Kulczyk Oil Ventures Inc. announces 2012 exit rate net production of 17.7 million cubic feet per day (MMcf/d) and 203 barrel of natural gas liquids (NGL) per day or 3,154 barrels of oil equivalent per day (boe/d). All of the Company's production comes from its assets in Ukraine operated by KUB-Gas LLC (KUB-Gas), a partially-owned subsidiary in which KOV has a 70% effective ownership interest. The 2013 budget and work program for the KUB-Gas assets have been agreed by all shareholders of KUB-Gas.

2012 Highlights - Ukraine

• Exit rate net production of 17.7 MMcf/d and 203 barrels of NGL per day (3,154 boe/d); • Exit 2012 production was 102% higher, on a boe basis, than exit 2011 production; • Took delivery of new snubbing unit, trained personnel and performed two dual completions; • Acquired 225 square kilometres of new 3D seismic in North Makeevskoye area; and • Six wells were drilled or drilling during the year. Five are cased to total depth ("TD") while one was drilling as of the end of the year.

Tags: Kulczyk Oil Ventures