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3P International Energy Corp. Terminates Agreement in an Effort to Focus Solely on Significant Conventional Gas Opportunity

TORONTO, ONTARIO — (Marketwire) — 10/14/11 — 3P International Energy Corp. (the “Company” or “3P”) (TSX VENTURE: DOH) announced today that its subsidiary Galizien Energy Corp. (“Galizien”) has terminated its agreement with Eurogas GMBH to earn an interest in Eurogas Ukraine (the “Agreement”). 3P has determined that conditions precedent for the Agreement to proceed cannot be fulfilled. 3P has taken this step in conjunction with a strategic shift in its business strategy away from the development of coal bed methane assets in the Ukraine. 3P management has decided to focus on the exploration and development of conventional oil and gas resources, with an emphasis on shallower horizons that can be accessed with conventional drilling technology at a relatively low cost. In addition to developing its existing four licenses in the Transcarpathian basin in Ukraine, 3P is in discussions to acquire access to new licenses in Ukraine and in other Eastern European countries with a focus on the Transcarpathian, Carpathian and Panonian Basins.

Commenting on the decision Greg Cameron, Chairman of 3P, stated, “After careful consideration it was decided that the best strategy for 3P is to focus our capital and management time on assets that can provide strong internal rates of return and which are expected to have quick pay back periods to shareholders. Taking this into account with outside consultation and input from our board of directors we decided our shareholders are best served by our capital being focused on lower risk assets.”

The Company will be required to record a non-cash asset impairment charge of $1,729,698, being the current carrying value ascribed to the purchase of Galizien. Galizien–s only asset was its rights under the Agreement. Off-setting this charge is the repurchase, pursuant to prior transactions, for nominal consideration of 3,050,000 of the 4,400,000 3P shares issued by the prior board and management in connection with the acquisition of Galzien and repayment to 3P of CDN$125,000 in consultancy fees paid by Galizien, therefore reducing the value of the non-cash write down. A gain to contributed surplus will be recorded.

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 license with a gas producing asset, as well as three exploration licenses with exploration targets and a further development opportunity on a total of 300 sq.km. 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 Company 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 Company–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 Company 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 Company–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 Company 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 Company–s filings with the Canadian securities regulators available on .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
3P International Energy Corp.
Gregory M. Cameron
(416) 848-7744

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