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.