3P International Energy Corp.

3P International Energy Corp.

December 16, 2010 07:00 ET

3P International Energy Corp. Strengthens Management Team

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2010) - 3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) is pleased to announce additions to its board of directors and management team which took effect at yesterday's shareholder meeting, December 15th.

The board has appointed David Kahn to the positions of President and CEO (formerly Chairman). 

Gregory Cameron has assumed the Chairmanship of 3P and has been appointed to the board of directors. Mr. Cameron brings 14 years of deal experience focused on small and mid capitalization companies in North America and abroad. Mr. Cameron has a strong financial discipline, a keen understanding of global finance and good business acumen. Mr. Cameron has held senior positions in investment banking at Canaccord Capital (SVP Investment Banking), MGI Securities (Founder) and Macquarie Capital Markets Canada formerly Orion Securities (SVP Investment Banking). Over a successful career in investment banking, Mr. Cameron has worked on hundreds of equity, debt, merger and acquisitions and restructurings. For the last two years since retiring from investment banking after a successful sale of Orion Securities to Macquarie, Mr. Cameron was a business consultant to Forbes and Manhattan focusing on the energy sector helping raise over $75mm in capital for two exploration projects in the Kurdistan region of Iraq. Mr. Cameron has served on the board of directors of several of TSX listed companies where he has acted as a member of the audit and governance committees. Mr. Cameron is a graduate of Saint Mary's University in Halifax, Nova Scotia, Canada with a Bachelor of Commerce in Finance and Accounting and holds numerous financial industry designations.

Robert Szczuczko also joins the board of directors of 3P. Mr. Szczuczko was most recently the President and Chief Executive Officer of Delavaco Energy Corp., which was recently acquired by Alange Energy Corp. in a transaction valued at $100 million. Mr. Szczuczko has 35 years of experience in the oil & gas industry, including other senior technical and managerial positions with Canoro Resources Ltd., PetroKazakhstan Kumkol Resources, Occidental of Libya, Shell PDC of Nigeria, Saudi Aramco, and National Petroleum Technology in Bahrain. Mr. Szczuczko is a graduate of McMaster University with a B.Sc. in Geology.

Quinton Rafuse has stepped down from his role of President & COO to pursue other commitments, and 3P thanks him for his contributions to the company from the inception stage to drill-ready.

Dr. David Kahn, stated "3P is pleased to announce the appointment of these new management and board members as the company positions itself or growth. The company plans to continue to augment the strength of its team as it develops its two pronged strategy of CBM development and acquisition of proven conventional oil and gas assets in the Ukraine."

Additionally, and further to a press release dated September 28, 2010, 3P is pleased to announce that it has received final approval from the TSX Venture Exchange (the "Exchange") in connection with a completed non-brokered private placement of approximately $5,000,000 (the "Placement"). In connection with the Placement, the Exchange has accepted for filing certain documentation from a new insider of 3P and, as a result, $1,676,456.25 is released from trust to the Corporation. The proceeds of the 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 is a Canadian-based emerging oil and gas producer, focused on developing significant proven oil and gas reserves in Eastern Europe. In the Ukraine, 3P is a joint venture partner on a significant CBM property (512 km2). The Company's strategy is to use proven technology, capital and expertise to significantly increase production and reserves via the drill bit and consolidation. 3P shares are traded on the TSX Venture Exchange under the stock symbol DOH.

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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