ITP ENERGY CORPORATION - CORPORATE REVIEW OF SIGNIFICANT CONTRACTS FOR 2011

TPG:  OIL AND GAS INDUSTRY EQUIPMENT WITH ANNUAL REVENUES OF U$ 63,642,000.00 IN 2010

ROME, July 5, 2011 /PRNewswire/ - ITP Energy Corporation (OTCBB: ITPG) ("ITP"), is pleased to announce a summary of various recent contracts awarded to its various wholly owned subsidiaries forming part of the ITP group of companies, with the counterparties described below, including the previously announced contract with NAFTAN for the AVT2 Unit Revamping in Byelorussia, as follows:

• DCP Midstream (NYSE: DPM): is headquartered in Denver, Colorado, operates in the midstream segment as a gatherer and processor of natural gas in the United States, and as a natural gas liquids producer and NGL marketer in the nation. 
  
  Contract:  Filters and Coalescers - USA, in the expected gross amount of $ 712,000
  
  
• NAFTAN: Open Joint Stock Company NAFTAN refines and produces diesel fuel in Byelorussia. NAFTAN offers automobile gasoline, various grades of diesel fuels, jet engine and boiler fuels, a range of lubricating oils and petroleum solvents, a range of petroleum bitumen, aromatic hydrocarbons, sulphuric acid and various petroleum products, and additives and additives packs for oils.
  
  Previously Announced Contract: AVT2 Unit Revamping - Novopolosk Refinery - Byelorussia in the expected gross amount $ 31,757,000
  
  New Contract:  Revamping of Unit 220-10 K1&K2 Towers - Byelorussia, in the expected gross amount of $ 1,569,000
  
  
• CHESAPEAKE Energy (NYSE: CHK): Chesapeake Energy Corporation is a producer of natural gas, a producer of oil and natural gas liquids and an active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake has disclosed to own interests in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Granite Wash, Cleveland, Tonkawa, Mississippian, Bone Spring, Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara, Three Forks/Bakken and Utica unconventional liquids plays. The company also is vertically integrated and owns midstream, compression, drilling and oilfield service assets.
  
  Contract: Sand Separators - USA, in the expected gross amount of $ 867,000
  
  
• NUOVO PIGNONE: A subsidiary of General Electric Co. (NYSE: GE) and a provider of gas compression and turbo generation products.
  
  Contract: GE Italy #2 Local Control Cans. at the MAA refinery KNPC - Kuwait, in the expected gross amount of $ 1,107,600
  
  
• SHELL Petroleum and DAEWOO Engineering and Construction: Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell Oil Company is an affiliate of the Shell Group (NYSE: RDS.A) and (NYSE: RDS.B). Shell companies have operations in many countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power.
  
  DAEWOO is a construction company in South Korea and is active around the world. It provides construction, engineering, and architectural services for power, industrial, infrastructure, commercial, and residential projects. Daewoo E&C's portfolio includes gas pipeline and storage tanks in Asia, Africa, and the Middle East.
  
  Contract:  Utumara, SHELL / DAEWOO, dehydration Package - Nigeria, in the expected gross amount of $ 4,075,400

In connection with this announcement, Mr. Manfredi Mazziotti di Celso, Chief Executive Officer of ITP stated that "these contracts further strengthens ITP Energy's strategic positioning as a service provider in the Oil and Gas industry."

ITP is an engineering, procurement and construction contractor that provides design, fabrication and installation of process equipment, skid packaged units and complete process plants for the oil and gas industry and top engineering companies. Through its subsidiaries, ITP has designed, manufactured and marketed oil and gas production equipment and systems, mainly used for the separation and treatment of unprocessed hydrocarbon fluids into sellable oil and gas.

ITP owns and operates three equipment production facilities in Italy: a facility located in Cassina de' Pecchi (in the vicinity of Milan) with a 75,347 square feet fabrication shop; a facility located in Ravenna, with a 30,000 square feet fabrication shop; and a facility located in Moscazzano (in the vicinity of Cremona) with a 32,291 square feet fabrication shop. It also owns and operates an equipment production facility that has 62,136 square feet of fabrication shops, in Kilgore Texas.

In addition to the ITP headquarters in Rome, ITP has a total of four offices, located in Kilgore (Texas), Brno (Czech Republic), Moscazzano (Italy) and Ravenna (Italy). In addition the company has an industrial yard located in Ravenna (Italy) and another one in Batam (Indonesia).

ITP ENERGY CORPORATION

Manfredi Mazziotti di Celso
Chief Executive Officer

This press release contains forward-looking statements. Our statements concerning future operations contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are projections in respect of future events or the future financial performance of ITP. In some cases, the reader can identify forward-looking statements by terminology such as "may", "should", "intend", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and by their nature involve known and unknown risks, uncertainties and other factors, which may cause our or our industry's actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.

These forward-looking statements are based on management's assumptions, expectations and projections about ITP and the various industries within which ITP operates. These include statements regarding ITP's expectations about revenues (including as expressed by its backlog). ITP cautions that a variety of factors, including but not limited to the factors described in the ITP's Current Report on Form 8-K, which was filed with the U.S. Securities and Exchange Commission on May 5, 2011 and the following, could cause the Company's business conditions and results to differ materially from what is contained in forward-looking statements: deterioration in the economic conditions in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of ITP's customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by ITP of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned by ITP or where equipment or services are or may be provided by ITP, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, increasing competition by non-U.S. and U.S. companies, compliance with ITP's debt covenants, recoverability of claims against ITP's customers and others by ITP and claims by third parties against ITP, and changes in estimates used in its critical accounting policies.  Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected.  Most of these factors are difficult to predict accurately and are generally beyond the ITP's control.  You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company.  ITP undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures ITP makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

SOURCE ITP Energy/ITP Group