Petromin Resources Expects to Close Private Placement

Petromin Resources expects to close a non-brokered private placement.

The offering will involve an issue of 9,500 convertible debentures (the "Debentures") in denominations of $1,000 and integral multiples of Cdn$1,000, for a total of Cdn. $950,000. Each Debenture will be convertible into 5,000 common shares in the capital of the Company (the "Common Shares") for each $1,000 principal amount of Debenture so converted, such that each Common Share is priced at $0.20 (the "Conversion Price"). The holder of the Debentures will have the right to convert all or one or more of the Debentures at any time prior to the maturity date, which date shall be five years and one day after the closing date (the "Maturity Date"). Interest shall be payable quarterly in arrears in Canadian dollars, on July 15, October 15, January 15 and April 15, at 9% per annum.

To the extent that the right to convert the Debentures is not exercised before the Maturity Date, each unconverted Debenture will automatically convert into Common Shares at the Conversion Price on the Maturity Date, whether or not the Debenture is surrendered for conversion, unless the Company provides the debenture holder five days notice prior to the Maturity Date that the Debentures shall not convert, in which case the Debentures shall not be so converted.

The proceeds of the offering will be used for further development of the Company's oil and gas assets and for general corporate purposes.

The offering is subject to certain conditions, including the approval of the TSX Venture Exchange.


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