Nov. 2012 - In a report issued by Rialto Energy, the company announced the completion of the 200+ day Gazelle Field drilling campaign in block CI-202 offshore Cote d'Ivoire. Rialto feels that the field has been adequately appraised and is in the process of reviewing possible development solutions. The company continues to review 3D seismic data covering the entire block. Several new targets have been identified and are being evaluated for inclusion in the 2013 exploration and appraisal drilling program. Vantage Drilling's Sapphire Driller (375' ILC) has been contracted for the 2013 program which includes three firm wells with two options. In addition, Rialto intends to commence a farmout process in 4Q 2012 to identify partners to participate in and fund the exploration and appraisal program.

Aug. 2012 - Rialto Energy announced that Petroci Holdings, Côte d’Ivoire state-owned oil and gas company, is exercising its option to maximize its interest in the Gazelle Field located offshore in Block CI-202. Petroci will back-in for an additional 11% paying interest making its overall interest 26% (comprising a 16% paying interest). This transaction will reduce Rialto's interest in the field to 74% (84% paying interest). However, its remaining interest in Block CI-202 - outside of the Gazelle Field - remains at 85% (95% paying interest). In the next six months, Petroci Holdings will reimburse Rialto for an 11% share of an estimated $10 million of historical cost that is associated with the Gazelle Field. From the point of the back-in date, Petroci will pay 16% of any future costs. Rialto has a 25-year permit to produce hydrocarbons from Gazelle.

Aug. 2012 - Rialto Energy reports that its development well Gazelle-P4 has been drilled to the 13.375 inch casing point at 2123m MDRT. Operations are now focused on drilling out the cement shoetrack before commencing a formation integrity test (FIT).

Jul. 2012 - Rialto Energy spud the Gazelle-P4 development well using the GSF Monitor (350' ILC) jackup. Gazelle-P4 is testing the oil potential of the UC-2 and UC-4 oil reservoirs as well as the gas potential of the UC-3, UC-5, LC-1 and LC-2 gas reservoirs discovered by the IVCO-12 and IVCO-21 wells. The Gazelle-P4 well is expected to take approximately 45 days.

Jul. 2012 - Rialto Energy has completed a drill stem test at the Gazelle-P3 ST2 well, achieving maximum flow rates of 19.5 MMcf/d of gas and an unstablized rate of 760 bopd from separate sands within the Upper Cenomanian reservoir. The operator stated that the maximum gas flow rate was constrained due to downhole equipment limitations. The estimated deliverability of the reservoir with standard 4.5-inch production tubing rather than the 3.5-inch test string is 33 MMcf/d.

Jun. 2012 - Rialto Energy has awarded Petrofrac a Front End Engineering Design (FEED) contract for Block CI-202, containing the Gazelle field, offshore Cote d'Ivoire. Work is scheduled for completion in October. Rialto is working to fast track first hydrocarbons. It expects to award further contracts before the end of this year. The field development plan and gas agreement has been approved by the Cote d'Ivoire authorities and the production facilities will consist of a fixed production platform at the Gazelle field with separate oil and gas pipelines from the platform to shore.

Jun. 2012 - Rialto Energy reported that it has encountered high gas readings and recovered oil and gas samples from the sidetrack of its Gazelle-P3 well. Wireline logs have been taken while further logging with vertical seismic profile and sidewall coring are continuing with completion expected in the next three days. Rialto said the oil and gas samples were recovered from the Upper Cenomanian sands as expected while the gas readings were noted in the Lower Cenomanian. The samples will also be used to assist in the design of the Gazelle field development processing facilities.

Jun. 2012 - Rialto Energy has commenced drilling of the Gazelle-P3 ST2 well to optimize the recently drilled Gazelle-P3 ST well in order to underpin the oil and gas development of the Gazelle field. Following planned testing in the Upper Cenomanian-1 reservoir (UC-1), the Gazelle-P3 ST2 well is intended to be suspended as a future producer. The sidetrack operation is expected to take about 12 to 15 days.

May. 2012 - Rialto Energy has disclosed preliminary results from the well log analysis for the Gazelle-P3 ST development well located at permit CI-202 offshore Cote D'Ivoire. The well encountered all expected reservoirs at the Gazelle Field along with a new exploration objective. Rialto is reviewing operational options, including a possible side-track to relocate the development well at a location where it will be suspended as a producer. A secondary objective of the possible side-track will further appraise, potentially test and suspend the UC3 reservoir. A primary gas reservoir in Gazelle was found to be gas bearing at the Gazelle-P3 ST well, where it was encountered 656 feet (200 meters) deeper than the lowest known gas from the earlier IVCO 21 well on Block CI-202. Two high quality PVT samples were taken for use in the Gazelle FEED study. The Condor exploration prospect was encountered with good gas shows however results indicated a low permeability gas reservoir at this location. A follow-up well to fully evaluate the prospect will be drilled as part of Rialto’s next phase in the drilling program planned for early-mid 2013. A 246 foot (75 meter) TVD gross reservoir package of high-quality sand was encountered at the base of the Gazelle-P3 ST Well. Drill cuttings exhibited shows and the logs indicated the sands to be water bearing with possible residual oil saturations. Recently acquired 3D data will be used to identify new prospects in the Gazelle/Condor Area with a view to future exploration activity. A decision as to whether to drill a side-track to the Gazelle-P3 ST well to further appraise the UC1 and UC3 reservoir is forthcoming. Once drilling is completed on Gazelle P-3 ST, a six well template will be set prior to spudding the Gazelle P-4 well. The Chouette exploration well will begin at the completion of the Gazelle P-4 well.

May. 2012 - Rialto has received formal confirmation from the government of Cote d'Ivoire that the company has been granted an Exclusive Exploitation Area over the Gazelle field on Block CI-202. The EEA granted Rialto with the right to produce hydrocarbons from Gazelle over a tenure period of 25 years. The Gazelle field is the current focus of an initial three-well drilling campaign by Rialto, which commenced with the drilling of the Gazelle-P3 development well in March 2012 and which will be followed by further development and exploration drilling in and around Gazelle during the coming months. The current drilling program is aimed at converting the 58 MMboe of gross mean contingent resources at Gazelle to reserves as well as testing the high impact Chouette oil prospect, which contains a gross mean prospective resource of 84 MMbbls.

Apr. 2012 - Rialto Energy reported that while drilling the Gazelle-P3 development well, the drill-pipe became stuck. The drilling contractor, Transocean, is currently trying to rectify the rig equipment that encountered mechanical problems while trying to free the drill-pipe. It is estimated that the repairs to the rig and the subsequent operations to remedy the stuck-pipe situation will take two weeks, after which normal drilling operations will resume.

Mar. 2012 - Rialto Energy has spud the Gazelle-P3 production well on the CI-202 Block offshore Cote D'Ivoire, West Africa. The operator is using the jackup GSF Monitor (350' ILC) for the drilling operations. The well has a planned total depth of about 11,155 feet (3,400 meters) and is expected to take around 60 to 70 days to drill and test. The well is the first of a three-well drilling program on CI-202. It is expected to take six months to complete including testing. The Gazelle-P3 well, which will be drilled from the Gazelle subsea template, will be drilled as a deviated hole targeting already tested sands over the Upper Cenomanian reservoirs. It will be deepened to test a combined structural/stratigraphic trap in the Lower Cenomanian section. The well is situated on the northern flank of the Gazelle structure.

Mar. 2012 - Rialto Energy announced its plans to drill the first two development wells in the Gazelle Field using the GSF Monitor jack-up rig. The phased development of CI-202 is set to begin with the spudding of Gazelle-P3 followed by Gazelle-P4. An additional two development wells are planned after final investment decision. Two infill wells are planned for 2016.

Jan. 2012 - Rialto Energy has completed a block-wide, full-fold 3D seismic survey covering 220,171 acres (891 square kilometers) over Block CI-202. Processing and interpretation of the newly acquired data will commence shortly and will provide the operator with a full suite of 3D data over the entire block. Rialto said that this will further refine existing interpretation and mapping of the exploration potential within the block through better definition and mapping of the multiple prospects and leads already identified. This data should provide a clear picture of the five existing discoveries and culminate in better definition of these existing resources. Rialto currently operates the CI‐202 block offshore Cote d'Ivoire, which contains the Gazelle Field. The field is the current focus of development with first production slated for 2012.

Jan. 2012 - Rialto Energy is prepping to commence a drilling program in Block CI-202, containing the Gazelle, Hippo and Bubale discoveries. The company has contracted the Transocean operated GSF Monitor (350' ILC) jackup to drill a three-well program that will include two appraisal wells and the capability to test five independent structures. It is expected that the drilling program will commence in late February 2012. The Chouette well, which is part of the drilling program, will be the Company's first exploration test in the CI-202 permit. Chouette has been assessed to have the potential to contain up to 212 million barrels of oil on a P50 base case. The block is located offshore Cote d'Ivoire, where Rialto Energy acts as operator.

Dec. 2011 - The Government of Cote d’Ivoire in Abidjan granted Rialto Energy a Field Development Plan approval for the Gazelle field in Block CI-202. The FDP will allow the fast-track development of the Gazelle field, resulting in production start-up in 4Q13. Initial oil rates are projected at 8,000 bopd and gas rates up to 100 MMcf/d. The development plan calls for a production platform, situated in 40 meters of water, where oil and gas production will be processed and exported via bundled pipelines to existing onshore infrastructure, located 30 kilometers to the northwest of CI-202. The platform will have a production capacity of up to 40,000 bopd and 230 MMcf/d to allow for further infill drilling at Gazelle and the tie-back of existing satellite fields. Additionally, the Gazelle field development will commence with the drilling of the first two development wells starting in February 2012 using GSF Monitor (350' ILC) jackup. Gazelle is located on Block CI-202 offshore Cote d'Ivoire in West Africa.