3P International Energy Corp.

3P International Energy Corp.

December 05, 2011 20:39 ET

3P International Energy Corp. Announces Election of Directors, Appointment of Officers and Committee Members, Stock Option Grants and Results of Shareholders Meeting

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2011) - 3P INTERNATIONAL ENERGY CORP. ("3P" or the "Corporation") (TSX VENTURE:DOH) is pleased to announce that Gregory Cameron, Mikhail Afendikov, Robert Bensh, Robert Hodgins and Steven VanSickle have each been elected as a director of the Corporation at the meeting of shareholders of 3P held Friday, December 2, 2011.

Following the shareholders meeting, the new board of directors appointed the following officers and members of board committees:

  • Robert Bensh - Interim President and Chief Executive Officer
  • Wally Rudensky - Chief Financial Officer and Secretary
  • Gregory Cameron - Chairman
  • Mikhail Afendikov - Interim Vice-Chairman
Audit Committee
  • Robert Hodgins (Chair)
  • Gregory Cameron
  • Steve VanSickle
Compensation and Nominating Committee
  • Steve VanSickle (Chair)
  • Gregory Cameron
Reserves Committee
  • Steve VanSickle(Chair)
  • Gregory Cameron
  • Robert Hodgins

Messrs. Bensh and Afendikov have been appointed to their offices on an interim basis pending completion of the Corporation's recently announced proposed reverse-takeover transaction with Gastek LLC, after which it is anticipated that Messrs. Bensh and Afendikov's appointments would be affirmed by the board.

Ronald MacMicken did not stand for election as a director at the meeting of shareholders and has stepped down from his position as Interim President and Chief Executive Officer of the Corporation. In addition, Ambassador Mykhailo B. Reznik did not stand for election as a director at the meeting of shareholders and will continue to assist the Corporation in an advisory capacity.

Gregory Cameron, Chairman of 3P, stated "the board would like to express its sincere appreciation to Mr. MacMicken and Amb. Reznik for their service to the company, and also recognize Mr. MacMicken for his role in setting up the current structure of the company and assisting in the development and execution of its new business plan."

In connection with the election of the directors, the Corporation has granted 450,000 incentive stock options to each director, exercisable at a price of $0.45 per share and expiring 5 years from the date of grant.

The Corporation is also pleased to announce that at the meeting of shareholders the shareholders approved the continued use of the Corporation's stock option plan, a resolution authorizing changing the name of the Corporation from "3P International Energy Corp." to "Cub Energy Inc.", a resolution authorizing the continuance of the Corporation under the Canada Business Corporations Act and the reappointment of Collins Barrow as auditors of the Corporation. Further details regarding the name change and continuance, including the effective dates of such events, will be provided at a later time.

About 3P International Energy Corp.

3P International Energy Corp. 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 square kilometres. The Corporation'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 November 3, 2011 and November 21, 2011, the Corporation announced that it had entered into a letter of intent dated October 31, 2011 with Gastek LLC ("Gastek") under which 3P intends to issue common shares of 3P to acquire Gastek's indirect 30% interest in KUB-Gas LLC ("KUB-Gas"). The assets of KUB-Gas consist of 100% interests in five licenses near to the city of Lugansk in the northeast part of Ukraine and includes an extensive portfolio of service and drilling equipment and four gas distribution plants. Four of the five licenses held by KUB-Gas are currently producing natural gas. The transaction will be a reverse take-over of 3P under TSX Venture Exchange policies.

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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed reverse take-over transaction with Gastek LLC, the name change and the continuance. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Corporation's control.

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; such factors as they relate to the proposed reverse take-over transaction with Gastek LLC are disclosed in the press releases of the Corporation dated November 3, 2011 and November 21, 2011. 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 www.sedar.com.

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.

Contact Information

  • 3P International Energy Corp.
    Mas Kobuchi
    (604) 618-1768