Rodinia Oil provides corporate update

Rodinia Oil Corp.

Rodinia Oil Corp. has concluded a strategic review process with its financial advisor without success.

On September 18, 2012, Rodinia announced that it had engaged CIBC World Markets Inc. as exclusive financial advisor to assist the board of directors' special committee in exploring and evaluating a range of strategic alternatives with the view to maximizing shareholder value. Such strategic alternatives could have included, but were not limited to, a sale, farmout or joint venture of all or a portion of the assets of Rodinia; a merger or other business combination of Rodinia with another entity; a recapitalization of Rodinia; a sale of Rodinia as a whole; or any combination thereof.

Over the past nine months, various parties have signed confidentiality agreements with Rodinia and have reviewed its confidential data. However, no proposals have been brought forward for Rodinia to consider, and, as a result, the financial advisory services of CIBC have been terminated.

As Rodinia has no external source of revenue and has been unable to collect any of the $4.4 million owed to it by its working interest partner, it must depend upon the use of its remaining working capital to continue to carry on business. In order to reduce its ongoing expenses, Rodinia has reduced the compensation payable to its president and CEO to nil, has reduced the compensation payable to its vice president of finance and CFO substantially, and has terminated the services of several of its staff, including Susan Showers, manager of Investor Relations.

Rodinia will continue to seek a transaction that will benefit its shareholders. However, as it has been unable to raise additional capital or complete a transaction through its strategic review process, Rodinia's ability to carry on as a going concern is now in serious doubt.

Rodinia is engaged in the exploration, acquisition and development of petroleum and natural gas assets in Australia's Officer Basin. Rodinia's assets include an 85% working interest in approximately 23,000,000 gross acres of exploratory lands in South Australia and Western Australia, along with 4,048 kilometers of seismic acquired and processed by Rodinia, the results of two wells and a 15,300-kilometer aeromagnetic/aerogravity survey, all relating to this exploratory acreage. Rodinia has no debt. The company has offices in Calgary, Alberta, Canada, and in Adelaide, South Australia. Its common shares are listed for trading on the TSX Venture Exchange under the symbol "ROZ."

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