Emperor Oil extends MOU with State Petroleum

Calgary, Alberta, October 11, 2012 - Emperor Oil Ltd. (TSXV: EM) announces that it has agreed with State Petroleum Overseas Inc. ("State") to amend a Memorandum of Understanding (MOU) signed on September 23, 2012 between Emperor and State.

Under the terms of the MOU, Emperor was required to provide evidence on or prior to October 8, 2012 to the satisfaction of State of its ability to satisfy initial project costs. In addition, under the MOU the parties had contemplated entering into definitive agreements on or before October 12, 2012 relating to the transactions contemplated by the MOU. Emperor and State have agreed to extend both of these dates to October 31, 2012.

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

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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.