VANCOUVER, Nov. 13 /PRNewswire-FirstCall/ - Further to a release on May 28,2009, Lion Energy Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) announces that it has received conditional acceptance from the TSX Venture Exchange for its farm-in agreement (the "Agreement") with Africa Oil Corp. ("Africa Oil"), a member of the Lundin Group of Companies. Final Acceptance is subject to the confirmation of certain matters with the TSX Venture Exchange. The Agreement relates to production sharing contracts in which Africa Oil has interests in the Republic of Kenya and the State of Puntland, Somalia.
In Kenya, Africa Oil will transfer to Lion Energy a 10% interest in the Block 9 Production Sharing Agreement, a 25% license interest in the Block 10A Production Sharing Contract and a 20% interest in Block 10BB Production Sharing Contract. In Puntland, Africa Oil will transfer a 15% license interest to Lion Energy in the Nogal and Dharoor Petroleum Production Sharing Agreements.
This farm-in transaction remains subject to approvals of the appropriate regulatory authorities from the Republic of Kenya and the government of Puntland, Somalia. The Company also requires approval from the Chinese National Offshore Oil Corporation (CNOOC), the majority operating partner, on Block 9 in Kenya.
Lion Energy also announces that Mr. Richard A. Knoll has elected to resign from the Board of Directors of the Company in order to focus his efforts on his personal business endeavors including Sulphur Solutions Inc. (SSI). Lion Energy holds a 20% interest in SSI, an emerging fertilizer company developing patented technology for the production of micronized sulphur fertilizer. Mr. Knoll has been a Director of the Company since June 2008 and has been an integral part in the Company's development.
Lion Energy president, Brian Thurston, stated: "The Board of Directors and I want to acknowledge and express our appreciation for Rick's many contributions during his tenure on the Company's Board of Directors and wish him all the best with his future endeavors."
About the Company:
The Company is a well-financed, Canadian exploration company with a vision to develop a significant presence in the developing oil and gas industry. Recently the Company signed an agreement with Africa Oil Corp. that grants the Company the right to earn an interest in five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. Lion Energy has also announced a non-binding letter of intent in regards to a business combination with Southern Star Energy Inc. (OTCBB-SSEY) and Gold Star Resources Corp. (TSX.V-GXX). The Company further holds 14.76% interest in Encanto Potash Corp., a junior potash exploration company and a 20% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer.
On behalf of the Board, LION ENERGY CORP.
"Brian Thurston", President and CEO NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Company's intentions. Although, the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions, including among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Lion Energy Corp. http://www.prnewswire.com/news-releases/lion-energy-receives-conditional-acceptance-from-tsx-venture-exchange-for-farm-in-with-africa-oil-69957782.html
Yes still hold Longclaw
RRS Price at posting:
3.5¢ Sentiment: Hold Disclosure: Held
