Financing Subscriptions Received Tops $12 Million

Calgary, AB., October 31, 2012 - Emperor Oil Ltd. (TSX.V: EM) ("Emperor" or the "Company") announces that it has to-date received subscriptions for approximately 30,000,000 units for gross proceeds of approximately $12 million. The Company has reduced the unit price of the private placement announced on September 23, 2012 from $0.50 per unit to $0.40 per unit. Each unit is comprised of a share and warrant, each warrant being exercisable for a period of 12 months from the closing date at a price of $0.75 to raise a minimum of $10 million (MOU minimum requirements). The Company intends to continue accepting additional subscriptions up to the time of closing.

The closing of the private placement remains subject to the TSX Venture Exchange approval of the transaction; the receipt and approval of the NI 51-101 Report on Block 7 located in the Rowat Basin of Sudan (which is currently being prepared and is expected to be completed in approximately 3-4 weeks); and all other customary closing conditions. Accordingly, trading in the securities of the Company remains highly speculative.

The Company also reports that it has extended the September 21, 2012 Memorandum of Understanding between State Petroleum Overseas Inc. ("State") and the Company as previously disclosed in the Company's news releases of September 23, 2012 and October 11, 2012 requirements to enter into definitive agreements by October 31, 2012 has been extended to November 30, 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.