WOLF PETROLEUM ANNOUNCES INCREASED OIL ESTIMATION IN TOSON TOLGOI AND TALBULAG BASINS

Ulaanbaatar /MONTSAME/ Mongolian oil explorer Wolf Petroleum has announced an increase to its oil resource estimates with the addition of two new drill ready leads. The announcement was published at asx.com.au website on Monday. Both of the new leads are also located on the Companies 100% owned Sukhbaatar (SB) block. Two new drill ready leads identified within the Talbulag Basin, the news says. Independent prospective resource assessment of the two new drill ready leads estimated Low 171.7 million to High 607.6 million barrels of oil. Wolf now has a total of 7 leads for 1.092 billion on the SB block within the Toson Tolgoi and Talbulag Basins. Wolf Petroleum signed a production sharing contract on SB block in January 2013 for up to 39 years of exploration and production. In 2013, the Company successfully completed a two year work programme in one year is now one year ahead of contract commitments. Comprehensive geological and geophysical exploration programmes have identified one of the largest sub basins in Mongolia with over a billion barrels Exploration costs are low and existing infrastructure to China provides a ready market for oil discoveries in Mongolia of independently estimated oil. Geochemical analysis has revealed high quality light oil seeps within the samples, possibly indicating live and active petroleum systems within the basins identified on the SB block. The Company is currently working towards farming out an interest in the SB block with the aim of drilling identified leads and moving the block towards potential initial production. Exploration costs are low and existing infrastructure to China provides a ready market for oil discoveries in Mongolia.