Emperor Oil Announces Drilling Update - Catalca Licence, Turkey

Calgary, Alberta, October 17, 2012 - Emperor Oil Ltd. (TSXV: EM)("Emperor" or the "Company") announces that drilling has commenced on the Catalca licence, located in Turkey's Thrace Basin. Emperor has an earn-in agreement to obtain a 22.5 % working interest in the license from Azure Resources Corporation, a Canadian listed TSX.V issuer. Merty Enerji Petrol Arama, an established Turkish company in the domestic oil and gas industry, is the local operator.

The Catalca Licence covers 36,429 hectares and is situated 30 kms west of Istanbul. Drilling will target the seismically identified Tertiary, Osmancik Formation which is believed to be permeated with commercial quantities of natural gas. Natural gas currently trades for $10 per mcf in the Turkish domestic market, significantly higher than in North America. In addition, completion costs will be moderated by the property's close proximity (~ 5kms) to a tie-in point on a natural gas pipeline that services the country and its market for natural gas.

President & CEO Andrew McCarthy stated:


"We are very optimistic about this program since we are working with an experienced team, in a highly prolific region that boasts an extensive amount of infrastructure; including an existing pipeline located approximately 5kms from the project."

About Emperor Oil Ltd.

Emperor Oil is an international oil and gas company with projects in Sudan and Turkey. For further information please contact the Company at (403) 695-1794 or email at info@emperoroil.com.

ON BEHALF OF THE BOARD

“Andrew McCarthy”

Andrew McCarthy


President and Chief Executive Officer


www.emperoroil.com

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Cautionary Statement Regarding “Forward-Looking” Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.