Loon Energy Corporation has been unable to conclude an agreement with Petro Vista Energy Corporation on their proposed business combination and that the Letter of Intent between them announced on February 23, 2009 has been terminated.
Norman W. Holton, President and CEO of Loon commented, "Loon is in a strong financial position with approximately $3 million in cash, no debt and minimal financial commitments. The company, which remains focused on Colombia and Peru, will continue to seek out and evaluate both corporate and other opportunities to increase shareholder value."
Loon owns a 20% interest in the Buganviles Association Contract area in the Upper Magdalena Valley area of central Colombia which includes a well producing approximately 50 barrels of oil per day. In Peru, the Company is carried through the first US $10.75 million of costs on a seismic program to be conducted on Block 127, one of the largest exploration licenses in the Amazon Basin area of northeast Peru with an area of approximately 2.4 million acres.
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