North American Petroleum Plc Operations Update North American Petroleum Plc (`NAP or `the Company) Acquires 24.2% Interest in Four Producing Wells in Oklahoma with Significant Development Potential North American Petroleum Plc, a company focussed on developing its interests in proven US onshore oil and gas formations, is pleased to announce it has acquired a 24.2% interest in the producing Little Drum oil and gas project (`Little Drum) focussed on the Mississippi Lime formation, in Osage County, Oklahoma (`the Acquisition).

The Acquisition increases the value of NAPs proven reserves by 150% to US$16.764m and is in line with the Companys strategy to rapidly build net production and reserves by acquiring and developing leases in liquids rich hydrocarbon plays. Key Highlights - 24.2%/16.8% working/net revenue interest acquired in the Little Drum for a cash consideration of US$300,000 - Includes four producing wells: Sarah Elizabeth 1H-17#2; Little Drum 1H-16; West Little Drum 1H-17; Lauren Blaire 1H-18; and a salt water disposal well - Current aggregate net production of 14 boepd attributable to NAP from Little Drum - payback of cost of acquisition is estimated at 10 months based on current WTI prices - Proved (P1) reserves of 190 Mbbl oil and condensate and 519 MMcf natural gas for the Little Drum net to NAP with a PV10 of US$10.064m (based on CPR) - provides strong asset backing - Significant potential production uplift of existing wells via low cost development work including fracture stimulation - Fracture stimulation of West Little Drum resulted in 600% increase in gross oil production to a stabilised rate of 35 barrels of oil per day based on a 20 day-average from pre-frac levels - 6 bopd net to NAP - Lauren Blaire well due to be fracture stimulated in the next few weeks - Net leasehold position increased by 155 to 779 mineral acres in the Mississippi Lime formation - US$300,000 cost of acquisition equates to US$1.08 per P1 barrel of reserves - compares favourably to average price for similar US onshore transactions NAPs Managing Director Stefan Olivier said, "Little Drum transforms NAPs production and reserves profile, due to its existing production of 14 boepd and P1 reserves of 190 Mbbl of oil and condensate and 519 MMcf of natural gas.

Based on existing production alone, we expect to recoup the cost of the Acquisition in less than twelve months and with low cost high impact development opportunities including the upcoming frac of the Lauren Blaire well, we are well placed to increase production in the near term.

We now have interests in 22 wells, 14 of which are currently producing and, in line with our strategy revenues generated will be recycled into further drilling or acquiring additional leases.

Furthermore, the value of our proved reserves has more than doubled to US$16.764m, based on just six out of the 14 producing wells, which further underpins our current market valuation of �2.9m." Further Information Little Drum is located on the producing Horizon Project in Osage County, Oklahoma in which AIM listed Northcote Energy (NCT) holds a 51.75% working interest (`WI) and 41.246% net revenue interest (`NRI).

The Company is acquiring from a third party a 24.1875%/16.85% working/net revenue interest in Little Drum which comprises four producing horizontal wells and a salt water disposal well.

The four wells are the Sarah Elizabeth 1H-17#2; Little Drum 1H-16; West Little Drum 1H-17; and the Lauren Blaire 1H-18.

The purchase price of US$300,000 equates to a cost per barrel of P1 reserves of US$1.08 per barrel of oil equivalent which compares favourably to similar transactions. Reserves Below is a table prepared by Moyes & Co.

detailing the P1 reserves of the four producing wells that comprise Little Drum and the level of net reserves attributable to NAP: Little Drum As of November 1, 2012 Gross Reserves Net Reserves Net Cash Flow Reserve Class/Category Oil & Natural Oil & Natural Future Future Future Future NPV Condensate Gas Condensate Gas Net Net Net Net Disc (Mbbl) (MMcf) (Mbbl) (MMcf) Revenue OPEX Capital Cash @ ($000) ($000) ($000) Flow 10% ($000) ($000) Proved Developed Producing Little Drum, 1.4 5.0 0.2 0.8 24 28 - (4.8) (4.6) Sarah (MS1) West Little 7.5 65 1.2 11 153 110 - 43 39 Drum, Lauren (MS2) Total PDP 8.9 69.8 1.5 12 176 138 - 38 35 Proved Developed Non-Producing Little Drum, 571 1,549 96 261 9,648 1,941 213 7,495 4,972 Sarah (MS1) West Little 557 1,486 92 247 9,256 1,275 213 7,768 5,058 Drum, Lauren (MS2) Total PDNP 1,128 3,035 189 508 18,904 3,216 426 15,263 10,030 Total Proved Little Drum, 573 1,554 96 262 9,672 1,969 213 7,490 4,967 Sarah (MS1) West Little 564 1,550 94 257 9,409 1,385 213 7,811 5,097 Drum, Lauren (MS2) Grand Total 1,137 3,104 190 519 19,081 3,354 426 15,301 10,064 Future development potential Laterals have been drilled on all four wells.

To date only the West Little Drum has been fracture stimulated which resulted in a 614% increase in gross oil production to a stabilised rate of 35 barrels of oil per day based on a 20 day-average compared to pre-frac levels.

Natural gas volumes from Little West Drum have also increased however information specific to this Well is not available at this time, as natural gas from West Little Drum is reported as part of the four well Little Drum unit which has seen a substantial increase in production since the fracture stimulation.

As illustrated by West Little Drum, there is therefore the opportunity to increase production at all four wells via fraccing, which the Directors believe could lead to a sustainable uplift in production rates after a flush period immediately following the completion of fraccing.

The estimated gross cost of fraccing each well is U$440,000 with NAPs share estimated at US$126,280. Glossary `P1 means Proved Reserves `BOE means barrels of oil equivalent, gas is converted at its energy equivalent of 6000 cubic feet per barrel of oil `BOEPD means barrels of oil equivalent per day, `BOPD means barrels of oil per day, Abbreviation for barrels of oil per day, a common unit of measurement for volume of crude oil.

The volume of a barrel is equivalent to 42 US gallons `M means Thousand `MBO means Thousand Barrels of Oil `Mcfd means Thousand Cubic Feet per Day `MM means million (thousand thousand not million million), as used in oilfield and heat content units such as MMSTB and MMBtu `MMBbl means Million barrels `MMcfd means Million Cubic Feet per Day `Proved Reserves means those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulation - Proved reserves can be categorised as developed or undeveloped. **ENDS** For further information and the full Admission document visit www.napetroleum.com or contact the following: Stefan Olivier North American Petroleum Plc +44 (0) 7595 779520 David Coffman Keith, Bayley, Rogers & Co.

+44 (0) 207 156 5040 Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177 Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Notes North American Petroleum Plc acquires leases in producing onshore US formations such as the Mississippi Lime, Oklahoma, where the application of new techniques and technologies such as horizontal drilling and fracture stimulation can dramatically improve recovery rates.

Revenues generated out of production are reinvested into both new wells and into the acquisition of additional leases to build a portfolio of producing and undeveloped assets focussed on lower risk oil rich plays.

To date, NAP has acquired 779 net mineral acres in the liquids rich Mississippi Lime play and has interests in 14 producing wells and a further eight either drilling or waiting to spud.
[cid:image002.png@01CECBDD.61F8A860] Frank Buhagiar St Brides Media & Finance Ltd 3 St Michaels Alley, London, EC3V 9DS www.stbridesmedia.co.uk Tel: 0207 236 1177 | Mob: 07788410221 | Twitter: @StBrides1