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Vanoil Provides Update on License Renewals in Kenya

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/03/14 -- Vanoil Energy Ltd. (TSX VENTURE: VEL) ("Vanoil" or the "Company"), a Vancouver-based Canadian international oil and gas development company, wishes to confirm ongoing discussions with the Kenyan Government with regard to its license renewals in Kenya.

These talks are now at a key stage and the Company expects them to conclude imminently. At such time, Vanoil will provide an immediate information update to the market.

About Vanoil

Vanoil is an oil and gas company with a portfolio of assets in East Africa and in the Republic of Seychelles, in the western Indian Ocean.

In Kenya, Vanoil is negotiating to renew its interest in onshore Blocks 3A and 3B, originally acquired in October 2007 through the signing of a Production Sharing Contract (PSC) with the Government of the Republic of Kenya. These blocks cover 24,912 km2 in Kenya's Anza Basin and are geologically analogous to the prolific Muglad and Melmut Basins of South Sudan and geographically in close proximity to the recent PaiPai discovery in Kenya.

In offshore Kenya, the Company anticipates the receipt of its 10% working interest in the highly prospective 5,110 km2 Block L9 alongside Dominion Petroleum Kenya Limited (a wholly owned subsidiary of Ophir Energy plc) and FAR Limited. This block lies directly south of Block L8 which hosts the Mbawa gas discovery made in 2012.

In the Seychelles, Vanoil has a 25% participating interest alongside partner Afren plc in offshore Exploration Areas A and B, covering some 14,319 km2.

On behalf of the Board of VANOIL ENERGY LTD.

James Passin, Chairman

Neither 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.

Disclaimer for Forward-Looking Information

This news release includes forward-looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward-looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, beliefs or expectations regarding the future. Although the Company believes that any such intentions, plans, estimates, beliefs and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs and expectations will prove to be accurate.

The Company cautions readers that all forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions that cannot be assured and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.

Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward-looking statements. The Company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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