Panoro Energy ASA

Report Publication Announcement • Apr 22, 2014

2013 Annual Statement of Reserves

2013 Annual Statement of Reserves

Panoro Energy ASA publishes its 2013 Annual Statement of Reserves

("ASR"). At the end of 2013, total proven ("1P") reserves were 9.3

MMBOE, total proved and probable ("2P") reserves were 10.0 MMBOE, and

total Contingent Resources ("2C") were 65.5 MMBOE.

Panoro's classification of reserves and resources complies with the

guidelines established by the Oslo Stock Exchange and are based on the

definitions set by the Petroleum Resources Management System (PRMS

-2007), sponsored by the Society of Petroleum Engineers/World Petroleum

Council/ American Association of Petroleum Geologists/ Society of

Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as issued in March

Please find attached the 2013 Annual Statement Reserves.

For further information, please contact:

Carl Peter Berg, VP Commercial and Investor Relations

Tel: +55 21 3078 7472

Cell: +55 21 98541 1907

Email: carl.peter.berg@panoroenergy.com

Please visit www.panoroenergy.com for more information.