3P International Energy Corp.

3P International Energy Corp.

September 22, 2010 07:00 ET

3P International Energy Corp. Closes in Escrow on $5 Million Private Placement

TORONTO, ONTARIO--(Marketwire - Sept. 22, 2010) - 3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) is pleased to announce that it has successfully closed in escrow on its previously announced $5 million non-brokered private placement financing of 20,000,000 units ("Units") at a price of $0.25 per Unit (the "Offering"). Each Unit is comprised of one common share and one common share purchase warrant, each warrant exercisable for 24 months from the date of issuance at a price of $0.70. 

The major placee in the Offering was Salida Capital LP ("Salida"), with a $2.5 million investment in 3P. David Kahn, Chairman and CEO of 3P, stated "we are very pleased to have attracted Salida as a strong shareholder with a like-minded outlook on the energy prospects of the Ukraine. 3P looks forward to growing the business with the support of Salida".

The proceeds of the Offering will be released from escrow following receipt of TSX Venture Exchange ("TSX-V") and shareholder approvals required under the rules of the TSX-V due to the creation of new "control persons" (as defined in securities regulation) which is expected to be obtained on or about September 27, 2010.

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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