3P International Energy Corp. Private Placement

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2011) - 3P International Energy Corp. (the "Company" or "3P") (TSX VENTURE:DOH) announced today that it intends to complete a private placement of up to 17,500,000 common shares at a price of $0.40 per share, for aggregate gross proceeds to the Company of up to $7,000,000 (the "Offering").

The net proceeds of the Offering, plus current cash on hand, will be used to fund JSC Tysagaz's three well development drilling program consisting of two wells at the Rusko-Komarivske Field (the "RK Field") and one well on the Stanovo Field, as well as for 3P's general corporate purposes. Both the RK Field and Stanovo Field have prior gas discoveries and attributed reserves, with the RK Field currently producing gas from two wells, RK No. 2 and RK No. 6. Several hundred thousand dollars of the proceeds from the Offering will be used to work over RK No. 2 and RK No.6 by cleaning out perforations and adding compression. The Company has expectations that the current combined production of 350 mcf/d could double with the planned work over. It is expected that the first well on the RK Field will spud in the first quarter of 2012.

Completion of the financing is subject to the approval of the TSX Venture Exchange. The common shares issued pursuant to the Offering will be subject to a hold period expiring four months and one day after the closing date of the Offering.

It is anticipated that the closing of the Offering will occur on or about November 1, 2011.

The securities offered under the Offering will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

About 3P International Energy Corp.

3P International Energy Corp. is a Canadian-based company focused on the exploration and development of oil and gas reserves in Eastern Europe. In the Transcarpathian basin of the Ukraine, 3P is the 100% owner and operator of a 20 year production license with a gas producing asset, as well as three exploration licenses with exploration targets and a further development opportunity on a total of 300 sq.km. The Company's strategy is to use proven technology, capital, and expertise to grow the reserves base and build a portfolio of low cost gas production assets in Eastern Europe to capitalize on high regional gas prices. 3P's common shares are traded on the TSX Venture Exchange under the stock symbol DOH.

On behalf of the Board of Directors

Gregory M. Cameron, Chairman

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 Company 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 Company's control. In addition, statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on a number of assumptions, estimates and variable factors, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by it. Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date of this press release and the Company 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 Company's filings with the Canadian securities regulators available on www.sedar.com.