March 4, 2009

Tristan Oil Ltd. (the “Company”) today announced that on February 27, 2009 the Ministry of Energy and Mineral Resources of Kazakhstan (the “MEMR”) submitted a formal notification to Tolkynneftegaz LLP (“TNG”) informing TNG that the transfer of ownership of TNG in 2003 violated the Government of Kazakhstan’s pre-emptive rights. The MEMR has requested that another application regarding the transfer of ownership be submitted within one month from the date of the notification in order to afford the State of Kazakhstan the opportunity to exercise or waive its pre-emptive rights in connection with TNG’s change of ownership in 2003. TNG will submit the application within the requested time period. 

While TNG strongly disagrees with the MEMR’s position, it will continue to cooperate with the MEMR in an attempt to resolve this matter. The formal notification provided that any failure by TNG to resubmit the application would result in the MEMR cancelling TNG’s subsoil use contract with respect to the Tolkyn field and Tabyl block. 

On February 2, 2009, the Department for Fighting Economic Offenses and Corruption of the Mangistau region of Kazakhstan (the “Department”) submitted a letter to Tolkynneftegaz LLP (“TNG”) informing TNG that it is the subject of a criminal investigation. The letter stated that the criminal investigation relates to two gas pipelines and one condensate pipeline built by TNG to transport its gas and condensate from the Company’s gas processing facility to the delivery point at the Central Asia Center pipeline for gas and the Opornaya condensate storage facilities for condensate but did not provide further details. TNG has requested that the Department provide details regarding the basis for the investigation.

TNG is cooperating fully with the investigation. TNG is unable to assess at this stage any potential consequences should TNG fail to obtain a favorable resolution with respect to this matter.

With respect to the similar criminal investigation by the Department of KPM, which the Company reported on in a press release dated January 1, 2009, no material developments have occurred.

Contact: 

Tristan Oil Ltd. 

Artur Lungu, +373 69 602130 

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Popovici Mihail, +373 68 005591 

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