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http://www.solimarenergy.com.au/documents/130115_K_Ranch_oil_shipment_Release.pdf

January 15, 2013 RELEASE TO ASX and CANADA
Solimar sells first oil shipment from Kreyenhagen Oil Field
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Solimar Energy (ASX:SGY, TSXV:SXS) (“The Company” or “Solimar”) is pleased to provide the following update for the Company’s 100% owned Kreyenhagen shallow oil field redevelopment project in the San Joaquin Basin, California. As a follow-up to the previous announcements of establishment of production testing, a 3,101% increase in Contingent Recoverable Resource (C2 - Best Estimate) and confirmation of a lighter oil pool, the Company has initiated long term primary production in the field and sold the first shipment of oil from the field.
• The Company sold in late December 2012 the first shipment of 95 bbls of oil produced from the Temblor sandstone reservoir. After the transportation deduction, the oil was sold at USD $94 per bbl, a 4% premium to WTI crude oil prices, as a result of the local crude oil market in California that favors heavy oil producers. A second oil shipment is expected in early February of additional crude that has already been produced, but not yet shipped.
• The Company has the 4-33 well on a long term production test, which is producing from the newly confirmed down-dip zone of lighter oil (17° A PI gravity) that has not previously been produced. Water cut in the well remains steady at 35-40%. The Company is actively investigating the potential for multiple additional locations along strike and for potential acceleration of production by small fracs and higher flow rate deviated or horizontal wells.
• The Company is preparing to soon commence production testing of the Temblor oil reservoir in a third well (2-32), which is currently suspended awaiting re-entry, in the northwest section of the field. In parallel, planning continues for initiation of the cyclic steam pilot in Q2 2013.
Will Satterfield, CEO of Solimar, commented “We are pleased that the Company have reached another step in the re-development of the Kreyenhagen Field with the inaugural oil shipment from the current shallow Temblor oil production. We look forward to further milestones as we progressively accelerate the Kreyenhagen program in 2013”
For further information contact: Will Satterfield – Chief Executive Officer Phone [phone] and website www.solimarenergy.com.au
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