SOLO.L Regulatory News (SOLO)

For Immediate Release

24 October 2012

SOLO OIL PLC

("Solo" or the "Company")

Solo notes that the following announcement was made by its joint venture partner Reef Resources Limited this morning.

The Company was not aware that this announcement was going to be released this morning but intends to review its content and comment shortly.

"REEF RESOURCES ANNOUNCES 85% INCREASE IN P2 RESERVES,

98% INCREASE IN NPV (BTAX10) AND 7.8 MILLION BARRELS OF PETROLEUM INITIALLY IN PLACE.

October 24, 2012, - Calgary, Alberta - Reef Resources Ltd. ("Reef" or the "Company") is pleased to announce the results of a reserve evaluation on Reef's Ontario assets as of July 31, 2012 prepared by the Company's independent reserve engineering firm, Deloitte & Touche LLP ("AJM Deloitte"), conducted pursuant to National Instrument 51-101 standards of disclosure for oil and gas activities and the Canadian Oil and Gas Evaluation Handbook (COGEH) reserves definitions.

The current Proven Plus Probable ("P2") Net Present Value (before tax) at a 10% discount rate ("BTAX 10") evaluation for the year end July 31, 2012 is at $7,863,000 which represents a 98% increase over the July 31, 2011 value of $3,963,000. On an issued and outstanding per share basis the BTAX 10 value has gone from $0.071/share to $0.142/share based on the increased reserves.

Gross Company P2 reserves have been increased by 85 % to 348,700 barrels of oil, gas and liquids (5% gas, 2% NGL, 93% oil) from 188,900 barrels of oil as reported last year.

The Petroleum Initially in Place ("PIIP") was estimated at 7,836,213 barrels.

The Proven Plus Probable Plus Possible ("P3") NPV BTAX 10 of the Company was $13.49 million.

The AJM Deloitte report confirms the oil reserves with significant reserve upside. Additional highlights of the report include:

·; Total Proven & Probable reserves are: 324.2 MSTB light & medium oil, 106.1 Mmcf gas & 6.8 MSTB NGL. (348.7 MBoe);

·; Total Proven, Probable & Possible reserves are: 531.8 MSTB light & medium oil, 140.4 Mmcf gas & 9.6 MSTB NGL. (564.7 MBoe);

The reserve report includes 5 wells in the Ausable reef and 2 wells at the Airport field. Also included is the drilling of 4 horizontal wells in the Ausable reef.

RESERVES INFORMATION:

The following table represents the Company share of reserves for the Ausable and Airport wells as of July 31, 2012 as evaluated by AJM Deloitte:

The following table summarizes the Net Present Value of the Company's share of reserves effective as at July 31, 2012:

Stated Arnie Hansen, President and CEO of Reef, "We are very pleased to see further confirmation of the value of the Ontario oil and NGL play. We continue to focus on bringing this highly attractive asset into production and cash flowing status. We appreciate the patience that our shareholders have demonstrated in the Company and intend to reward this patience in the coming months."

For more information please contact:

 Arnie Hansen Dan Patience Larry Olson

 President & CEO Noble Investment Corp. CFO

 T: (403) 251-9447 T: 1 800 499 2388 T: (403)-251-9447

 Suite 1120, 444 -5th Ave. SW C: (250) 460-2640

 Calgary, AB T2P 2T8

Footnote: The Company's Ontario asset has gas storage rights, gas re-injection permit for gas recycle, NGL recovery, enhanced oil recovery and arbitrage. A key component of Reef's Ontario strategy is to identify and exploit undervalued prospects in the Ontario basin by utilizing the company's 23,500 acres of proprietary 3D seismic. In addition to its Ontario Properties, Reef has identified multiple oil and gas acquisition and development opportunities throughout Canada.

Forward-Looking Statements. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that

any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

Unaudited Financial Information. Certain financial and operating information included in this press release are based on estimated unaudited financial results for the year ended July 31, 2012 and are subject to the same limitations as discussed under "Forward- Looking Statements" set out above. These estimated amounts may change upon the completion of audited financial statements for the year ended July 31, 2012 and changes could be material.

Information Regarding Disclosure on Oil and Gas Reserves. The reserves data set forth above is based upon an independent reserves assessment and evaluation prepared by AJM Deloitte with an effective date of July 31, 2012 (the "AJM Deloitte Report"). The presentation summarizes the Company's crude oil, natural gas liquids and natural gas reserves and the net present values before income tax of future net revenue for the Company's reserves using forecast prices and costs based on the AJM Deloitte Report. The AJM Deloitte Report has been prepared in accordance with the standards contained in the COGEH and the reserve definitions contained in NI 51-101. All evaluations and reviews of future net cash flows are stated prior to any provisions for interest costs or general and administrative costs and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. It should not be assumed that the estimates of future net revenues presented in the tables above represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein. The reserve data provided in this release only represents a summary of the disclosure required under NI 51-101. Additional disclosure will be filed on www.sedar.com on or before November 29, 2012.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

BOE presentation:

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

Trading in the securities of Reef Resources Ltd. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. "

For further information: