Siskinds, LLP

Siskinds, LLP

November 26, 2010 07:00 ET

PetroKazakhstan Inc. Securities Litigation Notice of Certification and Settlement Approval

This notice is to all Persons (as defined below), resident in Canada or elsewhere, who sold common shares of PetroKazakhstan Inc. ("PKZ") during the period from and including June 17, 2005 to and including August 12, 2005 ("Class Period"), other than Excluded Persons (as defined below) ("Class Members").

LONDON, ONTARIO--(Marketwire - Nov. 26, 2010) - READ THIS NOTICE CAREFULLY AS IT MAY AFFECT YOUR LEGAL RIGHTS. 

Please note: This is a short form notice, produced for publication purposes, announcing court approval of the settlement reached in this litigation. A Long-Form Notice, with full details of the settlement, is available on Class Counsel's website: www.classaction.ca, or the Administrator's website: www.petrokazakhstansettlement.com.

Court Approval of the Settlement of Class Actions

In 2007, class actions were commenced in Ontario and Alberta against 1000128 Alberta Ltd., CNPC International (Canada) Ltd., China National Oil and Gas Exploration and Development Corp., CNPC International Ltd. and China National Petroleum Corporation (the "Defendants"). By Orders issued by the Ontario Superior Court of Justice and the Court of Queen's Bench of Alberta (the "Courts") dated October 22, 2010 and October 28, 2010, respectively, the Courts certified and approved the Settlement Agreement reached between the parties to the class actions. The settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of any of the Defendants, all of whom have denied, and continue to deny, the allegations against them.

The Settlement Agreement provides for the settlement of the claims of all Class Members for the sum of CDN$9,990,000 (the "Settlement Amount"). The amount of each Class Member's compensation will be calculated by application of the formulae outlined in the Distribution Protocol.

In the Settlement Agreement, "Person" is defined as an individual, corporation, partnership, limited partnership, limited liability company, association, joint stock company, estate, legal representative, trust, trustee, executor, beneficiary, unincorporated association, government or any political subdivision or agency thereof, and any other business or legal entity and their heirs, predecessors, successors, representatives, or assignees.

The Defendants, their affiliates and their respective past and present directors, officers, subsidiaries, affiliates, employees, trustees, servants, consultants, underwriters, advisors, representatives, predecessors, successors and assigns, and the entities over which any of the foregoing persons or entities has or had during the Class Period any legal or de facto control, are "Excluded Persons" and as such are precluded from receiving compensation pursuant to the Settlement Agreement.

Administration of the Settlement Agreement

The Courts have appointed NPT RicePoint Class Action Services ("NPT RicePoint") as the Administrator of the Settlement Agreement. NPT RicePoint will oversee the claims and opt-out processes (described below) and will distribute the Settlement Amount.

Those Class Members who wish to receive compensation from the Settlement Amount must mail or otherwise submit a completed Claim Form, and any supporting documentation, to the Administrator no later than February 24, 2011, at the following address:

PetroKazakhstan Inc. Securities Litigation
Claims Administrator
P.O. Box 3355
London, ON N6A 4K3

All Class Members will be bound by the terms of the Settlement Agreement unless they "opt out". This means that Class Members will not be able to bring or maintain any other claim or legal proceeding against the Defendants, or any other person released by the Settlement Agreement, in relation to the matters alleged in the class actions unless they opt out.

If you do not want to be bound by the Settlement Agreement you must opt out. Please note, however, that by opting out you will also be barred from making a claim and receiving compensation from the Settlement Amount.

If you wish to opt out you must submit a completed Opt-Out Form, and any supporting documentation, to the Administrator no later than January 25, 2011 (the "Opt-Out Deadline").

For further information regarding the terms of the Settlement Agreement, the Distribution Protocol, filing a claim and/or opting out, or to obtain a Claim Form or Opt-Out Form visit the Administrator's website: www.petrokazakhstansettlement.com, or contact the Administrator by calling 1-866-432-5534 (toll free).

Class Counsel

The law firms of Siskinds LLP and Abells Regan LLP are counsel to the plaintiffs in the class proceedings.

November 26, 2010

PUBLICATION OF THIS NOTICE HAS BEEN AUTHORIZED 
BY THE ONTARIO SUPERIOR COURT OF JUSTICE AND THE COURT OF QUEEN'S BENCH OF ALBERTA

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