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Further Update on TWE Liuhuanggou Project
 
Further Update on TWE Liuhuanggou Project

Monday, 09 September 2013

Petromin Resources Ltd. was advised today by TerraWest Energy Corp. (“TWE”) that following a significant period during which no clarification was provided by CNPC, TWE has deemed the matter an unresolved dispute and has issued notice to CNPC of referral to arbitration under the terms and conditions of the PSC. TWE has indicated its actions are intended to protect the interests of its shareholders and potential economic benefits from the project. 

Reference is made to the announcement dated 17 June 2013 on the seeking of written clarification by TerraWest Energy Corp. (“TWE”) from China National Petroleum Corporation (“CNPC”) regarding the coalbed methane (“CBM”) fairway lands within the Liuhuanggou CBM production sharing contract (“PSC”).

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. 

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