3P International Energy Corp.

3P International Energy Corp.

September 24, 2010 17:00 ET

3P International Energy Corp. Seeks Shareholder Approval for New Control Person

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2010) - 3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) announces that it is seeking the consent of a majority of its shareholders to approve its previously announced non-brokered private placement offering (the "Offering") of units.

The Offering would raise a total of $5,015,000 through the issuance of 20,060,000 units ("Units") at a price of $0.25 per Unit. Each Unit is comprised of one common share (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"), each Warrant exercisable for 24 months from the date of issuance at a price of $0.70. 

Pursuant to the Offering, the Corporation has agreed to issue BTR Accelerator Fund Limited (the "Investor") 10,000,000 Units. The Investor is an exempted company limited by shares incorporated under the laws of the Cayman Islands. BTR Investment Management Limited ("BTRIM") acts as investment manager to the Investor pursuant to an investment management agreement. BTRIM holds all voting shares of the Investor. The directors of the Investor and BTRIM are Gilbert A. Ward, Boris Stein and Courtenay Wolfe. Salida Capital LP ("Salida") acts as investment advisor to the fund pursuant to an investment advisory agreement between BTRIM and Salida.

The TSX Venture Exchange has conditionally approved the Offering, subject to the approval of a majority of the shareholders of the Corporation with respect to the issuance of the Common Shares and the Warrants included in the Units for the reason that completion of the Offering will result in the Investor acquiring 30.1% of the issued and outstanding Common Shares on a non-diluted basis and 37.5% of the issued and outstanding Common shares on a diluted basis and thereby become a new "Control Person" for the purposes of the rules and policies of the TSX Venture Exchange. The Corporation intends to seek shareholder approval in connection with the Offering prior to closing.

The proceeds of the private placement 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

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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