Mr. Graeme Phipps reports
PETROKAMCHATKA PLC ANNOUNCES TRADING HALT AND INTENTION TO PURCHASE SIX EXPLORATION LICENCES IN RUSSIA VIA A SHARE EXCHANGE
PetroKamchatka Plc has halted the trading of its stock at the request of the TSX Venture Exchange to allow the dissemination of this news release announcing that the Corporation has signed a non-binding Letter of Intent ("LOI") with Mr. Sergey Dokuchaev and Mr. Valery Garipov in respect of a proposed share exchange transaction. Pursuant to the LOI, PetroKamchatka would issue common shares in exchange for all the outstanding stock of Advastor Services Ltd. ("Advastor"), a Cyprus-holding company that is 100% owned by Mr. Dokuchaev and Mr. Garipov (the "Share Exchange"). Advastor, in turn, owns 100% of the stock in the charter capital of each of LLC "Severgeofisika", LLC "NefteGeoService Company", CJSC "Uhtaneftegasrasvedka" and CJSC "PechoraPetroleum". These four Russian entities hold six exploration licences in the Komi Republic, in northern European Russia, an established oil and gas producing region close to existing production and transportation infrastructure. The total acreage of the six licence areas is approximately 2,700 km2 and includes two drill-ready prospects. The trading halt of the Corporation's stock will remain effective until the TSX-V receives and reviews preliminary information on the potential new insiders of the Corporation, those being Mr.