2010-10-21-2010-10-13

To acquire 30% stake in Ravinnoe Oil LLP, which holds interest in Ravninnoe contract area in Atyrau Oblast covering 121 square kilometers,gaining 3.7 MMBOE proved, probable and possible.

Privately held Hamilton Services Ltd. plans to acquire the entire 30% stake of Ravninnoe Oil LLP from Roxi Petroleum Plc, London, (London: RXP) for US$2.6 million.

Ravinnoe Oil has interest in the Ravninnoe contract area in Atyrau Oblast of West Kazakhstan, covering 121 square kilometers. Reserve estimates on Ravninnoe field, as reported in 2008 by McDaniel and Associates Inc., were 3.7 million barrels proved, probable and possible with a range of 1- to 10 million barrels of contingent resources.

The deal represents an exit from the Ravninnoe contract area for Roxi.

Roxy chief executive David Wilkes says, "The sale of Ravninnoe Oil LLP 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."

The deal is expected to close by year-end.