Kulczyk Oil Ventures Inc. reports substantial growth in its Reserves volumes and in the estimated value for its Reserves located in Ukraine.

Total Reserves (3P) were up 84.8% and 2P Reserves were up 30% during 2012 while the NPV of the 2P Reserves increased 58% to $257.5 million when compared to their value at the end of 2011.

The Company's Ukraine assets were evaluated, with an effective date of 31 December 2012, by independent reserve engineers RPS Energy Consultants Ltd. ("RPS") in their report dated 20 March 2013 (the "RPS 2012 Ukraine Report"). Comparisons made to the prior year's report refer to the evaluation of the same assets by RPS, effective as of 31 December 2011, in their report dated 26 March 2012 (the "RPS 2011 Ukraine Report").

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