First Sales of Crude Oil from Badila Field

Caracal Announces First Sales of Crude Oil from Badila Field CALGARY, March 24, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company") (LSE:CRCL) today announced that the first shipment of Badila oil for exportsales has been loaded at the Kribi sea terminal offshore Cameroon. Total cargosize of the lifting was approximately 950,000 barrels of oil, and Caracal's netentitlement share was 560,000 barrels of oil. Caracal's partner, GlencoreXtrataplc ("Glencore"), was entitled to the balance of the cargo. Caracal andGlencore joint lift cargos, and Glencore markets the shipments on behalf of thepartners. Ceremonies were held in Kribi and Douala to mark this significant event. Inaddition to Caracal senior executives, also attending were high rankingofficials from the Republic of Chad, senior executives from Société desHydrocarbures du Tchad (SHT), the Chadian national oil company, COTCO, theoperator of the Kribi offshore terminal, and senior representatives of thePipeline Committee of Cameroon (CPSP). Gross production from the Badila field during March has averaged 14,100 barrelsof oil per day (up from 12,000 bopd on 20 January 2014), and Caracal is onschedule to expand the production processing and shipping facilities during Q3of 2014. About Caracal Energy Inc.Caracal Energy Inc. is an international exploration and development companyfocused on oil and gas exploration, development and production activities inthe Republic of Chad, Africa. In 2011, the Company entered into threeproduction sharing contracts ("PSCs") with the government of the Republic ofChad. These PSCs provide exclusive rights, along with its partners, to exploreand develop reserves and resources over a combined area of 26,103 km2 insouthern Chad. The PSCs cover two world-class oil basins with oil discoveries,and numerous exploration prospects. The Company's shares trade on the London Stock Exchange under the symbol CRCL. Cautionary Statements This announcement contains certain forward-looking information and statements.Forward-looking information typically contains statements with words such as"intend", "target", "anticipate", "plan", "estimate", "expect", "potential","could", "will", or similar words suggesting future outcomes. Informationrelating to reserves and resources is deemed to be forward-looking information,as it involves the implied assessment, based on certain estimates andassumptions, that the reserves and resources described exist in the quantitiespredicted or estimated, and can be profitably produced in the future. TheCompany cautions readers not to place undue reliance on forward-lookinginformation which by its nature is based on current expectations regardingfuture events that involve a number of assumptions, inherent risks anduncertainties, which could cause actual results to differ materially from thoseanticipated by the Company. In addition, any forward-looking information ismade as of the date hereof, and each of the Company and its affiliatesexpressly disclaim any obligation or undertaking to update, review or revisesuch forward-looking information contained in this announcement to reflect anychange in its expectations or any change in events, conditions or circumstanceson which such information is based unless required to do so by applicable law. Forward-looking information is not based on historical facts but rather oncurrent expectations and assumptions regarding, among other things, the timingand scope of certain of the Company's operations and the timing and level ofproduction from the Company's properties, plans for and results of drillingactivity and testing programs, future capital and other expenditures (includingthe amount, nature and sources of funding thereof), continued politicalstability, and timely receipt of any necessary government or regulatoryapprovals. Although the Company believes the expectations and assumptionsreflected in such forward-looking information are reasonable, they may prove tobe incorrect. Forward-looking information involves significant known andunknown risks and uncertainties. A number of factors could cause actual resultsto differ materially from those anticipated by the Company including, but notlimited to, risks associated with the oil and gas industry (e.g. operationalrisks in exploration and production; inherent uncertainties in interpretinggeological data; changes in plans with respect to exploration or capitalexpenditures; interruptions in operations together with any associatedinsurance proceedings; reductions in production capacity, the uncertainty ofestimates and projections in relation to costs and expenses and health, safetyand environmental risks), the risk of commodity price and foreign exchange ratefluctuations, the uncertainty associated with negotiating with foreigngovernments, risk associated with international activity, including the risk ofpolitical instability, the risk of adverse economic market conditions, theactual results of marketing activities and the risk of regulatory changes.Forward-looking information cannot be relied upon as a guide to futureperformance. Well-test results are not necessarily indicative of long-termperformance or ultimate recovery. SOURCE: Caracal Energy Inc. For further information: Caracal Energy Inc.Gary Guidry, President and Chief Executive OfficerTrevor Peters, Chief Financial Officer+1 403-724-7200 Longview Communications - Canadian Media EnquiriesAlan Bayless +1 604-694-6035Joel Shaffer +1 416-649-8006 FTI Consulting - UK Media EnquiriesBen Brewerton / Ed Westropp+ 44 (0) 207 8313 3113caracalenergy.sc@fticonsulting.com

(CRCL)