[20 February 2013, Hong Kong] MIE Holdings Corporation (“MIE” or the “Company”, together with the subsidiaries, the “Group”; Stock Code: 1555), an independent upstream oil and gas company engaged in the exploration, development and production of oil and gas in China, Kazakhstan and USA, is pleased to announce that the Waves 1H Well, its second horizontal well in the Niobrara shale play trend of Colorado, USA is an oil discovery.

The Waves 1H Well, located in Weld County, Colorado, is the second horizontal well that MIE has drilled in USA and has tested at an initial production rate of 322 barrels of oil per day (“BOPD”) and 378 thousand cubic feet gas per day (“MCFGPD”) (based on 7-day test rate) from the Niobrara “B” Bench target zone, with a peak rate of 504 BOPD and 364 MCFGPD (based on 6-hour test rate).  The well is operated by the Company’s 80% owned subsidiary, Condor Energy Technology LLC (“Condor”).  Condor’s working interest and net revenue interest in this well are 84.79% and 68.64%, respectively.  The Waves 1H Well was spudded on November 19, 2012 and drilled to 11,114 foot measured depth (6,200 foot vertical depth) in eight days.  The 4,339 foot lateral section was completed in 18 stages on February 1, 2013.

On November 30, 2012, Condor spudded its third horizontal well, the Logan 2H Well, in Weld County, Colorado.  Drilling of the well was completed on December 8, 2012, to a true vertical depth of approximately 6,150 feet, and a total horizontal length of approximately 6,350 feet in the Niobrara “B” Bench target zone.

Condor completed hydraulic fracturing operations in 25 stages on this well in January 2013, and the well is currently flow testing.

Also, for the low permeability oil fields in Jilin, China under production sharing contracts with PetroChina, the three horizontal wells successfully fractured in 2012 as planned have commenced production very well (meeting and exceeding the Company’s expectation).

MIE is an independent oil and gas company engaged in the exploration and production of oil and gas in China, Kazakhstan and USA. The Group operates the Daan, Moliqing and Miao 3 oilfields in the Songliao Basin and Dagang – Kongnan block in the Huanghua Basin under four separate production sharing contracts with PetroChina, the largest oil company in China and holds a 51% stake in a joint venture that operates Linxing and Sanjiaobei unconventional gas assets in the Ordos Basin under two separate production sharing contracts. The Group also holds an exploration contract and three production contracts that allow the Group to conduct exploration and production activities in the Mangistau province in the southwestern region of Kazakhstan. In addition, the Group pursues other development and production opportunities in China, and exploration, development and production opportunities internationally, both independently and in partnership with other major and independent oil companies.

MIE is listed on the main board of Hong Kong Stock Exchange with stock code 1555.

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