KOV Welcomes New Member to Board

Kulczyk Oil announced that Helmut Langanger of Vienna, Austria has joined the board of directors of KOV.

Mr. Langanger, 61, was awarded a Master of Science Degree in Petroleum Engineering from Mining University Leoben, Austria in 1973 and a Master of Arts Degree in Economics from the University of Vienna in 1980. From 1974 to 2010, he was employed by Austrian company, OMV, one of the largest integrated oil and gas groups in Central Europe.

At OMV, he was a reservoir engineer until 1980 and an evaluation engineer for the technical and economic assessment of international E&P ventures until 1985 before being appointed Vice-President, Planning & Economics for E&P and natural gas projects.

In 1989, Mr. Langanger was appointed as Senior Vice-President International E&P, and in 1992 became Senior Vice-President E&P for OMV's global operations. From 2002 until his retirement from OMV in 2010, Mr. Langanger was Group Executive Vice-President E&P, a member of the Executive Board and Managing Director Upstream. During his time in E&P operations, OMV built a significant, international E&P portfolio in 17 countries and increased 2P reserves from 300 million boe (1989) to 1.9 billion boe (2009).

Mr. Langanger is also a member of the supervisory board of a public oilfield equipment company listed on the Vienna Stock Exchange, a non-executive member of the board of a public company listed on the London Stock Exchange and a member of the board of a private Czech E&P company based in Prague.

Norm Holton, Vice Chairman of the Board of Directors of KOV stated, "We are very pleased that we were able to attract an individual with Helmut's broad experience and record of success to our board. His advice and counsel will assist the Company as it continues to expand its production and reserves in Ukraine and seeks new opportunities for growth elsewhere".