TSX-V: PTR

VANCOUVER, Aug. 11 /CNW/ - Petromin Resources Ltd. (TSX-V:PTR)

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

previously announced non-brokered private placement of convertible debentures

substantially on the same terms and conditions as contemplated in the

Company's June 29, 2009 press release.

The private placement to Dragon Bounty Company Limited ("Dragon Bounty"),

a wholly-owned subsidiary of Enviro Energy International Holdings Limited

("Enviro Energy"), involved the issue of 630 subordinated unsecured

convertible debentures (the "Debentures") in denominations of $1,000, for a

total of Cdn. $630,000. Each Debenture is 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"). Dragon Bounty has the right to convert all or

one or more of the Debentures at any time prior to August 12, 2014 (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 investment by Dragon Bounty is considered to be a related party

transaction as defined in Multilateral Instrument 61-101 and Policy 5.9 of the

TSX Venture Exchange, as Dragon Bounty is an affiliated entity of TerraWest

Energy Corp., a Company which Petromin is deemed to be a control person of.

However, the transaction is exempt from formal valuation and minority

shareholder approval requirements as neither the fair market value of the

securities being offered nor the consideration paid exceeds 25 percent of the

Company's market capitalization. Both A. Ross Gorrell and Kenny Chan abstained

from voting on the approval of the private placement as they are also

directors and/or officers of Dragon Bounty and/or Enviro Energy.

Upon conversion of the debentures, the Common Shares will be subject to a

four-month hold period from the date of conversion under the policies of the

TSX Venture Exchange and applicable securities legislation.

Petromin Resources Ltd. is a progressive international petroleum and

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

Venture Exchange.

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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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