TORONTO, ONTARIO -- (Marketwire) -- 07/21/10 -- 3P International Energy Corp., formerly, Colonnade Capital Corp. (the 'Corporation' or '3P') (TSX VENTURE: DOH) is pleased to announce that, pursuant to the terms of a share purchase agreement executed today, the Corporation will be issuing 4,400,000 common shares as consideration for the acquisition of all of the issued and outstanding shares of Galizien Energy Corp. ('Galizien').
The transaction qualifies as an 'Expedited Acquisition' under the policies of the TSX Venture Exchange and remains subject to regulatory approval.
Richard Kehmeier, the President and Chief Executive Officer of the Corporation, stated 'The acquisition of Galizien delivers a project to 3P which satisfies all of the key elements of our business model. We believe that significant shareholder value may be created through accelerated, but calculated, phased development in the short term; and a more aggressive posture once the company's commercial concept is proven.
'Galizien's Ukrainian CBM concessions overlay a defined reservoir which we believe can be efficiently exploited and we are looking forward to beginning work alongside our partners on the rehabilitation of some of the 2,000 formerly producing wells, adding new drilling, and moving towards production.'
About 3P International Energy Corp. (formerly, Colonnade Capital Corp.)
3P International Energy Corp. is actively seeking international energy opportunities which meet its business model criteria of discovered but undeveloped known shallow reserves in politically and business friendly climates, which can be exploited using conventional and unconventional drilling, completion and reservoir technologies.
On behalf of the Board of Directors
Richard Kehmeier, President, Chief Executive Officer and Director
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.
3P International Energy Corp.
President, Chief Executive Officer and Director