3P International Energy Corp.

3P International Energy Corp.

October 14, 2010 07:00 ET

3P International Energy Corp. Announces Increased Financing to Cdn $8 Million

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2010) - 3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) is pleased to announce that it has increased its previously announced private placement financing from Cdn $5 million to Cdn$8 million. The Corporation intends to offer up to 20,000,000 common shares ("Shares") on a non-brokered prospectus exempt basis at a price of Cdn $0.40 a Share for gross proceeds of up to Cdn $8 million (the "Offering"). 

David Kahn, 3P's Chairman and CEO stated "The company is delighted by the response to this latest offering and, as such, has increased the size of the placement in order to do our best to accommodate demand at these levels from those who have taken a keen interest in participating in 3P's go-forward growth strategy."

The Corporation has filed an amended Price Reservation - Form 4A and an amended Notice of Private Placement - Form 4B with the TSX Venture Exchange to increase the previously announced private placement financing. Additionally, the Corporation retains the right to issue finder's warrants to acquire up to 6% of the number of Shares issued in the Offering and pay a finder's fee of up to 6% of the gross proceeds of the Offering to qualified arm's length finders at the discretion of the Board of Directors. 

The proceeds of the Offering will be used primarily for the development of 3P's Ukrainian energy assets, the evaluation of additional opportunities in that country and general working capital purposes.

About 3P International Energy Corp.

3P International Energy Corp. is actively seeking international energy opportunities which meet its business model criteria of discovered but undeveloped known shallow reserves in politically and business friendly climates, which can be exploited using conventional and unconventional drilling, completion and reservoir technologies.

On behalf of the Board of Directors

David Kahn, Chairman and CEO

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. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. 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.

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