TSX.V - LEO
VANCOUVER, Jan. 17 /PRNewswire/ - Lion Energy Corp.
(the "Company" or "Lion Energy") (TSX.V - LEO)
is pleased to announce that it entered into amending agreements
with the Government of Puntland, represented by the Puntland
Petroleum and Mineral Agency, in respect of the production sharing
agreements ("PSAs") for the Dharoor Valley Exploration Area and the
Nugaal Valley Exploration Area, together with its joint venture
partners - Africa Oil Corp. and Range Resource Ltd. Under the
PSAs, as amended, the First Exploration Agreement has been extended
for a further 12 months, from January 17, 2011 to January 17,
2012. The Company appreciates the negotiation efforts of the
Operator, Africa Oil Corp., and the government in granting this
extension.
Under the amended PSAs the JV partners are
obligated to spud a minimum of one exploratory well in the Dharoor
Valley Exploration Area by July 27, 2011. A second
exploratory well is required to be spudded in the Nugaal Valley
Exploration Area or, at the option of Africa Oil, in the Dharoor
Valley Exploration Area, by September 27, 2011.
The Company looks forward to the upcoming wells
in the rift basins of Puntland which could hold similar potential
to the geologically related basins in Yemen that contain more than
6 billion barrels of discovered reserves. Negotiations with a
potential drilling contractor to meet these obligations are at an
advanced stage.
About the Company: Lion Energy Corp. is a
well-financed, Canadian exploration company with a vision to
develop a significant presence in the developing oil and gas
industry. The Company holds oil and gas interests in four petroleum
blocks located in the Republic of Kenya and in Puntland, Somalia.
The Company further holds interests in both Encanto Potash Corp., a
junior potash exploration company and 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.
John R. Nelson
President and Chief Executive Officer
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 or plans,
whether of a corporate or exploratory nature. 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,
political, 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, except as required by applicable law or regulatory
policies.
SOURCE Lion Energy Corp.
Copyright . 17 PR Newswire