Caspian Sunrise Regulatory News (CASP)

Roxi Petroleum

("Roxi" or the "Company")

Oil Well Spudding

Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to announce that the NK-10 well spudded on 28 November 2011 reached a total depth of 1505 metres on 18 December 2011.

The preliminary interpretation of wireline logging indicates that the well encountered oil bearing upper Jurassic sands at a depth of 1288 metres Measured Depth ("MD"). Upon final interpretation of wireline logging data, perforation interval will be selected and testing will be carried out.

The rig is currently setting the casing, and will be released after cementing the casing.

David Wilkes, CEO commented,

"We are encouraged by the initial results of drilling wells NK 9 and NK 10. Further announcements will be made once we have completed the testing of these wells early in the New Year."

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Qualified Person

Mr. Hyunsik Jang, Chief Operating Officer of the Company, has reviewed and approved the technical disclosures in this announcement. He holds a BSc in Geology and has 25 years of international experience of exploration, appraisal, and development of oilfields in a variety of environments.