Hong Kong, June 17, 2008 - Oil and gas company Genesis Energy Holdings Limited (HKEx: 702) announces that on June 16, 2008, a 50:50 joint venture was formed with New Times Group Holdings Ltd. (HKEx: 166) with an aim to explore business opportunities in oil, gas and energy exploration and exploitation in international markets. The two companies have earmarked an initial indicative capital of around US$5 million to support the joint venture's first investment move.

Mr Terence Kong, Executive Director of Genesis Energy, said: "This new joint venture will seek to tap investment opportunities in upstream oil, gas and other energy assets. While there is not yet an acquisition target, priority will be given to oil fields with proven reserve located in politically stable regions."

This new operation will mark a further addition to Genesis Energy's premier portfolio of energy-related assets both in the PRC and the United States. In the US, Genesis Energy currently operates Grassy Trails oil field in Utah, while in the PRC it is engaged in the exploration of Xun Yi oil field in Shaanxi Province and commissioned to operate the E Tuo Ke Oil & Gas Field in Inner Mongolia.

The collaboration is also in line with the recent move of New Times Group to tap into the natural resources industry following its acquisition of an oil and gas exploration and potential exploitation project in Argentina by the end of 2007. New Times Group has pledged further efforts in 2008 to seek opportunity in oil and natural gas exploitation and related businesses.

Genesis Energy's upstream investments have met with success and started to deliver results. Grassy Trails in Utah, for example, is already cashflow positive. A new technical report on Grassy Trails has indicated that there are increased proven crude reserves up to about 1.36 million barrels. Facing the skyrocketing oil price, Genesis Energy will take a more aggressive exploitation in Grassy Trails by adding another horizontal drilling in August. Genesis Energy is targeting to boost its production to over 1,500 barrels per day.

Mr Kong added: "We are delighted to contribute our expertise and established professional geological team to this new operation. By forming an alliance with New Times Group, we may better utilise the resources and competitive advantages of both parties, creating synergistic effects and help diversify our development in the international oil and gas upstream market. The new alliance will also help us to accomplish our long-term objective of becoming one of the major energy players in the Greater China region."

About Genesis Energy
Genesis Energy Holdings Limited (702) is an energy company with focus on oil and gas exploitation and operations. The Group is committed to building a diversified portfolio of oil and gas assets and operations with an aim to developing into one of the leading independent oil and gas businesses in Greater China. The Group currently operates oil and gas fields in the US and PRC.

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Genesis Energy Holdings Limited

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