China Broadband Corp. Announces Agreement with Shengli Oilfield to Jointly Exploit Blocks in...

Energy Editors/Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Dec. 30, 2003

China Broadband Corp. (OTCBB:CBBD) announced today that its subsidiary, Big Sky Energy Kazakhstan Ltd. ("Big Sky Kazakhstan"), has entered into an agreement with Shengli Oilfield Junwei

Under this agreement, Shengli will acquire 50% of Big Sky Kazakhstan by subscribing for 10,000,000 common shares for $US 2,300,000. The purchase price will cover payments for the acquisition of licenses ($US 1,000,000), historical costs ($US 300,000) and the establishment of production ($US 1,000,000).

Big Sky Kazakhstan, through its Kazakhstan registered subsidiary KoZhaN LLP, holds three blocks: the Morskoe, Karatal and Dauletaly blocks, in the Caspian region of Kazakhstan.

The Morskoe block is 75 km2 in areal extent and is located 10 km south of the Tengiz oilfield, which is Kazakhstan's largest producing field at 285,000 BOPD. Five wells in the Morskoe block were drilled in the 1960s. On test two wells each flowed 25 degree API crude at rates in excess of 1,500 BOPD. We will initially attempt to twin these wells in order to establish production by mid 2004.

The Karatal and the Dauletaly blocks are 420 and 135 km2 in areal extent, respectively, and are located approximately 300 km north of the Morskoe block. We will interpret the 2D seismic that exists on these blocks and likely shoot an additional seismic program in early 2004 prior to the commencement of drilling.

"While this is Shengli's first such international venture, as operator of China's second largest oilfield and as Sinopec's largest upstream subsidiary, we believe that Shengli's considerable oilfield service and fabricating expertise will greatly support the growth of our joint operations in Kazakhstan," stated Mr. Matthew Heysel, P.Eng., the Company's Chairman and CEO.

China Broadband Corp, which is to be renamed China Energy Ventures Corp. in January 2004, intends to pursue the exploitation of oil and gas opportunities in the world's most prolific basins, in partnership with national Chinese oil corporations.

Note: The information contained in this press release contains "forward-looking statements" within the meaning of the U.S. Federal Securities Law. Such statements are based on the current expectations of the management of China Broadband Corp. only, and actual results may differ materially. For a more detailed discussion of risks and other factors related to China Broadband please refer to its 10-KSB and 10QSB reports filed with the U.S. Securities and Exchange Commission.

CHINA BROADBAND CORP.
Calgary, Alberta, Canada
Beijing, People's Republic of China