Calgary, AB., January 28, 2013 - Emperor Oil Ltd. (TSX.V: EM) ("Emperor" or the "Company") is pleased to announce the following exploration update from the Company's partners Azure Resources Corporation, ("Azure") and Merty Enerji Petrol Arama,("Merty"), on the Catalca Natural Gas Licence (the "Catalca License") in Turkey's Thrace Basin. Azure reports that drilling of the seismically identified Cayirlik-1 Well (formerly named the "Baglar-1 Well") resumed on Friday, January 25, 2013 following a brief delay. As previously announced, a planned well depth of 800m was interrupted at 217m due to adverse weather conditions and equipment changes.
The well is primarily targeting natural gas in the Tertiary Osmancik Formation which is approximately 3 km. from a pipeline tie-in point. The Catalca Licence covers 36,429 hectares and is situated 30 km. west of Istanbul in the European part of Turkey where natural gas is currently priced at a premium to North American markets. The Thrace Basin is the most important gas producing basin in Turkey with more than 15 gas fields and 3 oilfields. 70 % of this basin remains unexplored.
Emperor has an earn-in agreement to obtain a 22.5 % working interest in the license from Azure, a Canadian listed TSX.V issuer. Merty, an established Turkish company in the domestic oil and gas industry, is the local operator.About Emperor
Emperor Oil is an international oil and gas company with projects in Sudan and Turkey. For further information please contact the Company at (403) 695-1794 or email at [email protected]
Andrew McCarthy, President and CEO +001 403 695 1794
Matthew Tyler+44 (0)20 7457 2072
Catherine Wickman+44 (0)20 7457 2839
Alexandra Ritterman+44 (0)20 7457 2020
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.