Petromin Signs Letter of Intent With Kuwait United Oil Projects and Hong Kong Allied Resources in Pursuing CO2 Related Enhanced Oil Recovery Schemes in Kuwait
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- February 27, 2007 -- Petromin Resources Ltd. (TSX VENTURE: PTR) (the "Company") is pleased to announce that it has entered into a Letter of Intent with United Oil Projects ("UOP") of Kuwait and Allied Resources Ltd. of Hong Kong effective immediately. The Letter of Intent is to advance further cooperation of Carbon Dioxide (CO2) sequestration for Kuwait oil deposits for potential CO2 related enhanced oil recovery ("EOR") schemes and to develop potential Clean Development Mechanism in CO2 capturing for Kuwait.
United Oil Projects is a subsidiary of Kuwait Projects Company Holdings ("KIPCO") Group, one of the largest premier investment holding companies in the Middle East and North Africa (MENA) region. United Oil Projects is currently participating in industrial projects, with focus on petrochemicals, oil and natural gas sectors, either independently or in partnership with entities exercising similar activities. UOP also extends support services to oil wells drilling and exploration operations, oil wells repair and rehabilitation for production, and all subsequent works pertaining to oil wells maintenance.
Allied Resources Ltd. is a private Hong Kong Resources company with vast connections to the Hong Kong, China and Middle East investment communities.
The cooperation will include technical support, engineering design, and sharing capital investment on CO2 capturing/storage equipment and any revenue/costs incurred by the parties. A formal agreement among the three parties will be signed and a new entity will be set up in Kuwait to oversee the operations of this joint venture.
Petromin is extremely excited about this engagement in view of the Company's efforts in expanding its enviro-energy concept into Kuwait. Further details on this project will be announced at a later date.
Petromin Resources Ltd. is a micro-cap Canadian energy company listed on the Toronto Venture Stock Exchange. The Company's focus is oil and gas production and enviro-energy project development. Core operations include five oil and gas properties in Alberta Canada along the Western Canada Sedimentary Basin. The Company is currently pursuing high impact CMM / CBM exploration and development opportunities in China. By applying the latest C02 Geological Sequestration Technology (Carbon Capture and Storage Technology), Petromin aims to implement projects that enhance oil recovery and extract coal bed methane while significantly lowering CO2 green house gas emissions around the World.
On Behalf of Petromin Resources Ltd.
Kenny W. Chan, Co-Chairman and Chief Executive Officer
Contacts: Petromin Resources Ltd. Kenny W. Chan Co-Chairman and Chief Executive Officer (604) 682-8831 (604) 682-8683 (FAX) Email: [email protected] Website: www.petromin.ca
SOURCE: Petromin Resources Ltd.