TORONTO, ONTARIO — (Marketwire) — 09/22/11 — 3P International Energy Corp. (the “Corporation” or “3P”) (TSX VENTURE: DOH) is pleased to announce that it has entered into a strategic alliance with Integrated Petroleum Technologies Ltd., a wholly-owned subsidiary of JSC NADRA Group (“Nadra”) of the Ukraine. This strategic alliance includes both a service component and a partnership to help develop new business opportunities for 3P in the Ukraine.
Overview of JSC Nadra Group
JSC Nadra Group is the largest privately owned company in Ukraine specializing in oil & gas exploration and production services as well the manufacturing of oil & gas exploration equipment. The company was founded in 1991 by scientists from the fields of geology, geophysics and oil industry. Today, Nadra includes 11 production and service companies with approximately 1500 employees, 350 plus professionals including Geologist, Engineers and Geophysicists. Nadra provides numerous state of the art services including seismic survey services (2D and 3D), drilling, wire-line logging, mud logging, reserves audits, feasibility studies and operates the largest geological-geophysical data processing center in Eastern Europe. Nadra is known as the de facto experts in subsurface exploration in the Ukraine utilizing leading international procedures and technologies. Nadra is a strategic partner of Haliburton in the Ukraine for the introduction of new geological-geophysical services and technologies.
Nadra–s main business line is providing these services to Ukrainian customers but it has operated throughout Eastern Europe, Central Asia, Middle East and North Africa. Ukraine-based customers include: the Ministry of Environment and Natural Resources, the State Geological and Subsoil Survey, NJSC Naftogaz, AC Ukrgazvydobuvanya, JSC Ukrnafta, AC Ukrtransgaz, SJSC Chornomornaftogaz. International customers operating in the Ukraine include: Shell, Lukoil, Weatherford, Total S.A., Marathon Oil Company, MND, Vanco Energy Company, Cadogan, Regal Petroleum Corporation Limited, Rudis Drilling Company and Geo Alliance, among others. For more information including presentations on the NADRA Group–s wholly-owned subsidiaries and their services, products and projects please visit .
Ron MacMicken, Chief Executive Officer, stated “this strategic alliance will no doubt unlock potential for 3P that on our own we would not have access to. With this agreement in hand we have a strong local partner in the Ukraine to co-operate on finding and exploiting oil and gas resources. Nadra is a well established name within the industry and can guide us to opportunities not available to 3P on its own. Having a local service partner that delivers world-class performance will be of great value to deliver our projects on time and on budget, something many foreign companies have been troubled with in Eastern Europe. We believe this relationship will provide the bench strength to 3P of a much larger company and allow us to mitigate any potential service risks by identifying the best approach and equipment for each of our projects. On behalf of all 3P employees we welcome this strategic alliance and look forward to realizing value for our shareholders.”
Pavlo Zagorodnyuk, Chairman of JSC Nadra Group stated “3P is a young company with an impressive and growing team that has been a pleasure to work with. They have a growth plan which Nadra believes in and is excited to assist with and participate in executing. I have worked in the Ukraine with some of the world–s leading oil and gas companies and believe now is the best time for foreign companies to come and explore for Oil and Gas in the Ukraine. The Government has introduced legislation and realigned their interest to attract and protect foreign capital to unlock the vast potential our young country has. 3P will be successful in the Ukraine because their approach is focused and they now have a strong knowledgeable partner in Nadra that aligns both of our interests for success”.
About 3P International Energy Corp.
3P International Energy is a Canadian-based company focused on the exploration and development of oil and gas reserves in Eastern Europe. In the Transcarpathian basin of Ukraine, 3P is the 100% owner and operator of a 20 year production licence with a gas producing asset, as well as three exploration licences with exploration targets and a further development opportunity on a total of 300 sq.km. In the Donetsk basin of Ukraine, 3P has a farm-in agreement on a 512 sq.km CBM property. The company–s strategy is to use proven technology, capital, and expertise to grow the reserves base and build a portfolio of low cost gas production assets in Eastern Europe to capitalize on high regional gas prices. 3P shares are traded on the TSX Venture Exchange under the stock symbol DOH.
On behalf of the board of Directors
Gregory M. Cameron, Chairman
Forward-Looking Information
This press release may contain forward-looking statements based on assumptions, uncertainties and management–s best estimates of future events. All statements that address future activities, events or developments that the Corporation believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Corporation–s control. In addition, statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on a number of assumptions, estimates and variable factors, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future.
Although the Corporation believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially. Many factors could cause the Corporation–s actual results to differ materially from those expressed or implied in any forward-looking statements made by it. Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date of this press release and the Corporation undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the corporation–s filings with the Canadian securities regulators available on .
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Contacts:
Mas Kobuchi
(604) 689-7422