Update on Acquisition of Sudan Block 7

Appointment of College Hill as Financial Public Relations Advisor

Calgary, AB., December 07, 2012 - Emperor is pleased to announce that it has received a preliminary draft of the National Instrument 51-101 report (the "Report") in respect of the Sudanese Rawat Basin Block 7 prospect area (the "Sudan Block 7") to be acquired by the Company. The Report is being prepared by the Calgary based engineering firm of Chapman Petroleum Engineering Ltd. and will be submitted to the TSX Venture Exchange ("TSX.V") for review and approval once it is finalized, which is anticipated to be within the next week. The Company is pleased to have achieved another milestone towards the completion of the acquisition of the Sudan Block 7 and intends to release full details of the Report as soon as same is approved by the TSX.V.

The Company also reports that the time for completion of certain obligations under the MOU, including execution of definitive agreements, has been extended to December 31, 2012. As previously reported, the Company is undertaking a private placement in order to fund the development of the Sudan Block 7 (the "Private Placement"). The Company will continue to accept subscriptions for the Private Placement up to the time of closing. The acquisition of the Sudan Block 7 and closing of the Private Placement remain subject to the TSX.V approval.

Emperor is also pleased to announce the appointment of College Hill Limited ("College Hill") as financial public relations advisor to the Company with immediate effect. College Hill is an international consultancy firm with a particular expertise in business communication and public relations and is a key partner to the Company as it moves forward on the acquisition and development of the Sudan block 7.

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.