P1 Energy Corp. Announces Completion of Business Combination

CALGARY, Dec. 20 /CNW/ - P1 Energy Corp. ("P1") is pleased to announce that it has completed its proposed amalgamation (the "Amalgamation") with APO Energy Inc. ("APO").  Pursuant to the terms of the Amalgamation, each share of P1 has been exchanged for one share of the amalgamated entity ("Amalco"), and each share of APO has been exchanged for 0.4218 shares of Amalco.  Amalco will continue under the name "P1 Energy Corp.".

The Amalco management team will be led by David Stangor, as President and Chief Executive Officer, Richard Naden as Vice President Production and Engineering, Aaron Stein as Vice President Business Development and Investor Relations, Francisco Jose Ortega Arciniegas as Colombia Chief Financial Officer, Oscar Vela as Legal Director Colombia, Nestor Jair Galindo Pedraza as Project Director Colombia and Hector Joaquin Hernandez Amaya as Quality, Health, Safety & Environment Manager Colombia.

The Amalco board directors is comprised of Abby Badwi (Chairman of the Board), Douglas Urch, Ronald Pantin, and David Stangor.

Immediately prior to the completion of the Amalgamation, the proceeds of the subscription receipt financing conducted by P1 on December 2, 2010 at $2.75 per subscription receipt, for gross proceeds of $50.9 million, were released from escrow.

SOURCE P1 ENERGY CORP.

For further information: For further information:

Aaron Stein
VP Business Development & Investor Relations
ir@p1energycorp.com
O: +1 403 984-4224
C: +1-403-400-0961

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P1 ENERGY CORP.

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