Ethanol Offtake Agreement

17 August 2010

MAPLE ENERGY PLC

("Maple" or the "Company")

MAPLE EXECUTES ETHANOL OFF-TAKE AGREEMENT WITH MITSUI

Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to announce that it has entered into an Ethanol Distribution Agreement (the "Sales Agreement") with a subsidiary of Mitsui & Co., Ltd. ("Mitsui"), an international group with a significant commodity trading operation for products including fuel-grade ethanol, to purchase the Company's produced ethanol from its Ethanol Project following the commencement of commercial operations.

This Sales Agreement represents one of the final remaining material contracts to be executed in connection with the development and commencement of commercial operation of the Ethanol Project. Sales of ethanol pursuant to the Sales Agreement are expected to begin in 2011 with the planned commencement of commercial operation of the Ethanol Project.

Rex Canon, Chief Executive Officer, President and Executive Director of Maple, commented today:

"I am very pleased that we have entered into this agreement with Mitsui which represents a significant milestone in the development of the Ethanol Project and will provide the Company a reliable market for the sale of Maple's ethanol. The execution of this agreement also satisfies one of the key remaining conditions for first disbursement of the senior secured debt financing of approximately US$140.0 million for the Ethanol Project."

General Terms of the Agreement

Under the terms of the Sales Agreement, Maple will sell to Mitsui all of the production from the Ethanol Project for a period of five years which will begin once commercial operations commence, except for up to 20% of production which Maple may sell domestically in Peru. The ethanol will be sold to Mitsui FOB at a delivery point at the ethanol loading terminal at Paita, Peru where Mitsui will assume risk and responsibility, except as to a limited amount of transit losses. This loading terminal will be built and operated by a third party for the exclusive use of Maple.

Mitsui will be responsible for the transportation of the ethanol to international markets, and the initial shipments are currently expected to be delivered to the European Union through port facilities in Rotterdam. The price to be paid by Mitsui will be a net back price based on Mitsui's resale agreements to customers and the costs to deliver the ethanol product to the final customers, less a marketing fee paid by Maple to Mitsui.

For further information, please contact:

Maple Energy plc (+ 51 1 611 4000)

Rex W. Canon, Chief Executive Officer, President and Executive Director

Jefferies International Limited (+44 20 7029 8000)

Oliver Griffiths

Mirabaud Securities Ltd (+44 20 7321 2508)

Peter Krens

Rory Scott

Citigate Dewe Rogerson (+44 20 7638 9571)

George Cazenove

Kate Lehane

Forward-Looking Statements

Statements contained in this document, particularly those regarding possible, projected, or assumed future performance and results, including growth outlook, forecasted economics, operations, production, contracting, costs, prices, earnings, returns, and potential growth, are or may include forward looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. These risks and uncertainties include, among other things, market conditions, weather risks, economic and political risks, and other factors discussed in Maple's Admission Document available on the Company's website (www.maple-energy.com). Forward-looking statements are not guarantees of future performance or an assurance that Maple's current assumptions and projections are valid. Actual results, actions, and developments may differ materially from those expressed or implied by those forward looking statements depending on a variety of factors. Furthermore, any forward looking statements presented are expressed in good faith and are believed to have a reasonable basis as of the date of this release. These forward looking statements speak only as at the date of this release, and Maple does not assume any obligation to update any forward looking statements, whether as a result of new information, future events, or otherwise.

About Maple Energy

Maple is an integrated independent energy company, listed in London and Lima, with assets and operations in Peru engaging in numerous aspects of the energy industry, including:

·; The development of an ethanol project

·; Exploration and production of crude oil and natural gas

·; Refining, marketing and distribution of hydrocarbon products

Maple was admitted to AIM on 13 July 2007 and trades under the symbol "MPLE". The company was also admitted to the Lima Stock Exchange on 21 December 2007 where it trades under the same symbol.

Operations

Maple's operations are conducted and revenues are generated through its wholly-owned subsidiaries. Maple's principal operations consist of the following:

·; Ethanol Project. Project developer and owner of an estimated US$254 million ethanol project located in the Piura Region on the northwest coast of Peru;

·; Oil Production. Operator and holder of 100% working interests in its crude-oil producing properties, Blocks 31-B, 31-D and 31-E;

·; Refining, Marketing and Distribution Operations. Operator of the Pucallpa Refinery and Sales Plant, which has capacity to refine up to (i) 3,400 barrels per day of crude oil producing Residual 5 fuel oil, (ii) 3,000 barrels per day of crude oil producing Residual 6 fuel oil or (iii) 4,100 barrels per day of natural gasolines. This plant also includes sales and distribution operations in the central Peruvian jungle, central Peruvian highlands and Lima regions;

·; Oil and Gas Exploration. Significant exploration opportunities through a:

- 100% working interest in Block 31-E, containing the San Roque and Cashiboya Deep prospects and the new shale gas opportunity; and

- 33.77% working interest in the Aguaytía Deep Prospect in Block 31-C.