LNG Energy has transferred all of its interest in certain lands in the Palo Duro Basin of Texas to Tyner Resources Ltd. In consideration of the transfer of the Palo Duro lands, Tyner has issued 9,378,208 common shares in its capital stock to LNG, representing approximately 13% of the issued and outstanding common shares of Tyner.
The common shares of Tyner issued to LNG are subject to a hold period expiring April 20, 2009. The transaction was negotiated at arm's length. Paul Larkin, a director of LNG, is also the President and a director of Tyner, and, accordingly, abstained from voting on the approval of the transaction.
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