Caracal Announces First Oil Shipments From Badi...

Caracal Energy Announces First Oil Shipments From the Badila Field

CALGARY, Oct. 1, 2013 /CNW/ - Caracal Energy Inc. ("Caracal Energy" or the
"Company") today announced its first joint-venture oil shipments from the
Badila field in Chad.

On June 9, 2013, His Excellency President Idriss Deby Itno held a ceremony to
inaugurate the Company's production facilities and flowed first oil into those
facilities.

Yesterday, September 30, the Company commenced oil production from the Badila
field into its transportation system that connects Badila to the main export
line operated by TOTCO/COTCO, referred to as the Export Transportation System
("ETS"). The Company will initially produce oil to fulfill the joint venture's
share of the ETS line-fill, which is estimated at just over 450,000 barrels,
after which it can accumulate oil for sale. Initial production is coming from
the Badila-1 and Badila-2 wells, and additional Badila wells will be tied in
for production in coming months as processing capacity is increased.

The 30-inch diameter ETS, which will carry the joint venture's oil production
to the Atlantic Ocean port of Kribi in Cameroon, has the capacity to transport
250,000 barrels of oil per day, of which approximately 150,000 barrels per day
is currently unused.

Caracal's Joint-Venture partners are Société des Hydrocarbures du Tchad, a
government-owned entity, and GlencoreXstrata plc.

"First oil production is a milestone for our Joint Venture following the
ceremonial inauguration of our production facilities by His Excellency
President Idriss Deby Itno on June 9, 2013. We are very pleased to begin
producing into the TOTCO/COTCO ETS, with first revenue expected in Q1 2014. 
Our development drilling and construction of additional facilities and
transportation infrastructure has continued over the summer, and we are on
schedule to provide additional production from Badila and Mangara fields in the
coming months," commented Gary Guidry, President and Chief Executive Officer.

About Caracal Energy Inc.

Based in Canada, 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") from the government of
the Republic of Chad. These PSCs provide exclusive rights 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 development opportunity,
oil discoveries, and numerous exploration prospects.

The Company trades on the London Stock Exchange under the symbol CRCL.

Cautionary Statements

Certain information in this press release constitutes forward-looking
statements under applicable securities law. Any statements that are contained
in this press release that are not statements of historical fact may be deemed
to be forward-looking statements. Forward-looking information and statements
are often, but not always, identified by the use of words such as "anticipate",
"seek", "believe", "expect", "hope", "plan", "intend", "forecast", "target",
"project", "guidance", "may", " might", "will", "should", "could", "estimate",
"predict" or similar words or expressions suggesting future outcomes or
language suggesting an outlook. Specific forward looking statements included in
this press release include comments related to the expected timing of pipeline
completion and facilities advancement; potential production rates; timing of
the pipeline-fill and tie-in for production; expected completion of well
servicing operations; additional development of the Mangara and Badila field;
expected drilling of the other prospects; and other matters. Subject to
applicable securities laws, the Company does not undertake any obligation to
revise this forward-looking information or these forward-looking statements to
reflect subsequent events or circumstances. The forward-looking information and
statements contained in this press release are expressly qualified by this
cautionary statement. Well-test results and production rates are not
necessarily indicative of long-term performance or of ultimate recovery.

 

SOURCE: Caracal Energy Inc.

For further information:

Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
403-724-7200

Longview Communications - Canadian Media Enquiries
Alan Bayless
604-694-6035

Joel Shaffer
416-649-8006

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