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Vanoil Extends Expiry Date of Warrants

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/23/14 -- Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) announces that it will make application to the TSX Venture Exchange to extend the expiry date of the following issued and outstanding share purchase warrants (the "Warrants"): (i) 4,025,818 Warrants expiring August 2, 2014; (ii) 4,291,666 Warrants expiring August 10, 2014; and (iii) 56,423 Warrants expiring August 21, 2014.

The Warrants were originally issued pursuant to a private placement of $0.60 Units that closed in three tranches on August 2, 10 and 14, 2012. Each Warrant is exercisable into a common share at a price of $1.00 for a period of two years after the respective closing. Subject to regulatory approval, all of the Warrants will be extended to August 2, 2017. There will be no change in the exercise price.

On behalf of the Board of VANOIL ENERGY LTD.

James Passin, Chairman

To find out more about Vanoil, please visit our website at www.vanoil.ca.

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

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