Hong Kong, June 25, 2010 - Oil and gas company Genesis Energy Holdings Limited (to be renamed ‘Sino Oil and Gas Holdings Limited’, HKEx: 702) announces the completion of the subscription and placing of Company shares and warrants pursuant to agreements signed at the end of April. The subscription and placing shares, totaling 750,000,000 shares, represent approximately 11.6% of the Company’s enlarged issued share capital. A total of 600,000,000 non-listed warrants were also issued by way of subscription and placing.

Net proceeds from the subscription and placing of shares and warrants of approximately HK$170 million are intended to be used for the further development of existing oil exploitation projects in the PRC.

Genesis Energy Executive Director Dr. Dai Xiaobing said: “We are delighted to report strong response from strategic investors for the shares placing, which attests to investors’ confidence in our Group’s prospects. Upon completion of the placing, the Group holds cash in hand close to HK$400 million with no gearing. The strong financial position will facilitate our further investments into expanding existing oil and gas projects, as well as our plans to explore acquisition opportunities for oil and gas exploitation projects with promising investment potential. The bargaining power of the Company in acquiring new assets elevates when financial position improves and channels for fund raising boarden .”

Genesis Energy invests in and operates a number of oil and gas assets in China and the US, and continuously seeks suitable investment opportunities to expand its asset portfolio and revenue base.

Dr. Dai remarked that the placing will help amplify the Company’s shareholder and equity base. With the introduction of new strategic investors, the Group will continue its efforts in furtherance of its oil and gas asset portfolio in Greater China.

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

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Genesis Energy Holdings Limited

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