CrymGeologia Welcomes Indusmin Energy Corporation.

Business Editors

HOUSTON--(BUSINESS WIRE)--Nov. 14, 2000

Indusmin Energy Corp. (Indusmin) (CDNX:IDM) is pleased to announce that the final and main terms of its previously announced agreements dated August 18, 2000 and October 27, 2000 with CrymGeologia, the State Geological Authority of the Ukraine, have been reached and agreed upon and it is now in the jurisdictional stage of its final agreement.

Indusmin has completed agreement payment; on-site due diligence, the establishment of a project company and field review and the final transfer of data has begun. "We officially welcome Indusmin and look forward to a long and healthy relationship with our joint venture agreement partner Indusmin Energy Corporation," Ms. Vera Ivanova, Deputy Director of CrymGeologia the State Geological Authority.

CrymGeologia have advised Indusmin that they have spent over $40 million U.S. on the East and West Oil & Gas Fields thus far, including seismic, exploration, drilling and capping of exploratory wells.

Indusmin's East and West Oil & Gas Fields consist of six oil and gas fields, covering approximately 880 sq km, with over 45 exploration wells which have been successfully drilled, tested and capped using the strathole technique. CrymGeologia advises that additional stages of seismic have been studied and fit the stratigraphic model.

Based on information provided by CrymGeologia in respect of the gas fields, the horizon depth ranges from 480 meters to 4,300 meters with a total of 172.5 million BOE proven and 219.5 million BOE probable thus far the in the six fields. A single exploration hole, drilled and tested by CrymGeologia on the West Oil Field, had a measurable flow rate of 945 barrels per day. CrymGeologia has advised that the makeup of the hydrocarbons from the test hole included C1, C2, minimal CO2, condensate and Turonian oil.

Returning from a site visit in the Ukraine, C. Alan Peyton, V.P. Oil and Gas Development of Indusmin, said, "Everything thus far has been better than expected. We are very encouraged and believe our next task will be production, as at this point we do not believe we need to drill another exploration hole."

Indusmin's gas fields are well situated with the Djankoy-Kerch multidirectional pipeline, completed in November 1999 and owned by NAK NaftoGas of Ukraine, running less than 2 km from Indusmin's eastern fields and the Glebovka gas processing facility (which is in turn connected to the same Djaankoy-Kerch pipeline) approximately 1 km from Indusmin's western fields. The Djaankoy-Kerch pipeline enters the united pipeline, which runs through the Ukraine to western Europe through the FSU Druzhba Pipeline System. Indusmin has been advised that there is free capacity in all the pipelines. In addition, there are tank farms, where Indusmin can store and sell to international and regional buyers, with free capacity at the port of Fedosia, 60 km from Indusmin's eastern properties and the port of Sevastopol which is 80 km from its western properties.

Indusmin is also investigating an opportunity to sell locally in the Crimea to the regional power company, where due to the shortage of fuel, prices are higher than in Western Europe. The Ukraine government constructed the Djankoy-Kerch and Djankoy-Sevastopal pipelines in order to alleviate the existing gas shortage in Crimea. The proposed investment in the pipelines by Royal Dutch Shell (NYSE: RD) will also strengthen Indusmin's position in this region.

"This is a perfect project for Indusmin because we have proven, tested, and capped production with close proximity to Europe and a distribution channel only a couple of kilometres away," David Atkinson, CEO and President of Indusmin Energy.

Our initial evaluation of projected cost of production is $1 million U.S. (per hole) with an infrastructure cost of $12 million U.S. on the Eastern fields and $4 million U.S. on the Western fields. "We believe our cost of production will be under $ 2.00 per barrel and we have nearly 400 million BOE proven and probable capped, with current oil prices we have a very low risk, high return venture which fits Indusmin business model," Carlos Munoz, VP of emerging markets Indusmin Energy Corp.

About Indusmin Energy Corporation

Indusmin Energy is committed to the business philosophy of identifying and acquiring business opportunities in newly emerging markets. Indusmin's global network of personnel provides the company with a unique opportunity to actively pursue transactions worldwide.

Indusmin Energy is focused on oil properties with proven reserves and base metal and industrial mineral properties in production or near production within emerging countries.

Indusmin Energy has 7,275,002 shares outstanding, with 9,978,852 fully diluted and trades on the Canadian Ventures Exchange Inc. under the symbol IDM.

David Atkinson

President

The contents of this News Release have neither been approved nor disapproved by the Canadian Venture Exchange.