In February 2007, Siskinds LLP and Abells Regan LLP filed class actions in Ontario and Alberta against 1000128 Alberta Ltd., CNPC International (Canada) Ltd., China National Oil & Gas Exploration & Development Corp., CNPC International Ltd. and China National Petroleum Corporation (the “Defendants”). The class actions alleged that the Defendants engaged in insider trading and “tipping” relating to the common shares of PetroKazakhstan Inc. (“PKZ”) and participated in an unlawful conspiracy to engage in insider trading and “tipping” relating to the common shares of PKZ, contrary to statutory and common law.

The class actions sought damages on behalf of all persons who sold common shares of PKZ from and including June 17, 2005 to and including August 12, 2005.

On July 12, 2010, the parties reached an agreement to settle the Ontario and Alberta actions for CAD$9.99 million. The settlement is a compromise of disputed claims and the settlement agreement contains no admission of wrongdoing by the Defendants, all of whom have expressly denied any liability or wrongdoing, and continue to do so. You may view a copy of the settlement agreement here: [Settlement Agreement]

The Courts have approved a notice which provides information on how class members can participate in the settlement approval process. You may view a copy of the notice here: [English] [Francais].

The settlement is subject to the approval of the Ontario Superior Court of Justice and the Court of Queen’s Bench of Alberta.

For further information concerning this action, please contact Nicole Young at 1800-461-6166 ext. 2380 or email nicole.young@siskinds.com. Updates concerning this action will be posted above.