NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
VANCOUVER, April 28, 2014 /CNW/ - As previously reported, TWE has declared a dispute with China National Petroleum Corporation and / or its affiliates ("CNPC") in relation to its Liuhuanggou coalbed methane ("CBM") production sharing contract ("PSC"). TWE advises shareholders of certain important developments in the referenced dispute. TWE has taken the necessary steps to advance its position in the dispute including the retaining of special international arbitration counsel. The retained counsel has instigated a complete compilation of all relevant records and documents in relation to the dispute and arbitration provisions of the PSC as well as TWE's various notices to CNPC in compliance with such provisions.
TWE has received a letter dated April 11, 2014 from Enviro Energy International Holdings Limited ("Enviro Energy"), the majority and controlling shareholder of TWE, expressing its supports of TWE's efforts to assert claims against CNPC and to protect TWE's assets and commercial interests as represented by the PSC, and Petromin Resources Ltd. (Petromin) is supportive of TWE's efforts to protect the interests of its shareholders. Petromin understands that TWE has the required financial means and capability to advance the dispute to a favorable and conclusive result.
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