Reserves and Contingent Resources Update

21 March 2011

MAPLE ENERGY PLC

("Maple" or the "Company")

Reserves and Contingent Resources Update

Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to provide an update on its reserves and contingent resources for its Maquia, Agua Caliente, and Pacaya oil fields.

The Company's 2010 and 2009 Competent Person's Reports (the "CPRs") were prepared by Netherland, Sewell & Associates, Inc. ("NSAI"), Maple's independent reserve engineer. All of the year-end reserve and resource information contained in the CPRs is independently engineered by NSAI in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers.

Year-End Reserves Update

Maple's proved, probable, and possible reserves in the fields indicated below, as at 31 December 2010 and 2009, are shown below:

Source: Netherland, Sewell & Associates, Inc.

Mbbls: Thousands of barrels

Notes:

 (1) The Agua Caliente and Maquia fields are subject to a sliding-scale royalty capped at 30 and 50 percent, respectively, and the Pacaya field is subject to a fixed 15 percent royalty. All royalty payments are payable to the Peruvian government and are calculated based on a basket of international oil prices multiplied by the fiscalized volumes of produced oil.

(2) Under Peruvian hydrocarbon law, the contractor has rights to 100 percent of the hydrocarbons produced, and because Maple Gas Corporation del Peru S.R.L. ("Maple Gas") owns a 100% interest in each of the fields described above, gross and net reserves differ only by the estimated amount of shrinkage between field-reported and actual sales volumes.

Maple's total year-end gross oil reserve amounts increased from 3,408.7 Mbbls as of 31 December 2009 to 3,546.2 Mbbls as of 31 December 2010. The increase in the gross oil reserves is predominantly a result of (i) stronger performance from producing wells, (ii) positive results of two fracture treatments performed in the Agua Caliente field during 2010, and (iii) certain reserve reclassifications based on current factors (including stronger commodity prices in 2010).

Contingent Oil Resources Update

Contingent resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from known accumulations, but for which the applied project or projects are not yet considered mature enough for commercial development due to one or more contingencies. The contingent resources set forth below reflect estimated volumes of currently uneconomic resources which are estimated to be technically recoverable before the end of the concession term governing the particular field. In order for these contingent resource volumes to become economically viable, some major change or combination of changes in economic conditions, including royalty rate reductions, commodity price increases, or reductions in operating costs, are required. If any of these major changes were to occur, all or a portion of the contingent resources set forth below may be reclassified as reserves.

Maple's estimated contingent oil resources in the Maquia, Agua Caliente, and Pacaya fields, as at 31 December 2010, are shown below. These estimates include crude oil only and have been calculated using deterministic methods. The estimates of contingent resources below have not been adjusted for commercial risk.

Mbbls: Thousands of barrels

Source: Netherland, Sewell & Associates, Inc.

Notes:

(1) The Agua Caliente and Maquia fields are subject to a sliding-scale royalty capped at 30 and 50 percent, respectively, and the Pacaya field is subject to a fixed 15 percent royalty. All royalty payments are payable to the Peruvian government and are calculated based on a basket of international oil prices multiplied by the fiscalized volumes of produced oil.

(2) Under Peruvian hydrocarbon law, the contractor has rights to 100 percent of the hydrocarbons produced, and because Maple Gas owns a 100% interest in each of the fields described above, gross and net contingent resources differ only by the estimated amount of shrinkage between field-reported and actual sales volumes.

(3) Contingent Resources were estimated by calculating total recoverable volumes and then subtracting the portion of those volumes that are economic.

(4) Contingent Resources were estimated by calculating total recoverable volumes and then subtracting the portion of those volumes that are economic. For the best and high estimate cases, a significant portion of the volumes are economic; therefore, these economic volumes are classified as reserves rather than uneconomic contingent resources.

Rex Canon, CEO of Maple Energy, commented today:

"I am pleased to announce that we have increased our reserves this year. The results of the Agua Caliente fracture treatments have allowed us to recover some of the reserve write-downs reflected in our 2009 report. It also gives us an expectation of similar results this year with additional fracture treatments planned in the Agua Caliente oilfield and on two wells in the Maquia oilfield. In addition, well performances in the Pacaya oilfield were better than expected which also positively impacted our year-end reserves."

In accordance with the AIM Market of the London Stock Exchange Note for Mining and Oil & Gas Companies, Eric J. Stevens, Professional Engineer with Netherland, Sewell & Associates, Inc., who has been involved in the oil industry for nine years, is the Qualified Person who has reviewed the technical information contained in this press release.

Glossary

Best estimate With respect to resource categorization, this is considered to be the best estimate of the quantity that will actually be recovered from the accumulation by the project. It is the most realistic assessment of recoverable quantities if only a single result were reported. If probabilistic methods are used, there should be at least a 50% probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High estimate With respect to resource categorization, this is considered to be an optimistic estimate of the quantity that will actually be recovered from an accumulation by a project. If probabilistic methods are used, there should be at least a 10% probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Low estimate With respect to resource categorization, this is considered to be a conservative estimate of the quantity that will actually be recovered from the accumulation by a project. If probabilistic methods are used, there should be at least a 90% probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Possible Those additional reserves which analysis of geo-science and engineering data suggest are less likely to be recoverable than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (3P) Reserves, which is equivalent to the high estimate scenario. Where probabilistic methods are used, there should be at least a 10 percent probability that the actual quantities recovered will equal or exceed the 3P estimate.

Probable Those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated Proved plus Probable reserves.

Proved Those quantities of petroleum, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate.

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)

Julian Smith

Thomas Rider

Mirabaud Securities Ltd (+44 20 7321 2508)

Peter Krens

Rory Scott

Citigate Dewe Rogerson (+44 20 7638 9571)

Martin Jackson

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 and its subsidiaries

Maple is an integrated independent energy company, listed in London and Lima, with subsidiary 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; and

·; 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 majority-owned subsidiaries. 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 North 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 new shale gas opportunity; and

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