Further update of TWE
VANCOUVER, Oct. 15, 2013 /CNW/ -
Dr. Ross Gorrell reports,
Further to the Company's news release of September 9, 2013 relating to TerraWest Energy Corp.'s ("TWE") notice to China National Petroleum Corporation (CNPC) of referral of an unresolved land dispute matter to arbitration, the Company is initiating steps to protect the interests of its shareholders.
The Company holds 73,333,334 common and 700,000 preferred shares of TWE equivalent to 22.28% of the undiluted equity of TWE. The basis for the arbitration referral and the surrounding circumstance are of interest to the Company due to the potential impact the circumstances and/or an arbitration outcome may have on future economic benefits to TWE and its shareholders.
The Company has therefore requested TWE to provide a summary of the arbitration situation and initiated correspondence to CNPC indicating the Company has an interest in the circumstances and a significant stake in the outcome of any procedural matters and will not hesitate to act on its own to protect the interests of its shareholders.
TWE is a private, British Columbia incorporated company, registered under the BC Business Corporations Act. The Company holds 22.28% interests in TWE. TWE holds a 47% interest in and is the operator of the Liuhuanggou CBM PSC located in the Junggar Basin of Xinjiang, China. CNPC holds the remaining 53% of the PSC according to the PSC Modification Agreement executed and approved by the Ministry of Commerce of the People's Republic of China in 2011.
Neither 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.
SOURCE Petromin Resources Ltd.For further information:
PETROMIN RESOURCES LTD.
1120-1090 W. Pender Street
Vancouver, B.C. V6E 2N7
Telephone: (604) 682-8831
Fax: (604) 682-8683
Attn: Arthur Ross Gorrell