TSX.V - LEO
VANCOUVER, Jan. 24 /PRNewswire/ - Lion Energy Corp.
(the "Company" or "Lion Energy") (TSX.V - LEO)
is pleased to announce that it has entered the First Additional
Exploration Phase under the Block 9 Production Sharing Contract
Agreement ("PSC") along with Joint Venture partner Africa Oil
Corp. As a result of the withdrawal of the two previous
partners, Africa Oil Corp will now hold a 66.7% working interest in
the PSC, while Lion Energy will hold the remaining 33.3%.
Government approval has been received. This additional period
commenced on December 31, 2010 and expires on December 31,
2013. The only work commitment obligation during this period
is the drilling of one exploration well to a minimum depth of at
least 1500 meters.
The northeastern portion of Block 9 contains the
Kaisut Basin, which is an extension of the Anza Basin oil play
currently being pursued by Africa Oil and its joint venture
partners in Block 10A. Several large leads have been identified in
this area of Block 9 on existing 2D seismic data. A 500 - 700
kilometer survey is planned for later this year to upgrade these
leads into drillable prospects.
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 . 24 PR Newswire