PetroKamchatka reports that trading of its common shares is to resume on May 27, 2011.

Trading was halted on May 18, 2011 at the request of the TSX Venture Exchange (the "TSX-V") to allow the dissemination that the Corporation had signed a non-binding Letter of Intent (LOI) with Mr. Sergey Dokuchaev and Mr. Valery Garipov in respect of a proposed share exchange transaction.

The trading halt also allowed the TSX-V to review preliminary personal information regarding Mr. Dokuchaev and Mr. Garipov as potential new insiders of the Corporation.

PetroKamchatka is proceeding with due diligence and structuring discussions, and hopes to have definitive documents executed in late June.

Tags: PetroKamchatka