MIE Announces Extension of Emir-Oil Exploration Contract

HONG KONG, June 8, 2012 /PRNewswire-Asia/ -- MIE Holdings Corporation ("MIE" or the "Company", together with the subsidiaries, the "Group"; Stock Code: 1555), an independent upstream oil company engaged in the exploration, development and production of crude oil and natural gas in China, Kazakhstan and USA, is pleased to announce that the Ministry of Oil and Gas of the Republic of Kazakhstan has granted a two year extension to the exploration contract held by its subsidiary Emir-Oil, LLC ("Emir-Oil") from January 9, 2013 to January 9, 2015. The exploration contract covers approximately 808 square kilometers of the Aksaz-Dolinnoe-Emir area (the "ADE Area"), excluding Aksaz, Dolinnoe and Kariman oilfields which Emir-Oil currently holds production contracts for.

This extension allows time for the Company to continue appraising the 808 square kilometers covered by the exploration contract. Several prospects and leads remain to be evaluated. Under the extension work program pursuant to the new contract addendum, Emir-Oil's main commitment is 50 square kilometers of new 3D seismic survey and a minimum of one exploration well. Emir-Oil may elect to exceed the minimum commitment by drilling more exploration wells if justified geologically and economically.

The Company is already actively pursuing the exploration potential of this contract area. Having already finished drilling two exploration wells, the North Kariman No. 2 and the Borly No. 2, oil testing is underway for North Kariman No. 2 and regulatory approval of a completion and testing procedure is currently being obtained for Borly No. 2. An additional exploration well is being planned later this year. This extension also allows time to better appraise the potential of the already discovered Emir oilfield area. This ongoing and planned exploration work does not include ongoing development work within the three existing production contract areas, Aksaz, Dolinnoe and Kariman, on which one new well has been drilled and successfully completed, one is now drilling and two more are planned to be drilled later this year.

Ning Deyu, director of Emir-Oil, commented: "We are pleased that the Ministry of Oil and Gas granted this extension which allows us to continue our work in commercializing existing oil discoveries and to tap further exploration potential in the wider area."

About MIE Holdings Corporation

MIE is an independent oil and gas company engaged in the exploration and production of crude oil and natural gas in China, Kazakhstan and USA. The Group operates the Daan, Moliqing and Miao 3 oilfields in the Songliao Basin under three separate production sharing contracts with PetroChina, the largest oil company in China. The Group also holds an exploration contract and three production contracts that allow the Group to conduct exploration and production activities in the Mangistau province in the southwestern region of Kazakhstan. In addition, the Group pursues other development and production opportunities in China, and exploration, development and production opportunities internationally, both independently and in partnership with other major and independent oil companies.

MIE is listed on the main board on HKEx with stock code 1555.

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