Roxi Sells Stake in Ravninnoe Oil

Roxi has sold its entire 30% interest in Ravninnoe Oil to Hamilton Services (a private company) for US $2.6 million. The sales and purchase agreement is subject to the receipt of certain waivers from regulatory authorities. However, if the agreement is completed as expected by the Roxi board, the Company will transfer its title to the Ravninnoe interest before the end of the year.

Following the completion of the sale Roxi will have no further interest or obligations in respect of the Ravninnoe Contract Area.

David Wilkes, CEO commented, "The sale of Ravninnoe Oil represents the continuation of the company's policy of focusing on our core assets, BNG and Galaz, and will ensure that our available resources are deployed on our more advanced development projects and those most likely to provide value to our shareholders."