Acquisition of Daylight by Sinopec International Petroleum Exploration and Production Corporation Completed; Daylight Provide...

Daylight Energy Ltd. ("Daylight" or the "Corporation") (TSX:DAY) and Sinopec
International Petroleum Exploration and Production Corporation ("SIPC")
announced today the completion of the plan of arrangement (the "Arrangement"),
pursuant to which SIPC indirectly acquired all of Daylight's outstanding common
shares (the "Common Shares") at a price of $10.08 in cash for each Common Share,
and all of Daylight's outstanding 6.25% series "D" convertible debentures (the
"Series D Debentures") at a price of $1,110 per $1,000 principal amount of
Series D Debentures, plus accrued and unpaid interest up to, but excluding, the
closing date of the Arrangement (the "Effective Date"). 


With the completion of the Arrangement, the Common Shares and Series D
Debentures will be delisted from the Toronto Stock Exchange (the "TSX"). In
connection with the Arrangement, Daylight has been amalgamated with an indirect
wholly-owned subsidiary of SIPC which will carry on business under the name
"Sinopec Daylight Energy Ltd." ("Sinopec Daylight").


Redemption and Delisting of Series C Debentures

Sinopec Daylight also announced today that, in accordance with the terms of the
indenture (the "Trust Indenture") governing Daylight's outstanding 10% series
"C" convertible debentures (the "Series C Debentures"), Sinopec Daylight has
exercised its right to redeem all of the Series C Debentures that were
outstanding and not converted into Common Shares prior to the Effective Date for
a cash amount equal to $1,050 per $1,000 principal amount of Series C
Debentures, plus accrued and unpaid interest up to, but excluding, the
redemption date. Daylight will complete the redemption of such Series C
Debentures on January 23, 2012 (the "Redemption Date"). Following the Redemption
Date, holders of redeemed Series C Debentures will have no further rights or
entitlements under the Series C Debentures or the Trust Indenture other than to
receive the redemption price described above. Prior to the Redemption Date,
Sinopec Daylight will deposit with Valiant Trust Company ("Valiant"), the
trustee under the Trust Indenture, funds sufficient to pay the total redemption
amount payable to holders of redeemed Series C Debentures. 


A redemption notice will be sent to the registered holder of the Series C
Debentures today by Valiant.


Sinopec Daylight intends to delist the Series C Debentures from the TSX as soon
as possible following the Redemption Date.


A copy of Sinopec Daylight's redemption notice has been filed on SEDAR and is
available under Daylight's profile at www.sedar.com.


All amounts stated herein are in Canadian dollars.

ADVISORY:

Forward-Looking Information and Statements 

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking statements or
information. More particularly and without limitation, this press release
contains forward-looking statements and information concerning the redemption of
the Series C Debentures and the delisting of the Common Shares, Series C
Debentures and Series D Debentures from the TSX.


In respect of the forward-looking statements and information concerning the
redemption of the Series C Debentures and the delisting of the Common Shares,
Series C Debentures and Series D Debentures from the TSX, Sinopec Daylight has
provided such in reliance on certain assumptions that it believes are reasonable
at this time, including assumptions as to the time necessary, and the ability of
Sinopec Daylight to complete the delisting of the Commons Shares and the Series
D Debentures from the TSX, the redemption of the Series C Debentures and the
delisting of the Series C Debentures from the TSX. The date of delisting may be
delayed or change for a number of reasons. Accordingly, readers should not place
undue reliance on the forward-looking statements and information contained in
this press release concerning these times.


The forward-looking statements and information contained in this press release
are made as of the date hereof and Sinopec Daylight undertakes no obligation to
update publicly or revise any forward-looking statements or information, whether
as a result of new information, future events or otherwise, unless so required
by applicable securities laws.

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