Corporate Update

15 March 2011

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

Corporate Update

Highlights

·; Strengthening of management team

·; New intermediate holding company for acquisitions

Management Team

President announces that is has strengthened its management team by making two new appointments.

Miles Biggins, a Petroleum Engineer by background, has been appointed Executive Vice President, Business Development. Miles, due to join President shortly, is currently at Northern Petroleum Plc where he has been Business Development Manager since 2004. Previously he was at Shell for 14 years, latterly being one of the Project Leaders for Mergers and Acquisitions.

Dr Jonathan Cohen has been appointed Executive Vice President Exploration. Jon, a geologist with worldwide experience and excellent academic background was previously with Shell International for 18 years in various positions and latterly in Shell Netherlands head quarters. Earlier in Jon's career he was with Marathon Oil and AGIP as well as being Lecturer in Petroleum Geology at Imperial College London.

Intermediate Holding Company

President is forming a new intermediate holding company named President Petroleum Company Holdings BV ('PPN'), a company domiciled and resident in the Netherlands. PPN will act as the main group operating and holding company for future acquisitions. Peter Levine will be appointed chairman of PPN and it is envisaged that Miles and Jon will become board members.

Peter Levine, chairman elect of PPN, commented:

"President has moved swiftly to both strengthen its management team and create an acquisitions-ready group structure.

This strengthening of the management team and the creation of PPN is a clear signpost of the intent to build a significantly larger group through the acquisition of assets. The expanded management team is being vigorously focused on achieving these objectives.'

For further information contact:

President Petroleum (AIM: PPC), is an oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia.