3P International Energy Corp.

3P International Energy Corp.

September 16, 2011 08:31 ET

3P International Energy Corp. Court Action

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2011) - 3P International Energy Corp. (the "Company" or "3P") (TSX VENTURE:DOH) announced that on September 15, 2011 it has initiated an action against DLE Investments Inc., David DesLauriers, Michael DesLauriers and certain other parties alleging, among other matters, breaches of fiduciary, statutory, contractual and common law duties owed to 3P. The Company also applied for an interim injunction to restrain the transfer of 225,000 3P shares by one of the defendants to DLE Investments.

The Company was unsuccessful in its request for an injunction. In its decision, the Ontario Superior Court of Justice stated that although it agreed that for the purposes of the motion there was a serious question to be tried, it had not been persuaded as to the necessity for injunctive relief, holding that damages could be ascertained.

The Company will be continuing with its lawsuit, including its claim for damages.

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 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 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.
    Gregory M. Cameron
    (416) 848-7744