TSX-V: PTR

VANCOUVER, June 29 /CNW/ - Petromin Resources Ltd. (TSX-V:PTR)

("Petromin" or the "Company") is pleased to announce that it 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.

Petromin Resources Ltd. is a progressive international petroleum and

natural gas exploration and production company listed Tier 1 on the TSX

Venture Exchange.

On Behalf of the Board of Directors,

A. Ross Gorrell

Neither TSX Venture Exchange nor its Regulation Services Provider (as

that term is defined in the policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release. This press

release contains "forward-looking information" that is based on the Company's

current expectations, estimates, forecasts and projections. This

forward-looking information includes, among other things, statements with

respect to the Company's plans, outlook, business strategy and exploration and

development of the Company's properties.

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