DKR Jericho Oil Corporation

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Dakar Resource Corp. ("Dakar") (TSX VENTURE:DKR) announces that it has entered
into a letter agreement dated November 2, 2012 to acquire all the issued and
outstanding share capital of Proteus Energy Corporation ("Proteus"), a private
company incorporated in Delaware with oil and gas assets located in California,
by way of a reverse takeover (the "Transaction"). 


The Transaction

Dakar will issue to the shareholders of Proteus 5.9 common shares of Dakar for
each one Proteus common share and each one Proteus Series A preferred share
which is issued and outstanding. Proteus is a closely held Delaware corporation
with 12,566,963 issued common shares and 1,771,501 issued Series A preferred
shares. On closing of the Transaction, Dakar will issue 84,596,937 common shares
to Proteus shareholders and will have a pre-financing total issued share capital
of 99,821,937 common shares.


About Proteus

Proteus' principal assets are working interests in oil and gas properties in
California. The properties and working interests are the subject of a recently
completed 51-101F1 report which will be filed with regulators as part of the
Transaction. Proteus is primarily focused on field redevelopment and recovery of
undeveloped reserves with a focus on oil producing assets. Proteus currently
owns a 100% working interest in 2,400 acres of oil and gas leases located on the
Northwest Lost Hills field in Kern County, California (the "Lost Hills Asset").
The Northwest Lost Hills field is located approximately 60 miles northeast of
Bakersfield, California on a major anticline on the west side of the San Joaquin
Basin. The Lost Hills Asset produced approximately 10.6 barrels of oil
equivalent per day (for the period January - September 2012) from 16 wells that
were in production when Proteus acquired the property in 2008. Most of this
production is from the Monterey Shale formation at approximately 4,100 feet.
Proteus recently drilled two new wells on the Lost Hills Asset in the Etchegoin
Sands formation at approximately 2,900 feet, and expects to complete hydraulic
fracturing and to place these wells on production in November and December 2012.
Proteus has also identified two existing wells that it intends to recomplete
into the Etchegoin Sands zone in December 2012 and plans to drill a number of
additional vertical and, possibly, horizontal Etchegoin Sands wells in 2013.


In addition, Proteus owns a 2.7% non-operated working interest in oil and gas
leases located on the Lynch Canyon field in Monterey County, California, a heavy
oil field with 30 horizontal and 3 vertical wells. This property currently
produces approximately 500 barrels of oil per day from cyclic steaming. The
field is currently being converted to a steam flood with a view to increasing
production beginning in 2013.


Concurrent Brokered Private Placement

Dakar has engaged Haywood Securities Inc. ("Haywood") and Emerson Equity LLC
("Emerson") to act as agents in connection with a brokered private placement
offering of subscription receipts for a minimum of $4 million and a maximum of
$6 million (the "Offering") on a commercially reasonable efforts basis. Pricing
of the Offering will be determined between the agents, Dakar and Proteus after
initial marketing. Proceeds of the Offering will be used to fund the resulting
issuer's operations, anticipated acquisitions and working capital. Funds
underlying the subscription receipts will be held in escrow until the earlier of
April 1, 2013 or the satisfaction of certain release conditions, which include,
but are not limited to the completion of the Transaction.


Closing of the Transaction

The Transaction will result in a change of control of Dakar. Dakar and Proteus
are to conclude a definitive acquisition agreement on or before November 30,
2012. The Transaction is considered an arm's length transaction. A finder's fee
may be paid in connection with the Transaction. Closing of the Transaction is
subject to Proteus and Dakar entering into a definitive acquisition agreement,
the completion of a 51-101 compliant technical report on the Lost Hills Asset,
approval of the TSX Venture Exchange ("TSX-V") and approval of Dakar
shareholders.


Completion of the transaction is subject to a number of conditions, including
TSX-V acceptance and shareholder approval. The transaction cannot close until,
among other conditions, the parties execute a definitive agreement, conclude
their respective due diligence review and the required shareholder approval is
obtained. There can be no assurance that the transaction will be completed as
proposed or at all.


Investors are cautioned that, except as disclosed in the Filing Statement to be
prepared in connection with the transaction, any information released or
received with respect to the RTO may not be accurate or complete and should not
be relied upon. Trading in the securities of Dakar Resource Corp. should be
considered highly speculative.


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.


ON BEHALF OF THE BOARD

Allen Wilson, President, C.E.O. and Director

Reader Advisory

This release includes certain statements that may be deemed forward-looking
statements. All statements in this release, other than statements of historical
facts, that address future events or developments that Dakar expects are
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. In particular, forward-looking
statements in this press release include, but are not limited to, statements
with respect to timing and completion of the Transaction of the common and
preferred shares of Proteus.


Forward-looking statements are based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking statements. Some
of the risks and other factors could cause results to differ materially from
those expressed in the forward-looking statements include, but are not limited
to: general economic conditions in Canada, the United States and globally;
industry conditions, including fluctuations in commodity prices; governmental
regulation of the oil and gas industry, including environmental regulation;
geological, technical and drilling problems; unanticipated operating events;
competition for and/or inability to retain drilling rigs and other services; the
availability of capital on acceptable terms; the need to obtain required
approvals from regulatory authorities; stock market volatility; volatility in
market prices for commodities; liabilities inherent in oil and gas operations;
changes in tax laws and incentive programs relating to the oil and gas industry;
and the other factors described in our public filings available at
www.sedar.com. Readers are cautioned that this list of risk factors should not
be construed as exhaustive.


Although Dakar believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Investors should not
place undue reliance on these forward-looking statements, which speak only as of
the date of this press release. Other than as required under applicable
securities laws, Dakar does not assume a duty to update these forward-looking
statements. For more information on Dakar, Investors should review Dakar's
filings that are available at www.sedar.com. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Dakar Resource Corp.
Allen Wilson
President, C.E.O. and Director
(604) 240-4349
(604) 681-4760 (FAX)

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