Loon Energy Closes Private Placement

Loon Energy has closed a private placement of 25 million common shares at an issue price of $1.00 per common share for gross proceeds of $25 million. All of the common shares were taken up by Kulczyk Investment House International S.a.r.l., formerly known as "Kulczyk Group International S.a.r.l".

The private placement increases the total shareholdings of Kulczyk Investment House in Loon to 37,279,763 common shares, or approximately 39% of the issued and outstanding common shares of Loon. In early May (see press release of Loon dated May 14, 2007) Kulczyk Investment House acquired in 12,279,763 common shares of Loon in a private transaction.

The participation of Kulczyk Investment House in the private placement was approved by the shareholders of Loon at the annual and special general meeting held on June 27, 2007.

Loon anticipates that the increased shareholding of Kulczyk Investment House in Loon will mark the beginning of a strategic alliance between the two which may expose Loon to additional opportunities and alternative sources of capital.

Kulczyk Investment House is a recently incorporated international holding company, of Polish origin. It takes its name from Jan Kulczyk, the Polish entrepreneur and international businessman. He is on the Board of Directors of Green Cross International, an international environmental organization whose Chairman is Mikhail Gorbachev. At one point, companies controlled by Dr. Kulczyk controlled 23% of the assets of the Polish Stock Exchange. Kulczyk Investment House has produced a strong track record of delivery in Poland and the Central and Eastern Europe region, investing in well-known brands such as Porsche, Audi and Warta, the insurance company, while partnering with global companies such as SABMiller and France Telecom. The company is now entering a new period of global development, taking its expertise to an international dimension.

Loon is an international oil and gas exploration and production company having interests in Brunei, Syria, Colombia, Peru and Slovenia, with offices in Calgary, Alberta, Canada and Dubai, United Arab Emirates.

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