[20 December 2012, Hong Kong] MIE Holdings Corporation (“MIE” or the “Company”, together with the subsidiaries, the “Group”; Stock Code: 1555), an independent upstream oil and gas company engaged in the exploration, development and production of oil and gas in China, Kazakhstan and USA, is pleased to announce that the Company successfully completed the acquisition of Pan-China Resources Ltd (“PCR”) from Sunwing Energy Limited (“Sunwing”) on 14 December 2012.

Pursuant to a share purchase and sale agreement entered into between MIE and Sunwing on 21 November 2012, MIE agreed to purchase all of the issued and outstanding PCR shares for a total purchase price of US$45 million, subject to adjustments.  After working capital and other purchase price adjustment (including a short term loan of US$1.57 million repayable by PCR to Sunwing within 30 days after closing), the acquisition has been completed for an adjusted purchase price of approximately US$39.6 million, of which US$4 million has been withheld and will be delivered within 180 days after the closing.

Through this acquisition, the Company obtains cash flow directly from a producing asset. PCR holds 100% participating interest in a production sharing contract with PetroChina covering the Kongnan block in Dagang oilfield.  As at 31 December 2011, PCR has proved reserves and probable reserves of 1,642 mbbls and 822 mbbls, respectively. Currently, PCR has an average gross production and net production of 1,600 bbls / day and 888 bbls/day, respectively. The unaudited EBITDA of PCR for the nine months ended 30 September 2012 was approximately US$15 million.

This acquisition is the second acquisition of the Group this year in China as it continues to increase its presence and ongoing commitment to onshore China. The Company believes that it can provide more efficient reservoir management to mitigate production decline and improve recovery factor by identifying more infill drilling locations, optimization of water injection and fracturing stimulations as well as horizontal well application, therefore enhancing the performance of the Kongnan block.

Through a series of acquisitions in Kazakhstan, US and China, the Group has strengthened its position as an international mid-sized independent E&P company based on its reserves and resources. The Group is confident that its reserves/resources base,   advanced technology and international management team will take the Group forward to the next stage of its development.

MIE is an independent oil and gas company engaged in the exploration and production of oil and gas in China, Kazakhstan and USA. The Group operates the Daan, Moliqing and Miao 3 oilfields in the Songliao Basin and Dagang – Kongnan block in the Huanghua Basin under four separate production sharing contracts with PetroChina, the largest oil company in China and holds a 51% stake in a joint venture that operates Linxing and Sanjiaobei unconventional gas assets in the Ordos Basin under two separate production sharing contracts. 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 of Hong Kong Stock Exchange with stock code 1555.

Issued by Trinity Communications Group Limited for and on behalf of MIE Holdings Corporation.

For further information, please contact:

Mr. Terence Wong  +852 3758 2168  terence.wong@tri-hk.com

Mr. Henry Ho  +852 3758 2213  henry.ho@tri-hk.com