Caracal and Glencore Arrangement Agreement

Caracal and Glencore Arrangement Agreement - Share Purchases

CALGARY, April 29, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company") 
(LSE:CRCL) announces that Glencore International AG ("Glencore") a
subsidiary of Glencore Xstrata plc has disclosed that on April 28, 2014 it
acquired, through a subsidiary 8682321 Canada Inc., 4,153,506 common shares of
Caracal Energy Inc. ("Caracal"), representing 2.83% of Caracal's outstanding
common shares. The acquisition brings Glencore's total beneficial ownership,
directly or indirectly, in Caracal to 18,939,420 common shares (representing
approximately 12.35% of Caracal's outstanding common shares assuming the
conversion of Glencore's US$40 million principal amount of Caracal convertible
bonds due September 2017 or approximately 8.4% of Caracal's outstanding shares
on a non-diluted basis). The acquired shares were purchased through the
facilities of the London Stock Exchange at a price of GBP5.50 (C$10.18 per
common share assuming exchange rate of 1:1.86). The further acquisition of
shares described above brings Glencore's total acquisition of Caracal common
shares since April 14, 2014 to 10,153,506 shares, representing 6.92% of
Caracal's outstanding common shares on a non-diluted basis. On April 14, 2014,
Caracal entered into an arrangement agreement (the "Arrangement Agreement")
pursuant to which Glencore, through a wholly-owned subsidiary, would acquire
all of the outstanding Caracal common shares at a price of GBP5.50 per common
share in cash pursuant to a plan of arrangement under the Canada Business
Corporations Act (the "Arrangement").

Pursuant to the Arrangement Agreement (as amended and restated on April 24,
2014) Glencore and affiliates are entitled to acquire additional Caracal common
shares through purchases over a stock exchange up to 8.6% of the outstanding
Caracal common shares on a non-diluted basis. (On April 24, the parties had
agreed to increase the 4.1% to 8.6%.) Between April 14, 2014 and April 25, 2014
Glencore acquired 6,000,000 common shares of Caracal.

Glencore intends to vote the Caracal common shares acquired and all other
shares owned by Glencore, directly or indirectly, in favour of the Arrangement
at the special meeting of Caracal shareholders at which the Arrangement is
voted upon. Glencore may acquire additional Caracal common shares to the extent
permitted by the Arrangement Agreement. A copy of the Early Warning Report in
respect of the acquisition described above will be filed with the applicable
securities commissions and can be found on the SEDAR website at www.sedar.com.

About Caracal Energy Inc.

Caracal Energy Inc. is an international exploration and development company
focused on oil and gas exploration, development and production activities in
the Republic of Chad, Africa. In 2011, the Company entered into three
production sharing contracts ("PSCs") with the government of the Republic of
Chad. These PSCs provide exclusive rights, along with its partners, to explore
and develop reserves and resources over a combined area of 26,103 km2 in
southern Chad. The PSCs cover two world-class oil basins with oil discoveries,
and numerous exploration prospects.

The Company's shares trade on the London Stock Exchange under the symbol CRCL.

SOURCE: Caracal Energy Inc.

For further information:

Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
[phone]

Longview Communications - Canadian Media Enquiries
Alan Bayless [phone]
Joel Shaffer [phone]

FTI Consulting - UK Media Enquiries
Ben Brewerton / Ed Westropp
+ 44 (0) 207 8313 3113
[e-mail]

(CRCL)