Rialto Gets Formal Confirmation for Gazelle Award

Rialto Energy on Monday announced that the Company has received formal confirmation from the government of Côte d'Ivoire that Rialto has been granted an Exclusive Exploitation Area (“EEA”) over the Gazelle Field on Block CI-202. The EEA grants Rialto with the right to produce hydrocarbons from Gazelle over a tenure period of 25 years.

The Gazelle Field is the current focus of an initial three well drilling campaign by Rialto, which commenced with the drilling of the Gazelle-P3 development well in March 2012 and which will be followed by further development and exploration drilling in and around Gazelle during the coming months.

The current programme is aimed at converting the 58mmboe of Gross Mean Contingent Resource at Gazelle to Reserves as well as testing the high impact Chouette oil prospect, which contains a Gross Mean Prospective Resource of 84mmbbls.

Rialto is the Operator (85 percent working interest) of the CI-202 block offshore Côte d’Ivoire. The CI-202 block contains the Gazelle Field, which is the current focus of development, with first production expected by the end of 2013/Q1 2014.