Valkyries Shareholders Okay Lundin Acquisition

Valkyries Petroleum Corp. reported that its shareholders, meeting on Tuesday, approved the proposed acquisition of all of the shares of Valkyries by Lundin Petroleum AB. Fifty-seven percent of the total number of issued Valkyries shares were voted at the meeting; 99% of those shares were voted in favor of the transaction.

Valkyries proposes to seek final court approval of the acquisition on July 27, 2006, and to close the transaction effective July 31, 2006. All other regulatory approvals, including the approval of the TSX Venture Exchange, which was conditional only upon shareholder approval, have been obtained. Pursuant to the acquisition of the Valkyries shares by Lundin, previously announced May 29, 2006, each Valkyries common share will be exchanged for one Lundin Petroleum share.

Valkyries President and CEO, Keith Hill, commented, "Management of Valkyries is grateful for the support and confidence of Valkyries shareholders that was demonstrated in today's vote. We look forward to working with the Lundin management team through the transition process to ensure that it is completed as seamlessly as possible."

"We now propose to grow the Russian business in Lundin Petroleum using the Valkyries assets and personnel as a platform," commented Ashley Heppenstall, President and CEO of Lundin. "Lundin will proactively invest in the existing Valkyries assets and will pursue a proactive investment strategy to increase production from those assets."

Valkyries Petroleum Corp. is an upstream oil and gas company with exploration and producing interests in the Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia. Lundin Petroleum is a Swedish independent oil and gas exploration and development company with assets located throughout the world, including existing proven and probable reserves of 146.1 million barrels of oil equivalent as at January 1, 2006.


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