Chelsea Oil and Gas Ltd. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

Chelsea Oil and Gas Ltd. (Chelsea) is engaged in exploration, development and production of oil, natural gas, and natural gas liquids in Australia. The Company has working interests (WI) operations and overriding royalty interests (ORRI) in the States of Queensland, South Australia and Victoria in Australia. The Company operates through oil and gas exploration, development and production activities within Australia segment. It has a portfolio of assets, which include Surat-Bowen Basin, Georgina and Simpson Basins, and ORRI. The Surat-Bowen Basin is a combination of Permian and Triassic age sediments of Bowen Basin, overlain by the Jurassic and Cretaceous strata of the Surat Basin. The Georgina Basin is an intracratonic sedimentary basin in central and northern Australia, lying mostly within the Northern Territory and partly within Queensland. Chelsea has ORRIs of approximately 9.3 million gross acres (over 60,000 net acres).