California Petroleum Transport Corporation Announces Expiration of Consent Solicitation

NEW YORK, March 3 /PRNewswire/ — California Petroleum Transport
Corporation (“CPTC”), a Delaware corporation, announced today the results of
its consent solicitation to amend the indenture (the “Indenture”) relating to
its 8.52% First Preferred Mortgage Notes due 2015 (the “Notes”) and to amend
or terminate certain related collateral and other agreements. The consent
solicitation expired at 5 p.m. EST on March 2, 2010 (the “Expiration Time”).

As of the Expiration Time, CPTC had received the consent of holders of
$67,984,000 aggregate principal amount of the Notes, representing
approximately 99.9 percent of the Notes outstanding. CPTC has therefore
received valid consents from holders of a majority in principal amount
outstanding of the Notes to amend the Indenture and to amend or terminate
those certain related collateral and other agreements. CPTC expects to settle
the consent solicitation as promptly as possible upon receipt of instructions
from the Information and Tabulation Agent.

The purpose of the consent solicitation was to amend and clarify certain
Indenture and related collateral agreement provisions and definitions to
provide for the sale of the single hull m.t. Front Voyager, a collateral
vessel related to the Notes (the “Vessel”), and its release as collateral
under the related collateral agreements (the “Sale and Release”). As part of
the Sale and Release, the charter for the Vessel will be amended to permit its
sale prior to the current charter expiration date of April 1, 2010 if certain
bid conditions are met, as well as to permit the mandatory redemption of the
Notes in connection with the Sale and Release as soon as practicable.

Jeffries & Company, Inc. acted as the Solicitation Agent for the consent
solicitation. D.F. King & Co., Inc. acted as the Information and Tabulation
Agent.

Advisory: This press release is for informational purposes only and is not
being made in any jurisdiction in which the making of this announcement would
violate the laws of such jurisdiction, nor is it an offer to purchase or sell,
a solicitation of an offer to purchase or sell, or a solicitation of consents
with respect to any securities. The solicitation was made solely pursuant to a
consent solicitation statement dated February 17, 2010 and the related letter
of consent.

SOURCE California Petroleum Transport Corporation