Released on: October 9, 2007, 8:43 am

Press Release Author: tri-Coastal Oil and Gas Ltd.

Industry: Energy

Press Release Summary: The country is heavily reliant on imports of energy and
minerals, and the move can therefore be seen as an attempt to acquire more overseas
resources.


Press Release Body: The country is heavily reliant on imports of energy and
minerals, and the move can therefore be seen as an attempt to acquire more overseas
resources.

A statement released by email from South Korea\'s Ministry of Commerce, Industry and
Energy detailed that starting from January next year, shareholdings in overseas
mines or oil fields secured by Korean backers would be subject to a tax reduction
equivalent to three per cent of the total investment.

This would make mine and oil field tax legislation consistent with those concerning
oil and mining facilities.

\"We expect the new measure to encourage more companies to invest in foreign
resources so that we can achieve our goal to boost our reserves in a shortened
period of time,\'\' the statement said, according to Bloomberg.

Should the proposal be ratified in parliament the ruling will apply until the end of
2010.

Further analysis of the implications of the ruling could be supplied by Aranca, an
end-to-end provider of on-demand, custom investment, business and economic research.




Web Site: http://www.tricoastaloilandgas.com

Contact Details: For further information contact the Placement Agent.

Talbot and Reese, Inc.

Corporate Office:
Shinjuku Monolith, 16th Floor,
2-3-1 Nishi-Shinjuku, Shinjuku,
Tokyo 163-0916 Japan

Phone: +81-3-458-02055
Fax: +81-3-449-65096