Lion Energy Company News

Lion extends its reach into Indonesia's oil and gas market with the execution of a farm-in agreement with Raisama for onshore South Block A in North Sumatra, Indonesia.

Africa Oil has completed the acquisition of all of the issued and outstanding common shares of Lion Energy.

Africa Oil proposes to acquire all of the issued and outstanding common shares of Lion Energy, as set out in a non-binding letter of intent between the two companies.

Africa Oil and its partners have entered into amending agreements with the Government of Puntland in respect of the PSAs for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area.

Lion Energy has come to an agreement with Africa Oil regarding certain amendments to the existing farmout agreement on all its east Africa assets.

Preliminary testing on two potential gas pay zones has been completed, with only minimal flow of gas from each zone.

Lion Energy announced that Mr. David John Birkenshaw has been appointed to the Company's board of directors

Lion Energy provided an update regarding its ongoing exploration activities in East Africa.

Under the farm-out agreement Lion Energy has the right to earn an interest in three petroleum blocks located in the Republic of Kenya and two petroleum blocks located in Puntland, Somalia.

Lion Energy announced that the TSX Venture Exchange has granted its final approval for the Farm-In agreement between the Company and Africa Oil Corp.

Lion Energy has entered into a conditional agreement to acquire a 20% equity position in PetroReal Main Pass LLC which holds a stake in the Main Pass 59 Field in the Gulf of Mexico.

Lion Energy reports that on November 19th, Oseil #3 was spudded. This is the first of up to 16 development wells to be drilled as part of the Phase II development program.

Lion Energy has contracted to sell two subsidiary companies that respectively hold Lion's interest in the Bula oil production tenement in Indonesia, a drilling rig and other heavy equipment used in Indonesia.