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