OLISOL Petroleum Limited: Olisol Petroleum Press Release: Update on the Legal Proceedings with TethysAralGas

HONG KONG, 2017-12-25 19:51 CET (GLOBE NEWSWIRE) --
OLISOL Petroleum (hereinafter - Olisol) today announces that Great Wall, a
company from China, filed a claim against TethysAralGas (hereinafter - TAG) on
payment for drilling of $2, 726, 413. 

With court order dated December 6, 2017 Specialized Interdistrict Economic
Court of Aktubinsk region claimed from TAG $2, 726, 413 for the work performed
and $40, 896 as court fees. 

Taking into account that this court order was affecting the rights of Olisol,
Olisol appealed to the court asking to cancel this court order. 

On December 14, 2017 Specialized Interdistrict Economic Court of Aktubinsk
region canceled court order on Great Wall's claim. Great Wall may lay its
claims to TAG by means of ordinary court proceedings. 

Also, after having analyzed alternative offers on gas wells drilling Olisol
believes that the contract price of Great Wall was overstated and requires
auditing within the scope of interests of all Tethys Petroleum shareholders. 

Olisol shall insist that TAG's management makes a full disclosure of
information on gas wells drilling contract and cost of expenses on this
contract. 

Previously, TAG brought a complaint against actions of enforcement agent to the
court of Aktobe city regarding enforcement proceedings dated October 30, 2017
on debt collection from TAG in the amount claimed by EGG. 

On December 20 and 25, 2017 the court of Aktobe city passed Judgment and
legitimized the actions of enforcement agent. Both complaints from TAG were
rejected. 

About Olisol

Olisol is headquartered in Almaty, Kazakhstan and its subsidiaries and
affiliates have investments in energy and oil and gas operations in the Russian
Federation and Kazakhstan. Olisol has worked with Tethys in Kazakhstan for over
seven years, is a joint owner of Aral Oil Terminal with Tethys and has its own
fleet of special oil trucks involved in oil transportation from Tethys' oil
fields. Olisol, through its affiliates, is engaged in railroad transportation,
processing of oil, storage and sale of oil products. 

Disclaimer

Some of the statements in this press release are forward-looking. When used in
this document, the words "expects," "believes," "anticipates," "plans," "may,"
"will," "intends", "should" and similar expressions, and the negatives thereof,
are intended to identify forward-looking statements. Such statements are not
promises or guarantees, and are subject to risks and uncertainties that could
cause actual outcomes to differ materially from those suggested by any such
statements including risks and uncertainties with respect to the foregoing. No
part of this announcement constitutes, or shall be taken to constitute, an
invitation or inducement to invest in the Olisol, Tethys or any other entity,
and shareholders of Tethys are cautioned not to place undue reliance on the
forward-looking statements. Save as required by applicable law, Olisol does not
undertake to update or change any forward-looking statements to reflect events
occurring after the date of this announcement. 

         Authorized Point of Contact:
         
         Darya Klimova
         Authorized Representative,
         OLISOL Petroleum Limited
         Tel.: [phone]
         [e-mail]