Park Place Energy Corp. Provides Corporate Update

OTCBB:PKPL
FRANKFURT: 3P2

VANCOUVER, Nov. 3 /PRNewswire/ - Park Place Energy Corp. ("Park Place" or "the Company") is pleased to announce that the Company has created a subsidiary, PetroBulgaria Energy Inc. ("PetroBulgaria") to hold its interest in the Vranino block in Bulgaria (as detailed in the Company's news release of October 19, 2010).

Going forward, PetroBulgaria's mandate will be to identify, acquire and operate oil and gas exploration and production properties in Bulgaria either through direct acquisition from the Ministry of Economy, Energy and Tourism through the Governments bid process or through joint venture opportunities.

Park Place is currently evaluating several options surrounding PetroBulgaria. The Company is currently in discussions with several industry leaders and is evaluating the potential of maintaining PetroBulgaria as a wholly-owned subsidiary as well as the spin-out potential of the subsidiary. Should management decide to move forward with a spinout option, which would see shares of PetroBulgaria distributed on a prorata basis to the then shareholders of Park Place, PetroBulgaria would most likely seek a listing in the Canadian public markets with a capitalization of that company.

Park Place's award of the Vranino property is now in the appeal process as it is common practice within the industry in Eastern Europe. Company representatives have been in contact with several active majors in the region that have expressed interest in entering joint venture agreements on the Vranino block. The Company is also currently conducting due diligence on several other Bulgarian exploration opportunities that are currently available.

David Johnson, president Park Place Energy, stated "This is a major achievement for Park Place. We have been working diligently to form these relationships and acquire large blue-sky gas exploration land positions. Bulgaria is the ideal environment for a junior exploration company like Park Place to create a substantial presence and move to the next level."

About Park Place

Park Place Energy Corp. is a North American oil and gas exploration company that is participating in high impact gas opportunities. The Company has assets in Saskatchewan that it is committed to developing. As well Park Place is committed to the acquisition of additional blue-sky shale gas opportunities. Park Places management is focused on optimizing profitability and enhancing shareholder value.

Certain information regarding the Corporation contained herein may constitute forward-looking statements. These statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Park Place believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.  These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied.  The Corporation is under no obligation to update or alter any forward-looking statement.  These risks include operational and geological risks, the ability of the Corporation to raise necessary funds for exploration and the fact that the Corporation does not operate all its properties.  Park Place's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

SOURCE Park Place Energy Corp.