VANCOUVER, British Columbia, July 28, 2004 (PRIMEZONE) -- The president of Patch International Inc. (OTCBB:PAII) (Berlin:PQG) and other company officials are now in the Ukraine meeting with government and private sector officials to sign an agreement for the development of specific oil and gas fields in that country.
David Stadnyk said Patch is planning to partner with a Ukraine company to drill several wells in the oil and gas fields of Chernigivska, Sumska, Poltavaska and Kharkivska regions of Ukraine which have been approved by the government.
"We are very excited about this opportunity which Ukrainian government officials describe as most promising," he said. "Ukraine wants to work with western companies that are committed to long-term cooperation and we want to participate over the long term. In fact, because of the magnitude of the project in the four energy rich regions, we will have discussions with major western oil companies to create a consortium for the development of the oil and gas prospects."
"Doing business in Ukraine can be a long and arduous process but once you have cemented relationships and gained the trust of officials, the red tape disappears fairly quickly," he added. "One of the reasons why I think we have been successful is that our company, unlike larger organizations, can make decisions quickly and because we engage nationals of the country where we operate to assist us in our projects."
Mr. Stadnyk said he will provide further details about the project when he returns to Canada from Ukraine which is expected within two weeks.
The oil and gas announcement comes on the heels of Patch's intention to acquire Greenlab Agronomics Inc. (www.greenlab.ca), a pioneer in the development of bio-fuels and organic agricultural products. This is a trend energy companies such as Royal Dutch Shell, British Petroleum and Suncor Energy are participating in by investing in renewable energy projects while maintaining their oil and gas operations. In Europe, where Greenlab is concentrating its focus, bio-fuels are a multi-billion dollar industry which has been thriving for the past twenty years.
In addition to the proposed Greenlab acquisition and opportunities in the oil and gas industry in Ukraine, Patch has oil and gas interests in Texas, California and Saskatchewan, Canada. It is also a major investor in Pharmaxis Ltd. (PXS: Australian Stock Exchange) along with CIBC, HSBC and the Rothschild Group. Patch's interest is currently valued at over $6 million.
For additional information visit our corporate website at www.patchenergy.com.
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