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.

Contacts: Sinopec Daylight Energy Ltd. Anthony Lambert President & CEO 403-213-5306alambert@daylightenergy.com Sinopec Daylight Energy Ltd. Steve Nielsen Vice President & CFO 403-213-5312snielsen@daylightenergy.com Sinopec Daylight Energy Ltd. William Lacey Vice President, Capital Markets 403-536-4331wlacey@daylightenergy.com Sinopec Daylight Energy Ltd. Investor Relations: 403-536-4664 Investor Relations Toll free: 1-877-266-6901ir@daylightenergy.comwww.daylightenergy.com

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