Longreach Oil & Gas Limited: Issue of Options

JERSEY, CHANNEL ISLANDS--(Marketwire - Jan 16, 2013) -

TSX-V: LOI January 16, 2013 LONGREACH OIL AND GAS LIMITED Issue of Options LONGREACH OIL AND GAS LIMITED (LOI.V), the oil & gas company focused on Morocco ("Longreach" or the "Company"), announces today (the "Grant Date") that the Board of Directors has issued 3,845,000 options to members of management, directors and consultants of the Company at an exercise price of $0.70. These options will vest in thirds, with one third vesting on the first anniversary of the Grant Date, one third vesting on the second anniversary of the Grant Date and one third vesting on the third anniversary of the Grant Date. Under the terms of the Company's stock option plan, the number of shares reserved for issuance will not exceed 10% of the issued and outstanding shares of Longreach. The options issued today represent approximately 4.76% of the undiluted share capital of Longreach. The options will be exercisable for a period of up to five years from the date of grant. For Further Information: Longreach Andrew Benitz CEO +44 20 3137 7759 Pelham Bell Pottinger Mark Antelme / Philip Dennis / Rollo Crichton-Stuart +44 207 861 3232 Additional information on Longreach Oil and Gas Limited can be found at www.longreachoilandgas.com or through Longreach's investor relations agent. Additional information on Longreach Oil and Gas Limited can also be found at www.sedar.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. -ENDS- This information is provided by RNS The company news service from the London Stock Exchange END