Oryx Petroleum Q1 2014 Financial and Operational Results

 An active quarter with successful drilling and substantial progress to first  production  CALGARY, May 7, 2014 /CNW/ - Oryx Petroleum Corporation Limited ("Oryx  Petroleum" or the "Corporation") today announces its financial and operational  results for the quarter ended March 31, 2014.  Highlights:            --  A Q1 2014 net loss of $6.9 million ($0.07 per common share)             compared to $47.0 Million ($0.64 per common share) in Q1 2013         --  $153.8 million of cash and cash equivalents as of March 31,             2014         --  Revised 2014 capital expenditure forecast of $400-$450 million         --  Operating Update and 2014 Outlook - Hawler License Area             (Kurdistan Region of Iraq)       o Demir Dagh First Production - Declaration of Commercial Discovery;         Facilities work is significantly advanced with first production         expected before the end of Q2 2014 consistent with previous         guidance; gross (100%) production expected to reach 25,000 bbl/d by         2014 year end       o Demir Dagh Appraisal & Development Drilling - successful test of         the Demir Dagh-4 ("DD-4") well;; testing of Demir Dagh-5 ("DD-5")         and Demir Dagh-3 ("DD-3") wells to be completed within weeks; five         additional development wells and 3D seismic planned in 2014       o Ain Al Safra Appraisal - Ain Al Safra-2 ("AAS-2") appraisal well         currently at approximately 2,600 metres and expected to reach         planned total depth and complete testing in Q3 2014       o Zey Gawra Appraisal - Zey Gawra-2 ("ZEG-2") appraisal well to be         drilled in 2014       o Banan Discovery/Appraisal - Successful testing of the Banan-1         ("BAN-1") exploration well announced in March 2014; Banan-2         ("BAN-2") appraisal well likely to be spudded in the next month         --  Operating Update and 2014 Outlook - West Africa       o AGC Shallow - The Corporation is in the final stages of securing a         rig for a high impact exploration well to be drilled in the second         half of 2014 targeting the Dome Iris prospect       o Haute Mer A - The Corporation is working with its partners in the         Haute Mer A license area to determine next steps following the         successful test of the Elephant-1 discovery.       o Haute Mer B - A high impact exploration well is planned for the         second half of 2014  CEO´s Comment  Commenting today, Oryx Petroleum´s Chief Executive Officer, Michael Ebsary,  stated:  "The first quarter was another solid quarter for Oryx Petroleum as we  continued to successfully execute our drilling program and progress towards  first production.  In the Kurdistan Region of Iraq we declared commerciality for Demir Dagh and  first production is due to be on stream this quarter before steadily  increasing throughout the year. Our exploration and appraisal drilling program  during the quarter included the successful Banan-1 exploration well and the  spudding of the first appraisal well at Ain Al Safra and three appraisal wells  at Demir Dagh. Successful testing results were announced for the DD-4 well and  testing results for the DD-3 and DD-5 wells are expected shortly. Throughout  the balance of the year we will continue appraisal and development drilling on  all four discoveries in the Hawler license area with the aim of converting  contingent resources into reserves, and reserves into production.  In West Africa, we completed the successful test of the Elephant-1 discovery  and now are working with our partners to determine the steps that give us the  best chance to add the additional resource volumes necessary for a commercial  development. We are also in the final stages of securing a rig to drill a high  impact exploration well in the AGC license area in the second half of the  year."  Selected Financial Highlights  Financial results are prepared in accordance with International Financial  Reporting Standards ("IFRS") and the reporting currency is US dollars. The  following table summarizes the selected financial highlights for Oryx  Petroleum for the three months ended March 31, 2014 and March 31, 2013 and the  year ended December 31, 2013:                                        3 Months Ended  Year Ended                                           March 31     December 31     ($ in millions)                      2014    2013       2013                                                                        Net Loss                                6.9   47.0       185.8     Net Loss per common share ($/sh)       0.07   0.64        2.04                                                                        Net Cash flow used in operating      (23.6)  (6.7)       (8.7)     activities     Net Cash flow used in investing     (129.6) (55.6)     (234.1)     activities                                                              Capital Expenditures                 (79.8) (41.4)     (200.2)     License Acquisition Costs            (14.5) (13.0)      (48.2)                                                                        Cash and Cash Equivalents             152.8              306.0     Total Assets                          913.3              976.2     Total Equity                          761.1              766.0         --  Net loss for the quarter decreased from $47.0 million in Q1             2013 to $6.9 million in Q1 2014 due to a reduction of expenses             related to the Q1 2013 revaluation of the fair value of             contingent liabilities and a decrease in general and             administrative expenses. As at March 31, 2014 the fair value of             the contingent liabilities is $76.8 million and is included in             trade and other payables in the Corporation`s Consolidated             Statement of Financial Position. $10.3 million of this amount             is included in current liabilities and the balance of $66.5             million in non-current liabilities. General and administrative             costs decreased by $2.3 million to $4.0 million due to a             decrease in consulting charges. Q1 2013 consulting costs             included charges related to preparations for the Corporation`s             initial public offering.  A greater proportion of technical             personnel costs were also allocated to capital projects during             Q1 2014 versus Q1 2013. The decrease was offset by increased             staff costs due to an increase in the average employee             headcount from 58 to 99. The reduced expenses were partially             offset by a $0.4 million increase in impairment costs related             to the Horse-1 exploration well, a $0.3 million increase in             depreciation and amortization and $0.7 million decrease in             other items.             Weighted average number of common shares outstanding for             purposes of net loss per common share calculations is             99,879,812. As of March 31, 2014 total common shares             outstanding were 99,889,234 and there were 873,152 unvested             common shares related to the Corporation`s Long Term Incentive             Plan, that are due to vest during 2014 and 2015.         --  Net cash used in operating activities was $23.6 million for Q1             2014 compared to $6.7 million in Q1 2013. The Q1 2014 result             includes a $20.8 million increase in non-cash working capital.              The increase in non-cash working capital is primarily due to             $23.2 million in payments that reduced outstanding accounts             payables, $10.0 million of which relates to contingent payments             paid in Q1 2014 upon the Declaration of Commercial Discovery             for Demir Dagh in the Hawler license area.         --  Net cash used in investing activities increased from $55.6             million in the quarter ended March 31, 2013 to $129.6 million             for the quarter ended March, 31 2014 reflecting increased             capital investment activity. In the Middle East, expenditures             included primarily drilling and testing of the BAN-1             exploration well and the  DD-3, DD-4, and DD-5 appraisal wells,             drilling of the AAS-2 appraisal well, Demir Dagh development             costs including the costs associated with an Early Production             Facility, and a $50 million contingent payment made to the             Kurdistan Regional Government in connection with the             Declaration of Commercial Discovery for Demir Dagh. In West             Africa, expenditures included primarily testing of the             Elephant-1 exploration well in the Haute Mer A license area, a             farm-in payment to partners in the OML 141 license area, and             drilling preparation in the AGC Shallow license area. The             difference between net cash flow used in investing activities             and capital expenditures in Q1 2014 is primarily due to the             cash payment of $50.0 million for contingent consideration             which was recorded as capital expenditures in 2013 and was             included in accounts payable at December 31, 2013.  The following tables summarize the Corporation`s capital expenditure incurred  by activity and by license area for the three month periods ended March 31,  2014 and March 31, 2013.                                                        Three Months Ended                                                  Mar 31, 2014  Mar 31, 2013                                                  ($ millions)  ($ millions)             Middle East                                                             Exploration and                                  44.9          13.9             development                drilling              Facilities                                  14.9             -     Seismic Acquisition                                   0.9           1.5             Studies and                                   7.4           3.2         capitalised G&A        Sub-Total Middle                                  68.0          18.7                    East             West Africa                                                                 Exploration                                   9.1           9.9                drilling     Seismic acquisition                                   0.2           0.3             Studies and                                   2.4          12.3         capitalized G&A          Sub-Total West                                  11.6          22.5                  Africa                                                                                           Corporate                                   0.2           0.2           Total Capital                                  79.9          41.4          Expenditure(1)                                                                                                          Three Months Ended        License Area              Location        Mar 31, 2014 Mar 31, 2013                                                  ($ millions) ($ millions)                           Iraq  - Kurdistan            67.5         28.9                Hawler     Region                                           Iraq  - Kurdistan              -          0.9           Sindi Amedi     Region                                           Iraq - Wasit                 0.5          1.9                 Wasit     province                                         Senegal and Guinea           1.0          0.5           AGC Shallow     Bissau                               OML 141     Nigeria                      1.0          8.5                           Congo                        9.5          0.5           Haute Mer A     (Brazzaville)                      Corporate                                  0.2          0.2           Total capital                                79.9         41.4        expenditure(1)                             Note: (1)  Excludes license acquisition costs  Cash and cash equivalents decreased to $152.8 million from $306.0 million at  December 31, 2013 reflecting cash operating expenditures, capital  expenditures, and movements in working capital. Oryx Petroleum had no  borrowings as of March 31, 2014.  Selected Operational Highlights  Kurdistan Region of Iraq          --  Demir Dagh Appraisal/Development - The Corporation continues to             progress its appraisal and development of the Demir Dagh             discovery. Oryx Petroleum has a 65% participating and working             interest in the Hawler license area. Netherland, Sewell &             Associates, Inc. ("NSAI") estimates as of December 31, 2013             that the Demir Dagh structure contains gross (100%) proved and             probable oil reserves of 258 MMbbl, best estimate unrisked             gross (100%) contingent oil resources of 271 MMbbl and best             estimate unrisked gross (100%) prospective oil resources of 50             MMbbl (risked 10 MMbbl). Key highlights of appraisal and             development activity include the following:       o First Production - The Corporation`s production outlook for Demir         Dagh remains unchanged with first production targeted for Q2 2014         with initial gross (100%) oil production totaling approximately         7,000 to 9,000 bbl/d. It is expected that by the end of 2014 the         Early Production Facility ("EPF") will reach gross (100%)         production capacity of 25,000 bbl/d and will be expanded to the         full gross (100%) production design capacity of 40,000 bbl/d in         2015. First production will come from the Demir Dagh-2 ("DD-2") and         DD-4 wells which have been completed as oil producers. The         production facilities are designed to deliver produced oil to an         offloading facility at Demir Dagh within the Hawler license area,         or to transport oil to a point of sale through export pipelines.         Work on production facilities, the truck loading station and         storage facilities is almost complete. The key remaining task that         needs to be completed prior to first production is the coating of         the interiors of the storage tanks.       o Declaration of Commercial Discovery  - As previously reported the         Corporation submitted a Declaration of  Commercial Discovery of the         Demir Dagh Field by way of a letter to the Kurdistan Region of Iraq         Government dated February 25, 2014. At this time, the Corporation         also agreed to relinquish 850 square kilometers of the Hawler         license area, with the retained license area covering the Demir         Dagh, Ain Al-Safra, Banan and Zey Gawra discoveries       o Appraisal/Development Drilling - The Sakson Hilong 10 rig spudded         the DD-3 appraisal well  in November 2013 approximately 3 km to the         southeast of the DD-2 well. The well´s objective is to appraise         Cretaceous, Jurassic and Triassic age reservoirs. The DD-3 well         reached total depth of approximately 4,400 metres in the Kurra         Chine formation in the Triassic and a multi-zone testing program         should be completed in the coming weeks.         The DD-4 appraisal well was drilled 1.5 km to the southwest and         down-dip of the DD-2 well in order to appraise the flank of the         Cretaceous reservoir. The well was completed as a producing well in         March 2014 after a successful test program in the Kometan formation         in the Cretaceous.          The Romfor-22 rig spudded the DD-5 appraisal well in January 2014         approximately 3 kilometres to the west of the DD-2 well and reached         total depth of approximately 1,900 metres in the Lower Cretaceous         in April 2014. The well`s objective is to appraise Cretaceous         reservoirs, targeting the saddle area between the Banan and Demir         Dagh structures. A testing program is in progress and should be         completed in the next couple of weeks.         Following completion of the testing program on the DD-5 well the         Romfor-22 rig will move to spud the Demir Dagh-6 development well         which will be drilled near the crest of the Demir Dagh structure         right along the fault cutting across the structure from east to         west. The Romfor-22 rig is scheduled to drill four additional         development wells on the Demir Dagh structure in 2014. The DD-2         discovery well was recompleted as a producing well in late 2013.       o Seismic Acquisition - Acquisition of approximately 440 square         kilometres of 3D seismic over the Demir Dagh, Banan and Zey Gawra         structures is planned for 2014, which will provide additional         information to further refine appraisal and development plans. The         program is expected to commence mid-year. Preparation work is in         progress and negotiation of a contract with a seismic acquisition         provider is in the final stages.         --  Demir Dagh Full Field Development - The Corporation`s full             field development plans for Demir Dagh are progressing as             planned. Upon successful completion of the remainder of the             appraisal program, the Corporation plans to build a Permanent             Production Facility ("PPF") with initial gross (100%) oil             production capacity of 100,000 bbl/d. The Corporation plans to             continuously drill development wells to increase production             capacity in preparation for the commissioning of the PPF in             2016. Should the Demir Dagh, Zey Gawra and Banan appraisal             programs result in conversion of significant quantities of             possible reserves and/or contingent resources to the proved             plus probable classification, the Corporation expects to expand             the capacity of the PPF in a modular fashion.         --  Ain Al Safra Appraisal - As announced on October 24, 2013,             testing of the Ain Al Safra exploration well ("AAS-1") resulted             in an oil discovery in the Lower Jurassic. The KS Discoverer-1             rig spudded the AAS-2 appraisal well  in March 2014. The well´s             objective is to further appraise the Lower Jurassic interval             and the full extent of the discovered oil column and to drill             to the Triassic to understand any upside potential that the             AAS-1 well was unable to reach. The well has reached a depth of             just over 2,600 metres in the Upper Jurassic and is expected to             reach total depth of 3,500 metres and complete testing in Q3             2014. NSAI estimates that as of December 31, 2013 the Ain Al             Safra structure contains 22 MMbbl of best estimate unrisked             gross (100%) contingent oil resources and 49 MMbbl of best             estimate unrisked gross (100%) prospective oil resources             (risked: 10 MMbbl).         --  Zey Gawra Appraisal - As announced in December 2013, light oil             was successfully tested in the Cretaceous from the Zey Gawra-1             ("ZEG-1") exploration well. The ZEG-2 appraisal well targeting             Tertiary and Cretaceous formations will be drilled later in             2014. NSAI estimates that as of December 31, 2013 the Zey Gawra             structure contains 71 MMbbl of gross (100%) proved plus             probable oil reserves and 32 MMbbl of best estimate unrisked             gross (100%) prospective oil resources (risked: 12 MMbbl.)         --  Banan Discovery/Appraisal - As announced on March 12, 2014 oil             was successfully flowed in two cased-hole drill stem tests on             the BAN-1 exploration well, one in each of the Upper Cretaceous             (Shiranish and top Kometan formations) and the Lower Jurassic             (Butmah formation).  Additionally, the drilling and test             results showed the development of additional reservoirs that             will be further appraised and tested. The BAN-2 appraisal well             is planned to be drilled in 2014 in a more crestal position             over the Banan structure. NSAI estimates that the Banan field             contains low, best and high estimates of unrisked gross (100%)             contingent oil resources of 5, 40 and 440 MMbbl, respectively,             all in the Cretaceous formations, and best estimate unrisked             gross (100%) prospective oil resources of 235 MMbbl  (risked:             46 MMbbl) in the Tertiary, Jurassic and Triassic.  AGC         --  In the AGC Shallow license area Oryx Petroleum has largely             completed the processing and analyzing of previously acquired             3D seismic data and has chosen the Dome Iris prospect as its             first drilling target. The Corporation is in the final stages             of negotiations to secure a drilling rig and expects to drill             an exploration well in the fourth quarter of 2014. NSAI             estimates that as of December 31, 2013 the Dome Iris prospect             contains unrisked best estimate gross (100%) prospective oil             resources of 117 MMbbl (risked: 17 MMbbl).  Congo (Brazzaville)         --  Haute Mer A - On September 4, 2013, Oryx Petroleum announced             that the Elephant-1 exploration well targeting the Elephant             prospect in the Haute Mer A license area discovered crude oil             and natural gas. Results of the testing conducted in early 2014             and announced on March 4, 2014 confirmed the discovery. NSAI             estimates that as of December 31, 2013 the Elephant prospect             contains 31 MMbbl of unrisked best estimate gross (100%)             contingent oil resources and unrisked best estimate gross             (100%) prospective oil resources of 30 MMbbl (risked: 7 MMbbl).             Oryx Petroleum has a 20% participating and working interest in             the Haute Mer A license area. Partners in Haute Mer A are             analyzing results of the two wells drilled to date in order to             determine next steps. More resource volumes need to be             discovered in order to justify commercial development.  An             exploration well is budgeted for 2014 but is likely to be             deferred to 2015 in order to allow sufficient time to select             the next drilling location and secure a rig. The partners have             recently notified the Congo (Brazzaville) government of their             intention to proceed into the second exploration sub-period             under the Production Sharing Contract which would expire in             September 2016. Entering the second exploration sub-period will             require relinquishment of 25% of the license area and new work             commitments.         --  Haute Mer B - Members of the contractor group continue to await             final approval of the Production Sharing Contract by the             National Assembly of Congo (Brazzaville). Oryx Petroleum has a             30% participating and working interest in the Haute Mer B             license area. The partners are planning to drill an exploration             well, which will most likely target the Loubossi prospect, in             the second half of 2014. However, the well could be deferred             into 2015. NSAI estimates that as of December 31, 2013 the             Loubossi prospect contains 189 MMbbl of best estimate unrisked             gross (100%) prospective oil resources (risked: 24 MMbbl).  Wasit Province of Iraq         --  Efforts to secure approvals and prepare for budgeted 2D seismic             acquisition are ongoing. However, the Corporation is likely to             defer the program into 2015.  Nigeria         --  The Corporation and its partners in OML 141 have analyzed             existing 3D seismic data and the results of the Dila-1 well and             re-mapped prospects. The Corporation`s 2014 budget includes an             incremental 3D seismic acquisition program but this program may             be deferred into 2015.  2014 Capital Expenditure Forecast and Funding Outlook  Reforecasted capital expenditures for 2014 are $400-$450 million versus  previously announced budgeted capital expenditures of $528 million.  The following table summarizes Oryx Petroleum's reforecasted 2014 annual  capital expenditure program.                                               Seismic             Total     Total     Location   License    Drilling Facilities    &       Other     2014      2014                                               Studies           Reforecast  Budget                              $     $ millions    $        $     $ millions    $                           millions            millions millions            millions     Kurdistan    Hawler        208    65 - 85       28       21  322 - 342      367        Region         Wasit     Wasit          -          -        1        4          5       25      Province       Nigeria   OML 141          -          -        -        4          4       19           AGC       AGC         40          -        -        5         45       45         Congo       HMA          9          -        1        3         13       32                     HMB     0 - 22          -        4        7    11 - 33       39     Corporate Corporate          -          -        -        4          4        1               Capex          257 -    65 - 85       34       48  404 - 446      528               Total            279               2014             319         81       81       47        528                        Budget  Notes: (1)     The above table excludes budgeted and reforecasted amounts relating to  license acquisition costs  The high end of the forecast reflects likely deferment of the drilling of an  exploration well in the Haute Mer A license area and seismic acquisition  campaigns budgeted for the Wasit Province of Iraq and for the OML 141 license  area. The lower end of the forecast reflects items deferred in the high end of  the forecast as well as the possible deferment of the exploration well planned  for Haute Mer B and a portion of expenditures for the PPF at Demir Dagh into  2015. Continued better than expected drilling efficiency in the Hawler license  area could also contribute to lower capital expenditures.  Oryx Petroleum believes that current cash and cash equivalents are sufficient  to fund the Corporation´s reforecasted capital expenditure program and  general and administrative costs to mid-2014 but anticipates it will need to  source additional capital to fund its operations through the end of 2014 and  into 2015. Oryx Petroleum is in discussions with various financial  institutions as well as its principal shareholder, The Addax & Oryx Group  Limited, with regards to the Corporation´s capital requirements. Should  appropriate additional financing not be available or should anticipated cash  flows from production in the Hawler license area not materialize or vary from  expectations, the Corporation has the flexibility to further adjust its 2014  capital expenditure plans accordingly.  Regulatory Filings  This announcement coincides with the filing with the Canadian securities  regulatory authorities of Oryx Petroleum's unaudited consolidated financial  statements for the three months ended March 31, 2014 and the related  management's discussion and analysis thereon.  Copies of these documents filed  by Oryx Petroleum may be obtained under Oryx Petroleum´s profile at  www.sedar.com, and the Corporation's website, www.oryxpetroleum.com.  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, two of which have yielded oil discoveries  and four of which are prospective for oil. The Corporation 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). Further information about Oryx Petroleum is available at  www.oryxpetroleum.com or under Oryx Petroleum's profile at www.sedar.com.  Reader Advisory Regarding Forward-Looking Information  Certain statements in this news release constitute "forward-looking  information", including statements related to the Corporation's reserves and  resources estimates and potential, drilling plans, development plans and  schedules and chance of success, 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", "could", "should",  "anticipate", "believe", "intend", "expect", "plan", "estimate",  "potentially", "project", 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. For more  information about these assumptions and risks facing the Corporation, refer   to the Corporation`s annual information form dated March 12, 2014 available at  www.sedar.com and the Corporation`s website at www.oryxpetroleum.com. Further,  statements including forward-looking information in this news release 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, future  events 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 Resources Advisory  Oryx Petroleum's reserves and resource estimates have been prepared as of  December 31, 2013 and evaluated in accordance with National Instrument 51-101  - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and  Gas Evaluation Handbook.  Proved oil reserves are those reserves which are most certain to be recovered.  There is at least a 90% probability that the quantities actually recovered  will equal or exceed the estimated proved oil reserves. Probable oil reserves  are those additional reserves that are less certain to be recovered than  proved oil reserves. There is at least a 50% probability that the quantities  actually recovered will equal or exceed the sum of the estimated proved plus  probable oil reserves. Possible oil reserves are those additional reserves  that are less certain to be recovered than probable oil reserves. There is a  10% probability that the quantities actually recovered will equal or exceed  the sum of proved plus probable plus possible oil reserves.  Contingent oil 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 which are not  currently considered to be commercially recoverable due to one or more  contingencies. There is no certainty that it will be commercially viable to  produce any portion of the contingent oil resources.  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.  Use of the word "gross" to qualify a reference to reserves, resources or  production means, in respect of such reserves, resources or production, the  total reserves, resources or production prior to the deductions specified in  the Production Sharing Contract, Risked Exploration Contract or fiscal regime  applicable to each license area. Reference to 100% indicates that the  applicable reserves, resources or production are volumes attributed to the  discovery or prospect as a whole and do not represent Oryx Petroleum's working  interest in such reserves, resources or production.    SOURCE  Oryx Petroleum Corporation Limited  For additional information about Oryx Petroleum, please contact:  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  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/07/c7047.html  CO: Oryx Petroleum Corporation Limited ST: Alberta NI: OIL ERN  
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