TSX.V - LEO
VANCOUVER, April 7 /PRNewswire-FirstCall/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) is pleased to provide an update regarding its ongoing exploration activities in East Africa.
Kenya
Block 9: Drilling of the Bogal 1-1 well is ongoing. The well has been successfully drilled to a depth of 5,000 metres, where currently a comprehensive set of wireline logs is being run to assess the hydrocarbon potential of numerous lower Cretaceous age sandstone intervals encountered in the well. Drilling is expected to continue ahead to a planned total depth of approximately 5,500 metres. CNOOC is the operator of Block 9. Lion Energy holds a right to acquire a net 10% working interest in this project.
Block 10BB: The tendering process for 600 km of 2D seismic has been completed and the contract will be awarded shortly. The acquisition program is expected to commence before the end of the second quarter of 2010. Our joint venture partner, Africa Oil Corp., has reprocessed all available vintage seismic data sharpening the imaging and the amplitude response for use in detecting direct hydrocarbon indicators. Africa Oil held its initial meeting with the local community leaders in March in order to formally introduce the joint venture partners and outline the planned work program for 2010. Lion Energy holds a right to acquire a net 20% working interest in this project.
Block 10A: Our joint venture partner, Africa Oil Corp., is reprocessing all available vintage seismic data with the objective of improving the image quality of the original data acquired in the late 1980s. New play concepts are being developed based on the reprocessed data in combination with the vintage drilling data. The Operator, Africa Oil Corp., intends to acquire 750 km of 2D seismic in the Block following the Block 10BB seismic acquisition program. Lion Energy holds a right to acquire a net 25% working interest in this project.
Somalia (Puntland)
Dharoor Block: The Operator, Africa Oil Corp., has completed a comprehensive interpretation of newly acquired 2D seismic data over the Dharoor Block. Several large prospects have been identified. Lion Energy and its joint venture partners have mutually agreed to initially drill one prospect in Dharoor. The well is expected to commence drilling before the end of 2010. Lion Energy Corp holds a right to acquire a net 15% working interest in this project.
Nugaal Block: Africa Oil Corp, as Operator, has completed a re-interpretation of the existing 2D seismic data over the Nugaal Block. Several large prospects have been identified. Lion Energy and its joint venture partners are in discussion regarding drilling plans for 2010-2011. The Company holds a right to acquire a net 15% working interest in this project.
The Company is excited to be exploring in three separate and distinct rift trends that are analogous to the prolific world class hydrocarbon rich areas of Uganda, Sudan and Yemen. In addition, an Independent Resource Report pertaining to the Company's exploration based assets was filed on SEDAR on March 24, 2010.
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 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. The Company further holds a 27.6% 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 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.
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