TORONTO, ONTARIO--(Marketwire - March 14, 2011) - 3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) is pleased to announce the appointment of Ambassador Mykhailo B. Reznik to its board of directors. Mr. Reznik brings political, diplomatic and economic experience as well as extensive connections within in the Ukraine which will be extremely valuable to 3P's endeavours in the Ukraine.
Mr. Reznik held senior positions in the Ukraine government for more than 20 years (1973-1994) including Ministry of Trade of Ukraine, President of State Committee, Chairman of State Foreign Trade Association, Deputy Minister and Vice-Minister of Foreign Economic Relations and Trade. Mr. Reznik's diplomatic service began with the position of trade representative of Ukraine in USA (1994-1997), then he served as Ambassador of Ukraine to the Republic of Korea (1997-2001), the People's Republic of China (2001-2003) and the United States of America (2003-2005).
Currently, Mr. Reznik holds several important posts, including counsellor to the Minister of Foreign Affairs, President of The Association of Ukrainian Motor Vehicle Manufacturers "UKRAUTOPROM". He is also Vice-President of International Affairs for The Ice Hockey Federation of Ukraine, and a member of advisory board of Tri-Global Strategic Ventures.
Mr. Reznik graduated from The Kiev Trade and Economic University (1972), The Academy of the National Economy of Ukraine (1977) and the Executive program at the Stanford Business School (1992).
Ambassador Reznik stated "I am pleased at the opportunity to join a young company of energetic professionals who are intent on building a leading Oil and Gas company focused on developing the significant proven reserves within the Ukraine, my home country. I look forward to working closely with the team to achieve their endeavours".
Greg Cameron, Chairman of 3P, stated "the addition of Mr. Reznik to the board of directors is a significant endorsement of 3P's business plan. Mr. Reznik will provide the necessary guidance and introductions to 3P as we grow the company into a leading Exploration and Development Company focused on the Ukraine".
In addition, the Corporation announces that it has granted an aggregate of 500,000 incentive stock options at $0.76, being the closing price of the Corporation's shares on Friday, March 11, 2011 to certain officers and directors of 3P. The options are exercisable for a period of five years from the date of grant and vest over two years in eight equal instalments.
About 3P International Energy Corp.
3P International Energy is a Canadian-based emerging oil and gas company focused on developing and enhancing proven oil and gas reserves in Eastern Europe. In the Ukraine, 3P is a joint venture partner on a significant CBM property (512 km2) as well as announced acquisition of a conventional Gas portfolio in the Eastern Ukraine. The Company's strategy is to use proven technology, capital and expertise to significantly increase production and reserves. 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 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.
Contact Information: Adam Chambers
(416) 907-9422
achambers@gmfbcommunications.ca