CASPIAN ENERGY INC. ANNOUNCES FIRST QUARTER 2013 FINANCIAL RESULTS AND CORPORATE UPDATE

CALGARY - May 14, 2013 -- Caspian Energy Inc. (the "Company" or "CEK") (TSX: CEK) announced today its financial results for the quarter ending March 31, 2013. Its unaudited condensed interim consolidated financial statements for the quarter and related management's discussion and analysis have been filed with Canadian securities regulatory authorities and are available for viewing at www.sedar.com.
As this is the first fiscal quarter that the Company is reporting under the new IFRS pronouncements, more fully identified below, shareholders will notice significant changes in the numbers that had been previously reported for prior periods, but management wishes to direct readers to Note 14 of the Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2013 and 2012, where the Company's 40% interest in Aral Petroleum Capital LLP is fully disclosed.
On January 1, 2013, the Company adopted new standards for IFRS 10, "Consolidated Financial Statements", IFRS 11 "Joint Arrangements", IFRS 12 "Disclosure of Interests in Other Entities", IFRS 13 "Fair Value Measurement" as well as consequential amendments to IAS 28 "Investments in Associates and Joint Ventures".
The adoption of IFRS 11 resulted in the deconsolidation of the Company's 40% proportionate share of Aral and the application of the equity method of accounting for the investment in Aral. Changes have been applied retrospectively in accordance with IAS 8, "Accounting Policies, Changes in Accounting Estimates and Errors", resulting in the restatement of prior period financial information.

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