3P International Energy Corp. Enters Into Definitive Purchase Agreement to Acquire JSC Tysagaz

TORONTO, ONTARIO--(Marketwire - May 24, 2011) - 3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) announced today that it has entered into a definitive purchase agreement (the "Purchase Agreement") to acquire all of the issued and outstanding shares of JSC Tysagaz for cash consideration of USD$17,000,000, subject to a working capital adjustment to be determined prior to the closing of the transaction. The entering into of a letter of intent to acquire Tysagaz was announced by 3P on February 14, 2011.

Greg Cameron, Chairman of 3P stated "We are extremely excited about the acquisition of Tysagaz and providing the team there the necessary capital to significantly expand the business. This acquisition is a great fit to our announced strategy of acquiring conventional assets with cash flow and significant reserves to compliment or growing unconventional portfolio, which is currently focused on acquiring and farming into lands with Coal Bed Methane ("CBM") potential.

"Acquiring a proven reserve base with upside potential and selling that gas at an anticipated price in excess of USD$8.0 per mcf with strong netbacks should immediately provide returns to 3P and position the Corporation to become a significant player in the Ukraine," stated Ron MacMicken Chief Executive Officer of 3P.

About Tysagaz

Tysagaz is an operating company, with all the permits, technical and human resources for oil and gas exploration, production and marketing. The company's head office is located in Uzhgorod-city (regional center of the Transcarpathian region). The company was setup to produce natural gas with the initial focus being the Transcarpathian region of Western Ukraine.

The Transcarpathian Basin is a 7,500km² region bordering Hungary, Slovakia, Romania, and a subset of the prolific Panonian and Carpathian basins.

Tysagaz's core assets are the 4 natural gas licenses, including production, operations and infrastructure adjacent to one of Ukraine's main natural gas pipelines into Europe. It is important to note that the area has been well studied and documented, relatively shallow and offers a nice balance of proven reserves with the ability to convert a considerable amount of contingent reserves to the proven/probable category fairly quickly. Sproule and Associates will be delivering an NI 51-101 report to the board prior to closing having already provided a reserve analysis to the board of directors.

Closing of the transaction is expected to occur in early July, and is subject to certain conditions of closing including the receipt of Ukrainian anti-trust approval and the approval of the TSX Venture Exchange.

A finder's fee of approximately US$300,000 is payable to an arm's length third party in connection with the acquisition of Tysagaz, 80% of which is payable in 3P common shares carrying a 4 month hold and the balance is payable in cash.

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 a portfolio of conventional gas in the Western 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

"Ron MacMicken", Chief Executive Officer

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, including the expected completion of the Reserve Report, anticipated closing of the acquisition of Tysagaz and sales of natural gas, 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.