Simba Energy Cancels Proposed Option Pricing Adjustment

Simba Energy Inc. ("Simba" or the "Company") (TSXV: SMB; Frankfurt: GDA; OTCQX: SMBZF) advises it has cancelled the proposed repricing of options as announced in yesterday’s press release dated October 25, 2012. The options will remain as originally priced when authorized.

The cancellation is effective immediately.

About Simba Energy:

Simba Energy Inc. is an international oil & gas exploration company focused on onshore Pan-African opportunities. The Company now holds a diversified portfolio of majority or 100% interests in several prospective oil & gas exploration assets.

Simba has recently signed a Production Sharing Contract (“PSC) with the Republic of Chad for 100% interests in three prospective oil & gas blocks within the Doba, Doseo and Erdis basins.

It has also recently completed and is awaiting final results of the passive seismic survey carried out at its Block 2A in Kenya, where it currently holds a 100% interest, and is actively pursuing formal farm-in discussions with a number of interested parties.

Additionally the Company holds a 60% interest in Blocks 1 & 2, onshore Republic of Guinea with current efforts to finalize the first work program with the energy ministry now underway. The Company is also the successful applicant for Block 3 in Mali and has applications pending for onshore blocks in Liberia and Ghana.

We seek safe harbor.

ON BEHALF OF THE BOARD

"Robert Dinning", President & CEO.

Copyright Business Wire 2010

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