Petromin Tenders to Acquire Large-Scale Projects in China and Indonesia
Wednesday, 20 September 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 20, 2006) - Petromin Resources Ltd. (the "Company") (TSX VENTURE:PTR) is pleased to announce it is seeking to expand its oil and gas operations in China, Indonesia and South East Asia.
As a result of Management's expertise and affiliations, the Company has been presented the opportunity to be involved in a tendering process for several large-scale oil and gas projects in Indonesia and China. In this regard, the Company has purchased technical data pertaining to four projects, and has had the opportunity to acquire data with respect to six other projects. Each project will be tendered or direct purchase; and based on the Company's review of the technical data, and the expected cost of acquisition, the Company may submit a bid for one or more such projects.
Details of each project will be provided if the Company is successful in acquiring an interest therein. There is no guarantee the Company will determine any project will be worthy of a bid, or that any bid made by the Company will be accepted. Based on the projected large size of each project, the Company expects it will enter into joint venture agreements in order to develop the same. Any acquisition by tender will be subject to TSX Venture Exchange approval. The Company will need to raise additional funds to purchase more data and conduct the required due diligent work; and will require significant additional funds if it proceeds with an acquisition by tender.
Management is pleased to have the opportunity to participate in this exclusive tendering process, and will advise of further progress and details as they become available.
ON BEHALF OF THE BOARD
Kenny W. Chan, Co-Chairman and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Petromin Resources Ltd.
Kenny W. Chan
Co-Chairman and CEO
(604) 682-8683 (FAX)http://www.petromin.ca/