Walters Power International

FOR IMMEDIATE RELEASE

Team from Tulsa-based ProEnergy Services EPC on ground in Pakistan

OKLAHOMA CITY (June 30, 2009) – Walters Power International officials announced today that a pair of Rolls Royce RB211 turbines are en route to Pakistan where they will generate power for a 51MW natural gas-fired power plant in Naudero within six months.

David Walters, president of Walters Power International, said the funding for the project is completed and contracts were finalized during a recent meeting in London. Walters said his company has issued a notice to proceed on the plant.

“A team from Tulsa-based ProEnergy Services EPC has been mobilized and is on the ground in Pakistan, organizing the local subcontracting necessary to build the plant,” Walters said.

In April, Iqbal Z. Ahmed, founding chairman of one of Pakistan’s largest energy businesses, Associated Group, and a partner with WPI in Pakistan Power Resources, visited the Oklahoma State Capitol to announce nearly $100 million in contracts to Oklahoma-based businesses for the engineering, procurement, and construction of two power plants in Pakistan. Ahmed stopped in Oklahoma on his way to New York City and Washington, D.C., where he attended a number of business and diplomatic meetings.

Pakistan Power Resources is an Oklahoma-based energy company with majority ownership in Pakistan.

The Naudero project is the subject of a June 13 story on Forbes.com. Reporter Megha Bahree describes the chaos caused by Pakistan’s power shortages and how quick rental power addresses both power needs and social unrest. In the story, Ahmed “credits the idea of temp power to Associated's U.S. business partner, David Walters, a former governor of Oklahoma.” The story details how then President Pervez Musharraf had come to Associated Group for help in generating power.

According to the Forbes.com article, “Walters was in Pakistan within 72 hours of Musharraf's request to Ahmed. The partners set up Pakistan Power Resources, incorporated in Oklahoma and 65% owned by Ahmed's group.”

The other project currently under development is located in Guddu, this project is expected to cost approximately $65 million and will produce 110MW of power.

In addition to these plants WPI and PPR has already developed a 136MW power project in Bhikhi and is also developing a 205MW rental power project in Korangi, Pakistan, a 192MW project in Multan and has recently participated in the purchase of the stock for a new independent power project near Karachi that will produce 133 MW.