CAYMAN ISLANDS, May 28, 2013 /CNW Telbec/ – Firebird Global Master Fund,
Ltd. (“FGMF“) announces that FGMF and its joint actors, Firebird Global Master Fund
II, Ltd. (“FGMF2“) and James Passin, received additional securities in the share capital
of Vanoil Energy Ltd. (TSX-V; VEL) (the “Issuer” or “Vanoil“), following the acquisition by Vanoil of all of the issued and
outstanding shares of Fluormin Plc. (“Fluormin“). Please refer to a press release issued by Vanoil on May 22, 2013 for
details of said transaction.

Pursuant to the above-mentioned transaction, (i) FGMF received an
additional 17,503,119 common shares in the share capital of the Issuer,
12,421,568 warrants to acquire the same number of common shares in the
share capital of the Issuer at a price of $1.00 until May 17, 2015 (the
“$1.00 Warrants“) and 2,519,059 warrants to acquire the same number of common shares in
the share capital of the Issuer at a price of $0.75 until March 13,
2014 (the “$0.75 Warrants“), (ii) FGMF2 received an additional 11,195,680 common shares in the
share capital of the Issuer, 7,945,322 $1.00 Warrants and 1,611,289
$0.75 Warrants and (iii) James Passin received 334,000 $1 Warrants, the
whole in exchange for the securities held by FGMF, FGMF2 and James
Passin in the share capital of Fluormin.

The securities are held for investment purposes. However, FGMF and its
joint actors can be qualified as active investors, since Mr. James
Passin, manager and director of FGMF and FGMF2 is Chairman of the board
of directors of the Issuer. FGMF and its joint actors may, from time to
time, acquire additional securities of the Issuer, may continue to hold
their present position or may dispose of their securities.

FGMF reports that the aggregate number of securities of the Issuer held
by FGMF and its joint actors is 52,115,675 common shares, 31,122,904
warrants to acquire the same number of common shares in the share
capital of the Issuer and 950,000 options to acquire the same number of
common shares in the share capital of the Issuer. Out of the 52,115,675
common shares, 31,122,904 warrants, and 950,000 options, 32,551,045
common shares and 20,732,293 warrants are held by FGMF, 19,064,630
common shares and 9,556,611 warrants are held by FGMF2 and 500,000
common shares, 834,000 warrants and 950,000 options are held by James
Passin.

The 52,115,675 common shares held by FGMF and its joint actors represent
approximately 46.60% of the outstanding common shares of the Issuer.

In addition, assuming the exercise by FGMF and its joint actor of the
above-mentioned warrants and options to acquire additional common
shares of the Issuer, FGMF and its joint actors’ total securityholding
in the share capital of the Issuer would be 84,188,579 common shares,
representing approximately 58.50% of the outstanding common shares of
the Issuer, including the common shares deemed to be acquired pursuant
to the exercise of such warrants and options.

No other joint actor of FGMF currently holds any securities of the
Issuer.

This press release is being issued in order to comply with the
disclosure requirements under applicable securities legislation. This
press release is not an admission that FGMF owns or controls any
described securities or is a joint actor with anyone else.

SOURCE FIREBIRD GLOBAL MASTER FUND, LTD.