Petrox Resources Corp.
TSX VENTURE : PTC

Petrox Resources Corp.

June 19, 2014 09:00 ET

Petrox Signs Agreement on a Proposed LNG Project

CALGARY, ALBERTA--(Marketwired - June 19, 2014) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Petrox Resources Corp. (TSX VENTURE:PTC) (the "Corporation") is pleased to announce that it has entered into a co-operation framework agreement with Qingdao Sinoenergy Corporation of China ("Qingdao Sinoenergy") and Asiafic Clean Energy Limited of Hong Kong ("Asiafic") to establish an Alberta joint venture company, Gascana AB Energy Ltd. ("Gascana AB"), with the objective of which will be the construction of a LNG liquefaction plant in Alberta with a daily production capacity of 2,950 tonnes (150 MMCF). Asiafic is a wholly owned subsidiary of Qingdao Sinoenergy.

Initially, the Corporation will have a 10% equity interest in the joint venture and will be responsible for the implementation of the project, including obtaining the necessary regulatory approvals for the construction of the LNG plant, obtaining utility supplies, and other project planning and development activities. Asiafic will have 90% equity interest in the joint venture and will be responsible for obtaining the upstream natural gas supply and purchasing the land for the plant. Gascana AB will be responsible for the construction of the plant, applications to related authorities and engineering design of the plant.

About Qingdao Sinoenergy

Qingdao Sinoenergy is a clean energy operating company in China. The company is in the business of exploring and developing natural gas resources, investing and operating LNG terminals and LNG plants, processing and distributing CNG/LNG, building and operating CNG/LNG filling stations, and supplying natural gas or LNG to large industrial clients. The company is also engaged in the manufacturing of natural gas storage and transportation equipment and CNG/LNG conversion kits for vehicles.

Reader Advisory

Statements included in this press release that are not historical facts may be considered "forward looking statements". All estimates and statements that describe the Company's objectives, goals or future plans are forward looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Petrox Resources Corp.
    Edwin Tam
    President and CEO
    (403) 270-2290 or (403) 237-8330

    Petrox Resources Corp.
    Alan Chan
    CFO
    (403) 270-2290 or (403) 237-8330
    (403) 228-3013 (FAX)
    www.petroxresources.ca