Kulczyk Oil Ventures Inc. provides Reserves and Resource volumes and estimated value for its Ukrainian reserves effective as of 31 July 2012, as evaluated by independent reserve engineers RPS Energy Consultants Ltd. (RPS) in their report dated 12 November 2012.

All Reserve and Resource volumes, as well as Reserves net present values attributed to the Ukraine assets herein refer to KOV's effective 70% ownership interest in KUB-Gas LLC (KUB-Gas), its majority-owned subsidiary, which owns and operates four producing licenses (Vergunskoye, Olgovskoye, Makeevskoye and Krutogorovskoye).

Net production to the 70% interest of KOV during the first seven months of 2012 (until the date of the new RPS report) was 3.0 Bcf of natural gas and 30.4 Mbbls of condensate. Net operating income to the 70% interest of KOV during the first seven months of 2012 was $27.1 million.

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