CNPC May Acquire Stake in Liman Block in Kazakhstan

Aurado Exploration has entered into a Memorandum of Understanding with the China National Petroleum Corporation regarding the possible participation of CNPC in the development of the Company's Liman Block in western Kazakhstan. CNPC has stated its interest in acquiring and/or farming- in for a minimum 51% equity interest in the Liman Block, subject to completion of formal due diligence and the negotiation of final terms and conditions. CNPC's current holdings in Kazakhstan include the Kenkiyak and Zhanazhol oil fields in western Kazakhstan, and 49% of the Kenkiyak-Atyrau crude oil pipeline that passes through the Liman Block.

Aurado has not been actively seeking the disposition or farm-out of an interest in the Liman Block. However, if the Company is successful in negotiating attractive terms for a disposition or farm-out, this will be seriously considered by the Company's Board of Directors. A disposition or farm-out of an interest in the Liman Block would likely permit Aurado to farm- in to or acquire an interest or interests in one or more additional petroleum development projects in the Caspian Sea region that are currently under consideration.


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