the forward-looking information are 
reasonable based on information available to it on the date such 
forward-looking information was made, no assurances can be given as to future 
results, levels of activity and achievements. Readers should not place undue 
importance or reliance on the forward-looking information and should not rely 
on the forward-looking information as of any date other than the date 
hereof. Further, statements including forward-looking information are made 
as at the date they are given and, except as required by applicable law, Oryx 
Petroleum does not intend, and does not assume any obligation, to update any 
forward-looking information, whether as a result of new information or 
otherwise. If the Corporation does update one or more statements containing 
forward-looking information, it is not obligated to, and no inference should 
be drawn that it will make additional updates with respect thereto or with 
respect to other forward-looking information. The forward-looking 
information contained in this news release is expressly qualified by this 
cautionary statement.

Reserves and Resource Advisory

Oryx Petroleum's reserves and resource estimates have been prepared and 
audited in accordance with National Instrument 51-101 - Standards of 
Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation 
Handbook.

Prospective oil 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 oil 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.





SOURCE  Oryx Petroleum Corporation Limited 
Craig Kelly Chief Financial Officer Tel.: +41 (0) 58 702 93 23 
craig.kelly@oryxpetroleum.com  Scott Lewis Head of Corporate Finance Tel.: 
+41 (0) 58 702 93 52 scott.lewis@oryxpetroleum.com   
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CO: Oryx Petroleum Corporation Limited
ST: Alberta
NI: OIL FIELD  
-0- Sep/09/2013 12:57 GMT
 
 
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