Rialto Appoints Interim CEO (Australia)

The Board of Rialto announces the appointment of Robert James Shepherd as Interim CEO of the Company, effective Monday, 26 November 2012. Shepherd has over 20 years of experience in the Oil & Gas industry and brings a wealth of skills to the Company.

Rialto also announces that Jeff Schrull, who last month notified the Board of his intention to resign as Managing Director in order to relocate to Perth in mid-2013, will step down from this position at the end of the Company’s Annual General Meeting to be held today in Perth. Schrull will continue his employment with Rialto whilst the Company progresses a number of key initiatives, including the identification of an industry partner for the 2013 CI-202 exploration and appraisal drilling programme. Further, Schrull will also resign as a director once the Company finalises the appointment of a further Australian resident director.

Rob Shepherd (aged 45) joins the Company having previously been Finance Director of AIM Listed, African focussed, Dominion Petroleum, which was acquired by Ophir Energy for around US$220 million in February 2012.

Shepherd’s Oil & Gas executive experience also includes his role as Non-Executive Director of Imperial Energy Corporation, a FTSE 250 oil company, between June 2007 and December 2008.

Prior to joining Dominion, Shepherd was Senior Vice President of Emerging Markets at ABN AMRO Bank. Shepherd graduated with a Bachelor of Mechanical Engineering from Sheffield University and also holds an MBA from INSEAD, France.

The Rialto Board has initiated a thorough search for a full-time CEO and will provide an update on the process in due course.

Commenting on today’s announcement, Rialto’s Chairman, Bruce Burrows said:

“We are delighted to have appointed Rob Shepherd as interim CEO to the Company and are confident that he is an ideal candidate to assume the reins whilst we continue the search for a permanent replacement for Jeff. Rob’s experience and knowledge obtained during his role as a director of a small-cap African focussed E&P will be invaluable to the Company at this exciting time in its development. Whilst we accept Jeff’s decision to step down from the position of Managing Director, we are pleased that we can retain his experience and expertise to work alongside Rob and the rest of the team as we progress the Company through a busy pipeline of corporate and operational activity.”

[mappress]

November 23, 2012