Strategic Review&Appointment of Financial Advisor

For immediate release 23 December 2010

Leed Petroleum PLC

("Leed" or the "Company")

Commencement of Strategic Review

&

Appointment of Financial Advisor

Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, today announces it has commenced a strategic review process and has retained Macquarie Tristone as financial advisor to assist with this review.

The Company has selected Macquarie Tristone (Macquarie Capital (USA) Inc.) to undertake a review of a broad range of strategic options, including but not limited to divesting some or all of the Company's oil and natural gas assets, securing a new bank credit facility and / or other potential transactions such as a merger with another company.

The Company will continue to retain Matrix as its Nominated Adviser, and Matrix and Brewin Dolphin as Co-Brokers.

Howard Wilson, President and Chief Executive of Leed, commented:

"We are happy to bring Macquarie Tristone on board to maximize value from Leed's assets. Macquarie Tristone is a leading advisor to exploration and production companies in the U.S and the U.K. We expect to conduct a thorough analysis of information gathered in the Strategic Review process to make the best decision on the future direction of the Company."

Note to Editors

Leed Petroleum PLC is an AIM quoted independent oil and gas exploration and production company. The Company's operations are concentrated in the Gulf of Mexico region where Leed has established a significant portfolio of producing and development assets currently producing 1,200 barrels of oil equivalent per day, net to its revenue interest. The Company has interests in 17 offshore blocks and 1 onshore field in the region.

Leed's strategy is to grow the Company's portfolio through organic development of its existing assets and to utilize its regional expertise to identify and purchase value adding assets.