Condor announces the signing of a cooperation agreement with

CALGARY, Alberta, Nov. 30, 2021 (GLOBE NEWSWIRE) – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI), is pleased to announce the continued progress of its implementation strategy modular modules proven in North America. liquefied natural gas (“LNG”) technologies and processes to produce Central Asia’s first LNG.

The Company has signed a cooperation agreement with the national railway operator of Kazakhstan, JSC NC Kazakhstan Temir Zholy (“KTZ”) for the implementation of a project to convert the national fleet of freight locomotives of Kazakhstan to LNG . A field demonstration project will first be carried out and in the event of satisfactory results, the Company and KTZ intend to enter into a long-term agreement for Condor to produce and supply LNG to KTZ as fuel for the national fleet. freight locomotives.

KTZ operates a rail network of approximately 15,000 kilometers and a fleet of over 700 mainline freight locomotives. It is expected that the conversion of the locomotive fleet to LNG will significantly reduce operating costs, increase transport speeds, reduce CO emissions2 emissions and other particulates, and reduce dependence on imported diesel fuel.

This project has the potential for the Company to become the largest LNG producer and supplier in Central Asia, while contributing materially to the national initiative of the Republic of Kazakhstan aimed at decarbonizing its transport sector and achieving carbon neutrality in the region. ‘by 2060. Condor aims to build several Modular LNG Facilities, each with an initial production capacity of 125,000 gallons of LNG per day and expandable as the LNG market demand increases for buses, long haul trucks. distance and mining equipment.

This project is implemented by a joint working group of Condor, KTZ and JSC KazTransGas (the state gas company of the Republic of Kazakhstan) and their subsidiaries.

Condor is also pleased to announce that on 24 and 25 November 2021, the Company participated in and presented at the United Nations Economic Commission for Europe (UNECE) seminar on “Support for the decarbonization of the fuel sector. transport in Kazakhstan ”held in Almaty, Kazakhstan. A copy of this presentation is available on the Company’s website.

Forward-looking statements

Certain statements contained in this press release constitute forward-looking statements under applicable securities laws. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “target” “,” Foresee “,” may “”, “will”, “should”, “could”, “would”, “in progress” or other similar terms. Forward-looking information contained in this press release includes, but is not limited to, information regarding: the timing and ability to reach agreement on the field demonstration project; the timing and ability to reach agreement on long-term LNG supply; the timing and ability to enter into an agreement for the supply of natural gas feedstocks on favorable terms; the timing and capacity to successfully carry out the demonstration project in the field; the timing and capacity to build several modular LNG facilities; plant capacities; future LNG demands; the timing and ability to secure future financing on favorable terms; the timing and ability to obtain various approvals and carry out the planned activities of the Company; and the ability to become the largest LNG producer and supplier in Central Asia.

The TSX accepts no responsibility for the adequacy or accuracy of this press release.

For more information, please contact Don Streu, President and Chief Executive Officer or Sandy Quilty, Vice President of Finance and Chief Financial Officer at 403-201-9694.

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