Reserves & Resources Update

Caracal Energy Inc. - Reserves & Resources Update Gross Lease 2P Reserves increase by 72% Gross Lease Mean Risked Prospective Resources increase by 171% Company 2P Net Present Value of US$1.4 billion CALGARY, July 15, 2013 /CNW/ - Caracal Energy Inc. (LSE:CRCL) ("Caracal" or the "Company") announced today the results of a reserves and resources evaluation provided by McDaniel & Associates Consultants Ltd. ("McDaniel") as at June 30, 2013 (collectively, the "McDaniel Report" or the "Report"). A statement of the Reserves and Resources consistent with an NI 51-101F1 (defined below) can be found at www.caracalenergy.com or www.sedar.com, under Caracal's profile. The results of the McDaniel Report demonstrate a significant increase in reserves and resources as at June 30, 2013 as compared with previous independent reports on reserves and resources with effective dates of December 31, 2012, which were completed and issued in February 2013. Highlights: · Gross Lease Reserves · Proven ("1P") of 34.7 million barrels ("MMB"), an increase of 20% · Proved plus Probable ("2P") of 153.3 MMB, an increase of 72% · Proved plus Probable plus Possible ("3P") of 321.0 MMB, an increase of 60% · Caracal Net Entitlement Reserves · 1P of 12.9 MMB, an increase of 14% · 2P of 50.6 MMB, an increase of 59% · 3P of 89.8 MMB, an increase of 41% · Caracal's Net Present Value (discounted at 10% before tax) - all amounts in U.S. Dollars · 1P of $516 million · 2P of $1,413 million · 3P of $2,533 million · Gross Lease Prospective Resource · Mean unrisked Prospective Resource covering 80 prospects of 4,070 MMB, an increase of 219% · Mean risked Prospective Resource covering 80 prospects of 833 MMB, an increase of 171% Gary Guidry, Chief Executive Officer of Caracal, said: "We have invested significant capital over the past two years on appraisal, development and exploration with positive results. During the first 6 months of 2013 we have been able to test new reservoir horizons at Badila, apply modern 3D seismic techniques over both the Mangara and the Badila developments and surrounding exploration opportunities, and undertake intensive analysis of the exploration portfolio opportunities. We expect significant further progress in the second half of 2013 as we are currently testing new horizons in the lower Cretaceous E sands at Mangara, and preparing to spud several new exploration and appraisal wells." Notes: When compared with the independent report on reserves and contingent resources with effective date December 31, 2012, prepared in accordance with the COGE Handbook and National Instrument 51-101 - Reserves Data and Other Oil & Gas Information ("NI 51-101") (the "COGE Report"), issued on June 28, 2013, and as included in the Company's final long-form prospectus as dated and filed with the Alberta Securities Commission on July 2, 2013 (the "Canadian Prospectus"), the McDaniel Report represents the following percentage increases as compared to the COGE report: For Gross Lease Reserves: (i) 20% for 1P, (ii) 87% for 2P, and (iii) 74% for 3P; and for Caracal Net Entitlement Reserves: (i) 14% for 1P, (ii) 78% for 2P, and (iii) 58% for 3P. Unless otherwise specified, all dollar values are in millions of US dollars ($MM). Summary of Oil Reserves and Resources: The tables below summarize certain information contained in the independent reserves and resources reports prepared by McDaniel with effective dates of June 30, 2013. The McDaniel Report was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE") and National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The Net Present Values included in the table below were based on oil price forecasts, effective July 1, 2013, provided by McDaniel. SUMMARY OF CRUDE OIL RESERVES AS AT JUNE 30, 2013 Summary of Undeveloped Reserves (in MMB)(1) Gross (100%)(2)(5) Company's Net Company's net Participating entitlement(4)(5) Interest(3)(5) 1P 2P 3P 1P 2P 3P 1P 2P 3P Asset Mangara 18.9 61.9 131.0 9.5 31.0 65.5 8.1 21.7 38.1 Field Badila 15.8 45.5 85.0 7.9 22.7 42.5 4.7 11.4 19.3 Field Kibea - 45.9 105.0 - 23.0 52.5 - 17.5 32.5 Field Total 34.7 153.3 321.0 17.4 76.7 160.5 12.9 50.6 89.8 Reserves Notes: (1) All of the Company's proved, probable and possible reserves have been classified as light and medium crude oil. The Company has no heavy crude oil. Based on current market conditions in Chad, neither reserves or values have been attributed to gas or natural gas liquid volumes. However, the Company has rights to monetise gas volumes and is currently discussing and assessing this market potential for the future. (2) Gross is the total marketable reserves assigned to the Company's concessions. (3) The Government of Chad has elected to acquire a 25 percent participating interest in the Badila and Mangara EXAs and McDaniel has assumed, for the purposes of estimating the Company's participating interest in any future EXAs which may be granted under each PSC, that the Government of Chad will continue to elect to acquire a 25 percent participating interest in each EXA. Accordingly, the Company's participating interests have been assumed to be 50 percent of the gross lease interests. (4) Net reserves are the Company's share Cost Oil recovery and Profit Oil. Under the COGE Handbook, using the economic interest method, "Net" as depicted above is equivalent to "company net" and, in the particular case of the Company's PSCs, "company gross". (5) Columns may not add due to rounding. SUMMARY OF CRUDE OIL CONTINGENT RESOURCES AS AT JUNE 30, 2013 Summary of Contingent Resource (in MMB)(1) Gross (100%)(2) Company's Net (4) Participating Interest(3)(4) 1C 2C 3C 1C 2C 3C Asset Maku Field 0.3 2.2 4.7 0.2 1.1 2.3 Sako North 0.1 0.7 2.0 0.0 0.4 1.0 Field Tega Field 0.2 1.3 3.6 0.1 0.6 1.8 Total 0.6 4.2 10.3 0.3 2.1 5.2 Notes: (1) All of the Company's contingent resources have been classified as light and medium crude oil. The Company has no heavy crude oil. Based on current market conditions in Chad, neither contingent resources or values have been attributed to gas or natural gas liquid volumes. However, the Company has rights to monetise gas volumes and is currently discussing and assessing this market potential for the future. (2) Gross is the total marketable contingent resources assigned to the Company's concessions. (3) The Government of Chad has elected to acquire a 25 percent participating interest in the Badila and Mangara EXAs and McDaniel has assumed, for the purposes of estimating the Company's participating interest in any future EXAs which may be granted under each PSC, that the Government of Chad will continue to elect to acquire a 25 percent participating interest in each EXA. Accordingly, the Company's participating interests have been assumed to be 50 percent of the gross lease interests. (4) Columns may not add due to rounding. SUMMARY OF GROSS LEASE PROSPECTIVE RESOURCES AS AT JUNE 30, 2013 Prospective Resources - Crude Oil (5) Property Gross Prospective Resources(3) # of Prospects/ Risked Leads (4) Unrisked Resources(1)(2) Resources Low Median Mean High Mean (MMB) (MMB) (MMB) (MMB) (MMB) Sub-Total DOB Block 18 32.1 143.3 286.1 666.0 84.3 Sub-Total DOI Block 15 76.7 293.7 550.3 1,267.9 90.4 Sub-Total DOH Block 8 34.9 149.4 318.3 738.7 66.3 Sub-Total Borogop Block 4 34.7 118.6 200.9 447.4 32.3 Sub-Total Doseo Block 35 548.1 1,747.0 2,714.8 5,839.4 559.7 Total (3) 80 726.6 2,452.0 4,070.4 8,959.5 833.0 Note: (1) There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the resources. (2) These are partially risked prospective resources that have been risked for chance of discovery, but have not been risked for chance of development. (3) Total and Sub-Total based on the probabilistic aggregation of zones within a prospect and arithmetic aggregation of the individual prospects to the Total and Sub-Total level. (4) There are Prospective Resources recognized within entities that Caracal have declared as either EXAs or as Discoveries in zones that do not have Reserve nor Contingent Resource assignments. (5) Columns may not add due to rounding. Oil Reserves Evaluation Summary: SUMMARY OF CRUDE OIL RESERVES AS AT JUNE 30, 2013 FORECAST PRICES AND COSTS Light & Medium Crude Oil(1) Gross Lease Participating Company's Net (2)(5) Interest(3) Entitlement(4)(5)(MB)(6) Reserves Category (MB)(6) (5) (MB)(6) Proved Undeveloped Mangara 18,941 9,470 8,149 Badila 15,784 7,892 4,710 Kibea - - - Total Proved 34,725 17,362 12,859 Probable Undeveloped Mangara 43,001 21,501 13,579 Badila 29,672 14,836 6,668 Kibea 45,916 22,958 17,464 Total Probable 118,589 59,295 37,711 Total Proved plus Probable 153,314 76,657 50,569 Possible Undeveloped Mangara 69,089 34,544 16,332 Badila 39,497 19,748 7,932 Kibea 59,127 29,564 14,998 Total Possible 167,713 83,856 39,262 Total Proved plus Probable 321,027 160,513 89,831 plus Possible Notes: (1) All of the Company's proved, probable and possible reserves have been classified as light and medium crude oil. The Company has no heavy crude oil. Based on current market conditions in Chad, neither reserves or values have been attributed to gas or natural gas liquid volumes. However, the Company has rights to monetize gas volumes and is currently discussing and assessing this market potential for the future. (2) Gross lease are the total marketable reserves assigned to the Company's concessions. (3) The Government of Chad has elected to acquire a 25 percent participating interest in the Badila and Mangara EXAs and McDaniel has assumed, for the purposes of estimating the Company's participating interest in any future EXAs which may be granted under each PSC, that the Government of Chad will continue to elect to acquire a 25 percent participating interest in each EXA. Accordingly, the Company's participating interests have been assumed to be 50 percent of the gross lease interests. (4) Net reserves are the Company's share Cost Oil recovery and Profit Oil. Under the COGE Handbook, using the economic interest method, "Net" as depicted above is equivalent to "company net" and, in the particular case of the Company's PSCs, "company gross". (5) Columns may not add due to rounding. (6) "MB" refers to thousands of barrels. SUMMARY OF NET PRESENT VALUE OF FUTURE NET REVENUE (US$) AS AT JUNE 30, 2013 FORECAST PRICES AND COSTS Before and After Taxes Unit Value Before Deducting Income Taxes Before and After Income Tax(1)(2)(3) Discounted Reserves Category Discounted at ($MM) at 10%/year 0% 5% 10% 15% 20% ($/boe) Proved Undeveloped Mangara 396 322 267 226 194 32.76 Badila 285 265 248 234 221 52.65 Kibea - - - - - - Total Proved 681 587 516 460 415 40.09 Probable Undeveloped Mangara 623 500 414 351 303 30.49 Badila 378 316 269 232 204 40.34 Kibea 513 334 215 133 75 12.31 Total Probable 1,513 1,150 898 716 582 23.80 Total Proved plus 2,195 1,737 1,413 1,176 997 Probable 27.94 Possible Undeveloped Mangara 971 657 469 348 268 28.72 Badila 578 400 289 216 165 36.43 Kibea 852 543 363 251 178 24.20 Total Possible 2,402 1,601 1,120 815 611 28.52 Total Proved plus Probable plus Possible 4,596 3,338 2,533 1,990 1,608 28.20 Notes: (1) For the purposes of estimating the Company's net present value of future net revenue, McDaniel assumed that the Government of Chad will continue to elect to acquire a 25 percent participating interest in each EXA. Accordingly, the Company's participating interests have been assumed to be 50 percent of the gross lease interests. (2) Pursuant to the terms of the DOB/DOI PSC and the Doseo/Borogop PSC, the Government of Chad's Profit Oil allocation is inclusive of income tax. (3) Columns may not add due to rounding. TOTAL COMPANY FUTURE NET REVENUE (UNDISCOUNTED) (US$) AS AT JUNE 30, 2013 FORECAST PRICES AND COSTS Future Future Net Net Future Net Capital and Revenue Revenue Revenue Operating Abandonment Before Tax After Discounted Revenue Costs Costs Tax (1) Tax @ 10% Category ($MM) ($MM) ($MM) ($MM) ($MM) ($MM) ($MM) Proved Reserves 1,095.2 286.1 127.9 681.2 - 681.2 515.6 Proved Plus Probable Reserves 4,281.4 1,366.4 720.5 2,194.5 - 2,194.5 1,413.0 Proved Plus Probable Plus Possible Reserves 8,122.1 2,573.2 952.3 4,596.5 - 4,596.5 2,532.9 Note: (1) Pursuant to the terms of the DOB/DOI PSC and the Doseo/Borogop PSC, the Government of Chad's Profit Oil allocation is inclusive of income tax. FUTURE NET REVENUE BY PRODUCTION GROUP (US$) AS AT JUNE 30, 2013 FORECAST PRICES AND COSTS Future Net Revenue Before Income Taxes (discounted Unit at 10% year) Value(1) Category Production Group(2) ($mm) ($/boe) Light and Medium Crude Oil (including Proved Reserves solution gas and other by-products) 515.6 40.09 Proved Plus Light and Medium Crude Oil (including Probable Reserves solution gas and other by-products) 1,413.0 27.94 Proved Plus Light and Medium Crude Oil (including Probable Reserves solution gas and other by-products) Plus Possible Reserves 2,532.9 28.20 Notes: (1) The unit values are based on the Company's net reserve volumes. (2) All of the Company's proved, probable and possible reserves have been classified as light and medium crude oil. The Company has no heavy crude oil. Based on current market conditions in Chad neither reserves or values have been attributed to gas or natural gas liquid volumes. However, the Company has rights to monetize gas volumes and is currently discussing and addressing this market potential for the future. PRICING ASSUMPTIONS The forecast cost and price assumptions assume changes in wellhead selling prices and take into account inflation with respect to future operating and capital costs. McDaniel has employed the following price and inflation rate assumptions as of July 1, 2013 where evaluating the Company's reserves data: Brent Reference Realized Price(1) Inflation Rates(2) Year Price(1) (US$/bbl) %/Year 2012 (historical) 111.60 N/A N/A 2013 102.50 87.82 2 2014 101.00 86.21 2 2015 101.40 86.39 2 2016 100.80 83.26 2 2017 100.10 80.49 2 2018 102.20 81.56 2 2019 104.20 82.99 2 2020 106.30 84.54 2 Thereafter +2%/year Notes: (1) McDaniel has assumed a reference price of Brent (in US$) and utilized the McDaniel July 1, 2013 Price Forecast. The realized price is forecast to be 95 percent of Brent minus the estimated pipeline transportation tariff of US$8/bbl and the variable ITA Badila/Mangara and ITA East Doseo tariffs. The realized price given is the average for all the properties in McDaniel's 2P case. There is no production history for any of the PSCs and therefore no realized price is quoted for 2012. (2) Inflation rates for forecasting expenditure prices and costs. Reserves & Resources - Definitions & Classifications: Reserves Classification The oil reserves estimates presented in this report have been based on the Canadian reserves definitions and guidelines prepared by the Standing Committee on Reserves Definitions of the CIM (Petroleum Society) as presented in the COGE Handbook. A summary of those definitions is presented below. Reserves Categories Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on · analysis of drilling, geological, geophysical and engineering data; · the use of established technology; and · specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed. Reserves are classified according to the degree of certainty associated with the estimates. · Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. · Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. · Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. Other criteria that must also be met for the categorization of reserves are provided in the COGE Handbook. Development and Production Status Each of the reserves categories (proved, probable and possible) may be divided into developed and undeveloped categories: · Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (for example, when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non-producing. · Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. · Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption of production is unknown. · Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned. · In multi-well pools it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to subdivide the developed reserves for the pool between developed producing and developed non-producing. This allocation should be based on the estimator's assessment as to the reserves that will be recovered from specific wells, facilities and completion intervals in the pool and their respective development and production status. Levels of Certainty for Reported Reserves The qualitative certainty levels referred to in the definitions above are applicable to individual reserves entities (which refers to the lowest level at which reserves calculations are performed) and to reported reserves (which refers to the highest-level sum of individual entity estimates for which reserves estimates are presented). Reported reserves should target the following levels of certainty under a specific set of economic conditions: · at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves. This category of reserves can also be denoted as 1P; · at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves. This category of reserves can also be denoted as 2P; and · at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves. This category of reserves can also be denoted as 3P. Additional clarification of certainty levels associated with reserves estimates and the effect of aggregation is provided in the COGE Handbook. Contingent Resources Classification The assessment of the contingent resources in this report were based on the resource definitions presented in the COGE Handbook Section 5 and are restated below. Contingent resources are defined as 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. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status. Uncertainty Categories Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. Consequently, estimates of resources should generally be quoted as a range according to the level of confidence associated with the estimates. An understanding of statistical concepts and terminology is essential to understanding the confidence associated with resources definitions and categories. The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or a probability distribution. Resources should be provided as low, best and high estimates, as follows: · Low Estimate - This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. · Best Estimate - This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. · High Estimate - This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. Contingent Resource Categories For Contingent Resources, the general cumulative terms low/best/high estimates are denoted as 1C/2C/3C respectively. No specific terms are defined for incremental quantities within Contingent Resources. Prospective Resources Classification The assessment of the prospective resources in this report were based on the resource definitions presented in the COGE Handbook Section 5 and are re-stated below: Prospective resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity. Uncertainty Categories Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. Consequently, estimates of resources should generally be quoted as a range according to the level of confidence associated with the estimates. An understanding of statistical concepts and terminology is essential to understanding the confidence associated with resources definitions and categories. The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or a probability distribution. Resources should be provided as low, best and high estimates, as follows: · Low Estimate - This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. · Best Estimate - This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. · High Estimate - This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. Cautionary Statements Certain information contained in this press release constitutes forward-looking information or statements including, without limitation, information and statements respecting: drilling operations, anticipated cash flow, future investment objectives, anticipated oil and gas pricing, expected inflation and future foreign exchange rates. Statements relating to "reserves" and "resources" are forward-looking information as they involve the implied assessment, based on certain estimates and assumptions that, among others, the reserves and resources described exist in the quantities predicted or estimated. Forward-looking information and statements are often, but not always, identified by the use of words such as "anticipate", "seek", "believe", "expect", "hope", "plan", "intend", "forecast", "target", "project", "guidance", "may", " might", "will", "should", "could", "estimate", "predict" or similar words or expressions suggesting future outcomes or language suggesting an outlook. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements. These factors include, but are not limited to: the volatility of oil and gas prices; production and development costs; capital expenditures; the imprecision of reserve and resource estimates and estimates of recoverable quantities of oil, natural gas and liquids; the Company's ability to replace and expand oil and gas reserves; environmental claims and liabilities; incorrect assessments of value when making acquisitions or dispositions; increases in debt service charges; the loss of key personnel; the marketability of production; defaults by third party operators; unforeseen title defects; fluctuations in foreign currency and exchange rates; inadequate insurance coverage; compliance with environmental laws and regulations; changes in tax and royalty laws; the Company's ability to access external sources of debt and equity capital; and the Company's ability to obtain equipment in a timely manner to carry out development activities. Further information regarding these factors may be found under the headings "General Advisory", "Reserves and Resources Advisory" and "Risk Factors" in the Company's final Canadian prospectus dated July 2, 2013 available under the Company's profile on SEDAR (www.sedar.com) and the final UK prospectus dated June 28, 2013 available on the Company's website (to non-Canadian viewers). Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. When relying on these forward-looking statements to make decisions with respect to the Company, investors and others should also carefully consider information set forth in the section "Forward-Looking Statements" of the Company's prospectuses respecting the assumptions upon which the Company bases certain forward-looking information and the uncertainties inherent in such assumptions. The Company does not assume responsibility for the accuracy and completeness of the forward-looking information or statements and such information and statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, the Company does not undertake any obligation to revise this forward-looking information or these forward-looking statements to reflect subsequent events or circumstances. This cautionary statement expressly qualifies the forward-looking information and statements contained in this press release. The estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. SOURCE: Caracal Energy Inc. For further information: Enquiries: Caracal Energy Gary Guidry, Chief Executive Officer Trevor Peters, Chief Financial Officer +1 (403) 724 7200 FTI Consulting (UK media) Ben Brewerton Edward Westropp +44 (0) 20 7831 3113 CaracalEnergy.sc@fticonsulting.com Longview (Canadian media) Alan Bayless +1-604-694-6035 Joel Shaffer +1-416-649-8006 (CRCL)

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