Sinopec ostaa Daylightin

DAYLIGHT ENERGY LTD. TO BE ACQUIRED BY SINOPEC INTERNATIONAL PETROLEUM EXPLORATION AND PRODUCTION CORPORATION

Calgary, Alberta, October 9, 2011 – Daylight Energy Ltd. ("Daylight" or the "Corporation") (DAY-TSX) is pleased to announce that it has entered into an agreement (the "Arrangement Agreement") with Sinopec International Petroleum Exploration and Production Corporation ("SIPC") for the purchase of all of the issued and outstanding common shares of the Corporation (the "Common Shares") at a cash price of C$10.08 per Common Share, for total cash consideration of approximately C$2.2 billion. The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). The consideration offered for the Common Shares pursuant to the Arrangement represents a 43.6% premium over the 60-day weighted average trading price of the Common Shares on the Toronto Stock Exchange up to and including October 7, 2011. SIPC is a wholly owned subsidiary of China Petrochemical Corporation ("Sinopec Group") and undertakes overseas investments and operations in the upstream oil and gas sector.