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 
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CO: Oryx Petroleum Corporation Limited
ST: Alberta
NI: OIL ERN  
-0- May/07/2014 12:00 GMT
 
 
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