3P International Energy Corp. Announces Binding Letter of Intent to Acquire Producing Natural Gas Assets in Ukraine for USD $17

3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) is
pleased to announce that the Corporation has entered into a Binding Letter of
Intent ("LOI") with JSC "Nadra Concern" for the purchase of its wholly owned
subsidiary JSC "Tysagaz" the title holder to four gas licenses in Ukraine: the
Rusko-Komarivske, Stanivske, Korolivske gas fields, and the Uzhogorod
exploration block in the Western Ukrainian's TransCarpathian region. If
completed, the acquisition will provide immediate cash flow to the Corporation
from the Rusko-Komarivske field and an asset base consisting of multiple fields
with proven reserves and significant exploitation potential. 


The 3P team is excited by the prospects of this transaction given the strong
operating base from which Tysagaz is currently operating. "Acquiring a proven
reserve base with upside potential in today's market of approximately USD$8.0
per mcf gas and netbacks north of USD$6.0 per mcf after royalties and operating
costs, should immediately provide returns to 3P and position the Corporation to
become a significant player in the Ukraine," stated David Kahn, President and
CEO of 3P.


Greg Cameron, Chairman of 3P added, "The proposed transaction is a great fit to
our announced strategy of acquiring conventional assets with cash flow and
significant reserves to compliment or growing unconventional portfolio, which is
currently focused on acquiring and farming into lands with Coal Bed Methane
("CMB") potential. We are also pleased to be cooperating and expanding our
relationship with such a well respected entity like Nadra."


Based on Tysagaz's approved and permitted development plan, five shallow wells
will be drilled during 2011 and early 2012. Given existing data and historical
stabilized flow rates of the current wells (in excess of 1,000 mcf/d),
management is excited about the development potential for all four fields.
Furthermore, after a review of the available data and the proposed development
plan, 3P believes the potential combined production from all four fields could
be in excess of 15,000 mcf/d after full development, and expects a 2011 exit
rate of approximately 5,000 mcf/d. 


According to the terms of the binding LOI, the potential acquisition remains
subject to a 60-day due diligence period, the execution of a definitive
agreement, and involves a total cash payment of US$17 million. Completion of the
acquisition remains subject to receipt of all necessary regulatory approvals,
including that of the Anti Trust Committee of Ukraine. 


About Nadra and Tysagaz 

The Nadra Group Limited www.nadragroup.com is a major oil and gas services
company formed in the Ukraine in 1936 with the corporate mission of providing
integrated geological and reservoir services to the oil and gas sector. The
company provides numerous state of the art logging and seismic services
including 3D seismic to many customers throughout Eastern Europe, Central Asia,
Middle East and North Africa. They have in excess of 1,500 employees and have
done much of the geological surveying and investigation of natural resources
within Ukraine. The Nadra Group has and continues to play a large role in the
oil and gas sector in Ukraine and acts as the official advisor to the President
of Ukraine on providing concessions and licenses.


Tysagaz is an operating company, with all the permits, technical and human
resources for oil and gas exploration, production and marketing. The company's
head office is located in Uzhgorod-city (regional center of the Transcarpathian
region). The company was setup to produce oil and natural gas with the initial
focus being the Transcarpathian region of Western Ukraine. 


The Transcarpathian Basin is a 7,500km2 region bordering Hungary, Slovakia,
Romania, and a subset of the prolific Panonian and Carpathian basins. Only 3% of
this area has been explored in a detailed manner, with probable estimates of
natural gas exceeding 5 TCF in relatively shallow (400 - 1,750m) enclosed
anticlines. 


At present, Tysagaz has one of the larger volumes of proven reserves within the
Ukraine confirmed by an international reserves audit performed by Miller Lents
Ltd of Houston Texas in 2006. With a long term marketing agreement to sell its
gas, and access to the major European Pipeline, 3P believes there to be strong
leverage within the Tysagaz platform. 


Tysagaz's core assets are the 4 natural gas licenses as per the following table.
The portfolio being acquired by 3P includes production, operations and
infrastructure adjacent to one of Ukraine's main natural gas pipelines into
Europe. It is important to note that the area has been well studied and
documented, relatively shallow and offers a nice balance of proven reserves with
the ability to convert a considerable amount of possible reserves to the
proven/probable category fairly quickly.




----------------------------------------------------------------------------
FIELD        AREA   # OF WELLS     DEPTH         RESERVES(iii)  COMMENTS    
             (KM2)                               (BCF)                      
----------------------------------------------------------------------------
Rusko-       7      2 producing    750-1350 M /  1P - 33.9      Primary     
 Komarivske         wells / 10     5 multiple    2P - 18.9      asset. Well 
                    wells drilled  sands / Well  3P - 14.46     documented  
                    in the past    cost $750 K.                 and studied.
                    and tested                   TOTAL = 67.26  Low risk.   
                    confirming                                              
                    field                                                   
                    potential /                                             
                    wells all                                               
                    showed stable                                           
                    rates greater                                           
                    than  1000                                              
                    mcf/day.                                                
----------------------------------------------------------------------------
Stanivske    85.5   1 well ready   300-400 M.    1P - 8.61      Very shallow
                    for            Wells cost    2P - 4.82      and ready to
                    production /   $350 K.       3P - 59.7      be tied in. 
                    10 drilled in                               Structure   
                    past all                     TOTAL = 73.1   has been    
                    showing high                                well        
                    gas shows / 3                               drilled.    
                    wells tested                                Need some   
                    with rates                                  delineation 
                    greater than                                drilling to 
                    1000 mcf/day.                               convert 3P  
                                                                to 2P.      
----------------------------------------------------------------------------
Korolivske   40     1 well         750-1000 M    1P - 3.87      2 structures
                    drilled ready                2P - 1.97      identified  
                    for                          3P - 64.97     with one    
                    production /                                structure   
                    Tested                       TOTAL = 70.91  confirmed   
                    greater than                                with gas.   
                    4000 mcf/day.                               Need        
                    High CO2 and                                additional  
                    N2 content.                                 wells to    
                                                                convert 3P  
                                                                to 2P       
                                                                reserves.   
----------------------------------------------------------------------------
Uzhgorod     205    No wells       Unknown at    N/A            This field  
                    drilled only   this point                   is still in 
                    seismic run    however                      exploration.
                    showing        believe same                 Requires    
                    several        shallow zone                 drilling to 
                    structures to  as others is                 confirm the 
                    have           present.                     potential in
                    potential for                               the         
                    gas. Several                                identified  
                    structures                                  structures  
                    the size of                                             
                    RussoK field                                            
                    may be                                                  
                    present.                                                
----------------------------------------------------------------------------
(iii) As per Engineering Report completed by Miller Lents in 2006.          



For detailed technical information on Tysagaz and the related assets described
above please visit the Corporation's website www.3pintlenergy.com under the
Projects Heading.


Financial Resources 

3P currently has over $17m of cash on hand plus commitments for the early
exercise of $0.70 warrants by a number of its large shareholders. Taking the
cash on hand and early exercise into account the corporation is well funded to
execute the contemplated acquisition of Tysagaz and the related capital
commitments as well as advance its current CBM property in the Donezk Basin.
David Kahn said, "it is nice to have shareholders of influence who are committed
to the success and vision of building a world class E&P Company within the
Ukraine. This support and commitment allows the team to focus all of our time
and efforts on the assets". 


Sproule International Limited Engaged to Perform Reserves Diligence  

3P is also pleased to announce that the Corporation has engaged Sproule
Associates Limited to perform technical diligence on the assets of Tysagaz. Mr.
Alec Kovaltchouk is an Associate of Sproule and is Manager Geoscience. He has
experience in Ukraine, Canada, the Czech Republic, Indonesia, Kazakhstan,
Mexico, Poland, Romania, and Russia (Dagestan, Siberia,Volga-Ural Region). Alec
is fluent in English, Polish, Russian and Ukrainian and graduated from the
University of Lviv, in 1981 with a Masters of Science in Geochemistry. Alec is a
noted expert in Coal Bed Methane and international field evaluation and has
authored numerous studies on specialized areas of geology relevant to Ukrainian
basins.


About 3P International Energy Corp. 

3P International Energy is a Canadian-based emerging oil and gas company focused
on developing significant proven oil and gas reserves in Eastern Europe. In the
Ukraine, 3P is a joint venture partner on a significant CBM property (512 km2).
The Company's strategy is to use proven technology, capital and expertise to
significantly increase production and reserves via the drill bit and
consolidation. 3P shares are traded on the TSX Venture Exchange under the stock
symbol DOH. 


Forward-Looking Information 

This press release may contain forward-looking statements based on assumptions,
uncertainties and management's best estimates of future events. All statements
that address future activities, events or developments that the Corporation
believes, expects or anticipates will or may occur are forward-looking
information. Forward-looking information is based upon assumptions by management
that are subject to known and unknown risks and uncertainties beyond the
Corporation's control. There can be no assurance that outcomes anticipated in
the forward-looking information will occur and actual results may differ
materially for a variety of reasons. Accordingly, readers should not place undue
reliance on forward-looking information. The Corporation undertakes no
obligations to update publicly or otherwise revise any forward-looking
information, except as may be required by law. For a more detailed discussion of
such risks and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements,
refer to the Corporation's filings with the Canadian securities regulators
available on www.sedar.com.