Loon Energy Inc.: Second Quarter Financial Statements and MD&A & Update
28 Août 2008 - 5:20PM
Marketwired
Loon Energy Inc. ("Loon") (TSX VENTURE: LEY) announces that it has
filed its interim consolidated financial statements and its
Management Discussion and Analysis on SEDAR (www.sedar.com) for the
second quarterly period ended June 30, 2008 and provides the
following update on activity.
Brunei - Bridging, line cutting and surveying is almost complete
and actually shooting of the 350 square kilometre 3D seismic survey
in the southern part of Block L is expected to commence during the
second week of September.
Syria - The reprocessing of 2D seismic data has been completed.
Interpretation of all available seismic is expected to be finalized
in the next few months. A decision on whether the next step in the
exploration program will be additional seismic or drilling is
expected to be made prior to the end of the first quarter of
2009.
Peru - Planning for the 2D program on Block 127 is ongoing with
the actual shooting expected during the first part of 2009. The
operating committee meeting between CEPSA and Loon is expected to
occur in the next few months.
Colombia - The Santana-1 well was drilled to a total depth of
1886 metres and abandoned. The well was drilled at no cost to Loon
under a farmout arrangement. Completion work on the Delta-1 well,
cased as a potential oil well in June, is expected to commence by
mid-September. Loon has a 20% working interest in the Delta-1
well.
Loon is an international oil and gas exploration and production
company having direct interests in Brunei, Syria, Colombia, Peru
and Slovenia and exposure to a major exploration and development
program in Pakistan through its shareholding in Jura Energy
Corporation.
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) Norman W. Holton Executive
Chairman (403) 264-8877 Email: nholton@loon-energy.com Loon Energy
Inc. (Dubai) Timothy M. Elliott President and Chief Executive
Officer +971-4-339-5212 Email: telliott@loon-energy.com Loon Energy
Inc. (Dubai) 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
Loon Energy (Tier2) (TSXV:LEY)
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