Kulczyk Group Acquires 17% of Loon

Luxembourg-based Kulczyk Group International S.a.r.l. has acquired approximately 17% of the issued and outstanding common shares (12,279,763 total) of Loon Energy Inc. in a private transaction. The block was purchased at a price of $0.60 per common share on the closing of an agreement of purchase and sale entered into effective April 30, 2007.

Kulczyk Group is the recently incorporated international holding company of Kulczyk Holding S.A., a Polish company with a European scope and international dimension and one of Poland's largest private capital groups. To date Kulczyk Holding S.A has invested successfully over US$3 billion in a diverse and varied portfolio of projects across a range of sectors including oil refining and downstream activities, infrastructure, telecommunications, brewing, insurance, finance, automotive, transportation and real estate.

The Kulczyk Group is controlled by Jan Kulczyk, a successful international entrepreneur. He is on the Board of Directors of Green Cross International, an international environmental organization whose Chairman is Mikhail Gorbachev.

Loon is an international oil and gas exploration and production company with interests in Brunei, Syria, Colombia, Peru and Slovenia. The common shares of Loon trade on the TSX Venture Exchange under the trading symbol "LEY". The Company currently has offices in Calgary, Alberta, Canada and Dubai, United Arab Emirates.