ST. HELIER, JERSEY, Nov. 1, 2011 /CNW/ - PetroKamchatka Plc,
("PetroKamchatka" or the "Corporation"), an international junior oil
exploration company incorporated in the Bailiwick of Jersey, announces
that CJSC Palana-Exploration ("Palana"), a wholly-owned,
indirectly-held Russian subsidiary has purchased, by liquidation
auction, a 100% ownership interest in a drilling rig and equipment
located in Kamchatka, Russia. Most of the assets were acquired from
Russian entities which are jointly-owned by the Corporation and Korea
Kamchatka Petroleum Ltd. ("KKPL"). The auction was conducted as part of
the ongoing wind-up of the joint venture between KKPL and subsidiaries
of the Corporation.
PetroKamchatka is also pleased to announce that at its Annual General
Meeting held on October 21, 2011 in Jersey, Channel Islands, the
current slate of directors was re-elected, the stock option plan of the
Corporation was ratified, and the shareholders agreed to re-appoint
KPMG LLP as auditors of the Corporation for the ensuing year.
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.
SOURCE PetroKamchatka Plc
For further information:
President and Chief Executive Officer
St. Helier, Jersey,
Tel: +44 7733 363 016 or +1 403 630 2367
PetroKamchatka Services Inc.
Vice President, Corporate Planning
c/o 1000, 505 - 3rd Street S.W.
Calgary, Alberta, Canada
Tel: +1 403 984 5132
Cell: +1 403 690 6230
For further information in respect of the Corporation, please visit the PetroKamchatka Plc website at www.petrokamchatka.com