VANCOUVER, May 26 /PRNewswire-FirstCall/ -- Further to our February 27, 2007 news release, Petromin Resources Ltd. is pleased to announce that it has now finalized the letter of intent into a formal operating agreement with United Oil Projects (UOP) of Kuwait whereby Petromin and its partners including the Alberta Research Council Inc. (ARC) will now be proceeding with the requested proposals from Kuwait Oil Company (KOC) regarding enhanced oil recovery utilizing CO2 sequestration on selected KOC lands. In this agreement, Petromin and its partners along with UOP will be equal joint venture partners i.e. 50%/50% in funding and revenue sharing.
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. UOP 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 well maintenance.
On behalf of the Board of Directors, A. Ross Gorrell Co-Chairman and President
CONTACT: Petromin Resources Ltd., 390-1090 W. Georgia St., Vancouver, B.C., V6E 3V7, T. (604) 682-8831, F. (604)682-8683
