Nautical Finalizes Stake Acquisition in UKCS License

Nautical Petroleum announced the completion of the acquisition of an additional 15% interest in UKCS License P1077 Blocks 9/2b and 9/2c (the "License), which includes the Kraken discovery, from Canamens Energy North Sea Limited.

The transaction has received approval from the Department of Energy and Climate Change and joint venture partners. The effective completion date of the transaction is May 18, 2011.

Nautical now has a 50% interest in the License.