VEL

Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) is pleased to
announce it has executed a six month extension to the Technical Evaluation
Agreement with the Rwandan Ministry of Natural Resources for Vanoil's 1,631
square kilometre oil and gas license in the East Kivu Graben Basin. 


Vanoil continues to work with the Rwandan Government on drafting of a Production
Sharing Contract ("PSC") which, when completed, will become the country's first
PSC.


Vanoil, with the assistance of experts from Syracuse University in New York, has
just completed its high resolution, low energy, low penetration 2D seismic
survey. Processing of this data is currently underway in Calgary, Alberta and
Syracuse, New York. The Company expects to have this data processed and
interpreted by late May 2012.


Subject to regulatory approval and pursuant to the Company's shareholder
approved option plan, the board of directors allocated a total of 1.075 million
share purchase options to certain of its officers, directors and consultants in
appreciation of and as an incentive to build Vanoil into a significant oil and
gas producer primarily focused on the African Continent. Each option will
entitle the holder to purchase one common share of the Company at an exercise
price of $0.80 for a period of ten years from date of grant.


About Vanoil Energy Ltd.

Based in Vancouver, Canada, Vanoil is an internationally diversified resource
company that has a comprehensive portfolio of oil and gas assets in the African
countries of Kenya and Rwanda. In Kenya, Blocks 3A and 3B were acquired in
October 2007 through the signing of a Production Sharing Contract with the
Government of the Republic of Kenya. Part of the Blocks 3A and 3B acreage
(24,912 square kilometres) occupies the South Anza rift basin which is a part of
the vastly under-explored Cretaceous Central African Rift System in Kenya and an
area that may hold the next major sub-Saharan discoveries. Vanoil's 1,631 square
kilometers of oil and gas licence in the East Kivu Graben in Rwanda is at the
southern rift trend of the Albertine Graben where Heritage and Tullow Oil made
their historic discovery in neighbouring Uganda. 


On behalf of the Board of Directors

VANOIL ENERGY LTD.

James Passin, President and CEO

Disclaimer for Forward-Looking Information

Statements containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are believed to be
reasonable based on information currently available to the Company.


Forward-looking statements and information are based on assumptions that
financing and personnel will be available when required and on reasonable terms,
and all necessary regulatory approvals and shareholder approval will be
obtained, none of which are assured and are subject to a number of other risks
and uncertainties. 


There can be no assurance that forward-looking statements will prove to be
accurate. Actual results and future events could differ materially from those
anticipated in such statements. Readers should not place undue reliance on
forward-looking information.

Vanoil Energy Ltd. (TSXV:VEL)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Vanoil Energy Ltd. (TSXV:VEL)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024