Third Quarter Active for Loon
30 Novembre 2007 - 12:20AM
Marketwired
CALGARY, ALBERTA (TSX VENTURE: LEY) announces that it has filed
its unaudited financial statements and its Management Discussion
and Analysis ("MD&A") on SEDAR (www.sedar.com) for the period
ended September 30, 2007. Loon continued to progress in the quarter
with notable events including the execution of two major contracts
during the period and the closing of a major financing:
- Peru - the Exploration License Contract for Block 127 was
signed in Lima on August 21st;
- Syria - the Production Sharing Contract for Block 9 was
executed in Damascus on September 20th; and
- Financial - Loon closed a private placement in early July
which added $25 million to the treasury and increased the
percentage ownership of our major shareholder to approximately
39%;
Subsequent to the end of the quarter activity has continued
apace and since September 30th Loon has:
- Brunei - entered into a settlement agreement which resolves
all disputes related to Block L;
- Peru - formalized a farm-out arrangement with CEPSA under
which it will fund the first exploration phase and, if it wishes to
complete earning, the second exploration phase of work commitments
on Block 127;
- Colombia - finalized a farm-out arrangement and commenced
drilling of an exploration well; and
- appointed two new directors and one new officer.
Loon is an international oil and gas exploration and production
company having direct interests in Brunei, Syria, Colombia, Peru,
Tunisia and Slovenia and exposure to a major exploration and
development program in Pakistan through its shareholding interest
in Jura Energy Corporation. Loon has offices in Calgary, Alberta,
Canada, Dubai, United Arab Emirates and Bandar Seri Begawan, Brunei
Darussalam. For further information, please refer to the Loon
website (www.loon-energy.com) or contact the following:
Some of the statements contained in this release may be
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements concerning estimates of
recoverable hydrocarbons, expected hydrocarbon prices, expected
costs, statements relating to the continued advancement of the
Company's projects and other statements which are not historical
facts. When used in this document, and in other published
information of the Company, the words such as "could," "estimate,"
"expect," "intend," "may," "potential," "should," and similar
expressions are indicative of a forward-looking statement. Although
the Company believes that its expectations reflected in the
forward-looking statements are reasonable, the potential results
suggested by such statements involve risk and uncertainties and no
assurance can be given that actual results will be consistent with
these forward-looking statements. Various factors, which could
cause actual results to differ from these forward-looking
statements, include the potential that the Company's projects will
experience technical and mechanical problems, geological conditions
in the reservoir which may negatively impact levels of oil and gas
production and changes in product prices and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties.
The TSX Venture Exchange neither approves nor disapproves of the
information contained herein.
Contacts: Loon Energy Inc. - Calgary, Canada Norman W. Holton
Executive Chairman (403) 264-8877 Email: nholton@loon-energy.com
Loon Energy Inc. - Dubai, UAE Timothy M. Elliott President and
Chief Executive Officer +971-4-339-5212 Email:
telliott@loon-energy.com Loon Energy Inc. - Dubei, UAE Jock M.
Graham Executive Vice President +971-4-339-5212 Email:
jgraham@loon-energy.com Website: www.loon-energy.com Brisco Capital
Partners Corp. (Calgary) Gordon Aldcorn Investor Relations (403)
262-9888 Email: galdcorn@shaw.ca
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